XP Power (LSE: XPP)

Currency in GBP

Last close As at 17/03/2023


−50.00 (−2.32%)

Market capitalisation


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.



Equity Analyst

Key Management

  • Gavin Griggs


  • James Peters


  • Oskar Zahn


Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


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


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


Digital Marketing and Internet Media Technology Platform


MediaWatch – January 2023


IPO apocalypse


ESG, moving beyond the box tick


Direct tech investors

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