XP Power

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XP Power (LSE: XPP)

Currency in GBP

Last close As at 27/09/2023

GBP23.65

▲ −50.00 (−2.07%)

Market capitalisation

GBP467m

Overview
Price performance
Financials
Research
Thematics

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.

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.

Latest Insights

TMT |
edison tv

02.08.23

XP Power – executive interview

TMT |
Update

01.08.23

XP Power — Solid H123, outlook for FY23 maintained

TMT |
Update

13.04.23

XP Power — Maintaining FY23 outlook

TMT |
edison tv

01.03.23

XP Power – executive interview

Visit Website

Sector

TMT

Equity Analyst

Katherine Thompson

Director

Key Management

David Stibbs

Interim CFO
Gavin Griggs

CEO
James Peters

Chairman

Balance Sheet

Forecast net debt (£m)

152

Forecast gearing ratio (%)

105

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	12.6	15.7	32.9
Relative	8.8	13.3	23.5
52 week high/low	2680.0p/1464.0p

Financials

XP Power reported year-on-year revenue growth of 30% in H123 as it made good progress shipping from its elevated backlog. As expected, orders declined year-on-year, but the c £250m backlog still provides at least nine months’ revenue visibility. The company continues to invest for the longer term in Malaysia (manufacturing) and the United States (R&D). With no change to management’s full year expectations, we maintain our normalised operating profit forecasts for FY23 and FY24 and nudge up our interest cost forecast for FY23.