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Currency in GBP
Last close As at 09/06/2023
GBP21.75
▲ −30.00 (−1.36%)
Market capitalisation
GBP429m
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
David Stibbs
Interim CFO
Gavin Griggs
CEO
James Peters
Chairman
Forecast net debt (£m)
144.4
Forecast gearing ratio (%)
97
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (4.0) | (6.1) | (31.7) |
| Relative | (1.9) | (2.1) | (31.0) |
| 52 week high/low | 3160.0p/1464.0p |
XP Power confirmed that trading in Q123 was in line with its expectations. As expected, order intake declined from the record level a year ago, reflecting an improving supply chain and softening end-market demand, particularly for semiconductor equipment and industrial technology. Revenue and profitability were higher than a year ago. The strong backlog provides good visibility for the remainder of the year and we expect it to gradually reduce as current year orders are shipped and customers revert to pre-pandemic ordering patterns. We maintain our forecasts.
| 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 | 12.3 | 7.6 |
| 2022A | 290.4 | 56.4 | 38.0 | 160.1 | 13.6 | 7.6 |
| 2023E | 309.5 | 65.3 | 37.3 | 152.3 | 14.3 | 6.5 |
| 2024E | 316.8 | 71.8 | 43.3 | 174.6 | 12.5 | 5.9 |
