XP Power (LSE: XPP)

Currency in GBP

Last close As at 27/09/2023

GBP23.65

−50.00 (−2.07%)

Market capitalisation

GBP467m

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

View More

TMT | edison tv

XP Power – executive interview

TMT | Update

XP Power — Maintaining FY23 outlook

TMT | edison tv

XP Power – executive interview

Sector

TMT

Equity Analyst

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.

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 13.4 N/A
2022A 290.4 56.4 38.0 160.1 14.8 N/A
2023E 320.1 65.3 36.8 150.2 15.7 N/A
2024E 326.6 71.8 43.3 174.7 13.5 N/A

Thematics

thematic

TMT

MediaWatch – April 2023

Digital Marketing and Internet Media Technology Platform

thematic

TMT

MediaWatch – January 2023

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free