XP Power


Market Cap£540m

Last Close 2735p

XP Power is a developer and designer of power control solutions with production facilities in China, Vietnam and the United States, and design, service and sales teams across Europe, the United States and Asia.

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Investment summary

XP’s Q122 trading update confirms demand has remained strong across the board, with order intake up 39% y-o-y and the order book reaching c £260m at the end of Q122, up from £216m at the end of FY21. Ongoing supply chain issues limited the amount of product that could be shipped in the quarter, with revenue up 8% y-o-y. We have revised our forecasts to take account of supply chain headwinds and the recent US legal case, reducing our normalised diluted EPS forecast by 7.1% for FY22 and 4.2% for FY23.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 233.3 56.8 44.3 198.4 13.8 9.3
2021A 240.3 55.5 43.8 176.3 15.5 9.6
2022E 260.2 61.5 47.0 189.2 14.5 8.7
2023E 282.2 70.2 54.6 220.0 12.4 7.6
Industry outlook

XP supplies three end-markets: healthcare, industrial technology and semiconductor manufacturing, across Europe, North America and Asia. The industrial technology segment is relatively fragmented, but the company sees demand across various applications. The healthcare business continues to gain market share, with corporate approvals from the major suppliers in place. The semiconductor segment is the most cyclical, tracking the capex requirements of semiconductor manufacturers.

Last updated on 04/07/2022
Content on XP Power
XP Power – Demand outpacing supply
TMT | research Update | 14 April 2022
XP Power – Focused on efficiency and growth
TMT | research Outlook | 1 March 2022
Executive interview – XP Power FY21 results
TMT | Edison TV | 1 March 2022
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Share price graph
Balance sheet
Forecast net debt (£m) 106.4
Forecast gearing ratio (%) 70
Price performance
Actual (15.1) (21.0) (51.1)
Relative* (10.9) (16.1) (49.9)
52-week high/low 5690.0p/2730.0p
*% relative to local index
Key management
James Peters Chairman
Gavin Griggs CEO
Oskar Zahn CFO