Main menu
Edison Group
  • Home
  • Equities

    Equities

    View All Equities

    Equities by Sector

    MyBucks

    MCap

    EUR1m

    Last close

    EUR0.06

    ▲ 0.05 (400.00%)

    MagForce

    MCap

    —

    Last close

    EUR0.02

    ▲ 0.01 (100.00%)

    Arovella Therapeutics

    MCap

    AUD26m

    Last close

    AUD0.04

    ▲ 0.01 (33.33%)

  • Sectors

    Sectors

  • Investment Strategy

    Investment Strategy

    View All

    Latest

  • Thematics

    Thematics

    View All Thematics

    Latest

XP Power (LSE: XPP)

Currency in GBP

Last close As at 17/03/2023

GBP21.05

▲ −50.00 (−2.32%)

Market capitalisation

GBP432m

XP Power 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

XP Power – executive interview

TMT

XP Power — Entering FY23 with positive momentum

TMT

XP Power — Strong H222 with good visibility for FY23

XP Power — Q3 output picks up; demand remains strong
Visit Website

Sector

TMT

Equity Analyst

Katherine Thompson

Key Management

  • Gavin Griggs

    CEO

  • James Peters

    Chairman

  • Oskar Zahn

    CFO

Balance Sheet

Forecast net debt (£m)

144.4

Forecast gearing ratio (%)

97

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (20.1) 3.7 (44.6)
Relative (13.7) 2.7 (44.3)
52 week high/low 3935.0p/1464.0p

Financials

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 11.9 7.4
2022A 290.4 56.4 38.0 160.1 13.1 7.3
2023E 309.5 65.3 37.3 152.3 13.8 6.3
2024E 316.8 71.8 43.3 174.6 12.1 5.7

Research

View All

Thematics

Digital Marketing and Internet Media Technology Platform

TMT

MediaWatch – January 2023

Consumer

IPO apocalypse

TMT

ESG, moving beyond the box tick

TMT

Direct tech investors
View All

Subscribe to Edison

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

Sign up for free