XP Power - Edison Group

Overview
Price performance
Financials
Research
Thematics

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.

Latest Insights

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TMT |
Flash note

11.01.24

XP Power — Expecting better market conditions in 2024

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Update

09.11.23

XP Power — Fully funded for medium-term growth

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edison tv

02.08.23

XP Power – executive interview

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Update

01.08.23

XP Power — Solid H123, outlook for FY23 maintained

Sector

TMT

Equity Analyst

Katherine Thompson

Katherine Thompson

Director

Key Management

David Stibbs

Interim CFO
Gavin Griggs

CEO
James Peters

Chairman

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	4.8	(15.0)	(49.1)
Relative	3.5	(19.0)	(49.0)
52 week high/low	2440.0p/776.0p

Financials

XP Power closed FY23 with higher-than-expected revenue, benefiting from the delay to relocation of its California facility, which pulled shipments worth c £5m into Q423 and pushed c £12m capex into Q124. Q423 order intake was higher than we forecast, with upside from semiconductor equipment customers partially offset by weaker demand from healthcare and industrial customers. Timing issues and currency resulted in lower-than-expected gearing at end-FY23, although it is expected to rise in H124 before reducing again in H224. Management expects market conditions to improve through 2024, with results weighted to H2. We maintain our forecasts pending FY23 results in March.

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	6.0	3.7
2022A	290.4	56.4	38.0	160.1	6.6	3.7
2023E	N/A	N/A	N/A	N/A	N/A	N/A
2024E	N/A	N/A	N/A	N/A	N/A	N/A

Update

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01.08.22

XP Power — Demand remains strong despite supply issues

Update

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14.04.22

XP Power — Demand outpacing supply

Outlook

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01.03.22

XP Power — Focused on efficiency and growth

edison tv

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28.02.22

Executive interview – XP Power FY21 results

Update

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01.02.22

XP Power — German high-voltage acquisitions

Update

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11.01.22

XP Power — Record orders in FY21

Update

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11.10.21

XP Power — Q3 bookings up 73% year-on-year

edison tv

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03.08.21

XP Power H121 results – executive interview

Update

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02.08.21

XP Power — H121 order intake drives upgrades

Update

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13.04.21

XP Power — Order momentum maintained in Q1

edison tv

TMT

02.03.21

XP Power – 2020 full year results

Outlook

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02.03.21

XP Power — A record year

Update

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12.01.21

XP Power — Strong finish to the year

Update

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12.10.20

XP Power — Meeting elevated customer demand

edison tv

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07.08.20

XP Power – executive interview

Update

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03.04.20

XP Power — Healthcare customers boost Q1 book-to-bill

edison tv

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03.03.20

Executive interview – XP Power FY19 results

Outlook

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03.03.20

XP Power — A testing year

Update

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13.01.20

XP Power — Demand acceleration through Q419

Update

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11.12.19

XP Power — Temporary supply issues cause Q4 shortfall

Update

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10.10.19

XP Power — Q3 order intake encouraging

edison tv

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01.08.19

Executive interview – XP Power

Update

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01.08.19

XP Power — Adapting to tougher trading conditions

Update

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20.06.19

XP Power — Reflecting a tougher trading environment

Update

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15.04.19

XP Power — Q1 book-to-bill of 1.16x

Outlook

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05.03.19

XP Power — Driving share gains with expanded product range

edison tv

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04.03.19

Executive interview – XP Power FY18 results

Update

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14.01.19

XP Power — Revising forecasts to reflect weaker semis sector

research

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08.10.18

XP Power — Q3 trading supports FY18 outlook

Update

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08.10.18

XP Power — Q3 trading supports FY18 outlook

Update

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30.07.18

XP Power — Strong demand drives record performance in H1

edison tv

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30.07.18

Executive interview – XP Power H118 interim results

Update

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10.05.18

XP Power — Rounding out the portfolio

Update

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13.04.18

XP Power — Strong Q1 drives forecast upgrades

Outlook

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01.03.18

XP Power — Increasing complexity drives growth

Flash note

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12.02.18

XP Power — Tax changes support EPS upside

Update

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12.01.18

XP Power — Strong demand continues into Q4

Update

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09.10.17

XP Power — Entering the RF power supply market

Update

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09.10.17

XP Power — Demand remains strong; earnings upgraded

Update

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11.04.17

XP Power — Firing on all cylinders

research

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08.03.17

XP Power — Strategy evolution

Update

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13.01.17

XP Power — Update 13 January 2017

Update

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07.10.16

XP Power — Update 7 October 2016

Update

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25.07.16

XP Power — Update 25 July 2016

Update

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11.04.16

XP Power — Update 11 April 2016

Outlook

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22.02.16

XP Power — Update 21 February 2016

Update

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08.01.16

XP Power — Update 7 January 2016

Update

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26.11.15

XP Power — Update 25 November 2015

edison tv

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05.03.14

Executive Interview – XP Power

edison tv

TMT

04.12.13

Executive Interview – XP Power