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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Quarter-on-quarter revenue growth of 28% in Q322 confirmed that supply chain challenges have started to ease for XP. Despite the current uncertain economic environment, and reports of weaker consumer demand from some semiconductor companies, XP reported robust order intake and a book-to-bill of 1.27x for Q3, closing the quarter with a record order book. The discount to peers has widened, in our view reflecting uncertainty around demand and the Comet litigation case.
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 | 9.8 | 6.6 |
| 2021A | 240.3 | 55.5 | 43.8 | 176.3 | 11.1 | 6.9 |
| 2022E | 282.4 | 57.9 | 42.3 | 170.1 | 11.5 | 6.6 |
| 2023E | 295.8 | 70.8 | 52.9 | 213.3 | 9.2 | 5.4 |
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 30/11/2022Content 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 |