XP Power (LSE: XPP)

Last close As at 11/06/2024


10.00 (0.65%)

Market capitalisation


XP Power (XP) 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.

Latest Insights

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TMT | Flash note

XP Power — Expecting better market conditions in 2024

TMT | Update

XP Power — Fully funded for medium-term growth

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XP Power – executive interview



Equity Analyst

Key Management

  • David Stibbs

    Interim CFO

  • Gavin Griggs


  • James Peters


Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 30.8 48.2 (27.8)
Relative 34.9 39.9 (32.8)
52 week high/low 2440.0p/776.0p


XP Power closed FY23 with higher-than-expected revenue, benefiting from the delay to relocation of its California facility, which pulled shipments worth c £5m into Q423 and pushed c £12m capex into Q124. Q423 order intake was higher than we forecast, with upside from semiconductor equipment customers partially offset by weaker demand from healthcare and industrial customers. Timing issues and currency resulted in lower-than-expected gearing at end-FY23, although it is expected to rise in H124 before reducing again in H224. Management expects market conditions to improve through 2024, with results weighted to H2. We maintain our forecasts pending FY23 results in March.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 240.3 55.5 43.8 176.3 8.8 5.5
2022A 290.4 56.4 38.0 160.1 9.7 5.4
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A




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