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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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) |
EBITDA (£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 04/07/2022Content on XP Power
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TMT
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Share price graph
Balance sheet |
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| Forecast net debt (£m) | 106.4 |
| Forecast gearing ratio (%) | 70 |
Price performance
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Key management |
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| James Peters | Chairman |
| Gavin Griggs | CEO |
| Oskar Zahn | CFO |