XP Power


Market Cap£386m

Last Close 1954p

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

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)
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 30/11/2022
Content on XP Power
XP Power – Q3 output picks up; demand remains strong
TMT | research Update | 11 October 2022
XP Power – Update on COMET legal action
TMT | research Flash note | 3 October 2022
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Share price graph
Balance sheet
Forecast net debt (£m) 106.4
Forecast gearing ratio (%) 70
Price performance
Actual 11.5 (0.1) (59.6)
Relative* 4.4 (3.3) (60.7)
52-week high/low 5250.0p/1464.0p
*% relative to local index
Key management
James Peters Chairman
Gavin Griggs CEO
Oskar Zahn CFO