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Currency in GBP
Last close As at 28/03/2023
GBP20.35
▲ −20.00 (−0.97%)
Market capitalisation
GBP402m
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.
Director
Gavin Griggs
CEO
James Peters
Chairman
Oskar Zahn
CFO
Forecast net debt (£m)
144.4
Forecast gearing ratio (%)
97
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (16.9) | (0.3) | (41.2) |
| Relative | (11.6) | 0.1 | (39.8) |
| 52 week high/low | 3620.0p/1464.0p |
XP Power’s FY22 trading update confirmed that its H222 performance was significantly stronger than H122 as supply chain conditions improved. As expected, Q4 order intake moderated as customers adapted to longer lead times. The year-end order book of c £300m provides good visibility for FY23 and management is optimistic on XP’s prospects for the year. We have revised our forecasts to reflect moderating order intake and higher levels of debt.
| 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 | 11.5 | 7.2 |
| 2022A | 290.4 | 56.4 | 38.0 | 160.1 | 12.7 | 7.1 |
| 2023E | 309.5 | 65.3 | 37.3 | 152.3 | 13.4 | 6.1 |
| 2024E | 316.8 | 71.8 | 43.3 | 174.6 | 11.7 | 5.6 |
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