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	(3.3)	(15.7)	(50.2)
Relative	(4.2)	(20.8)	(50.9)
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	6.7	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

Research

Flash note

TMT

03.10.22

XP Power — Update on COMET legal action

edison tv

TMT

01.08.22

Executive interview: XP Power FY22 interim results

Update

XP Power — Q3 output picks up; demand remains strong

Update

TMT

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

TMT

01.03.22

XP Power — Focused on efficiency and growth

edison tv

TMT

28.02.22

Executive interview – XP Power FY21 results

Update

TMT

01.02.22

XP Power — German high-voltage acquisitions

Update

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11.01.22

XP Power — Record orders in FY21

Update

TMT

11.10.21

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

edison tv

TMT

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

TMT

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

TMT

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

TMT

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

TMT

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

TMT

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

TMT

05.03.14

Executive Interview – XP Power

edison tv

TMT

04.12.13

Executive Interview – XP Power

thematic

TMT

28.07.23

MediaWatch – Targeting the opportunities

thematic

TMT

25.04.23

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

TMT

31.01.23

MediaWatch – Screening well

thematic

Consumer

05.10.22

IPO apocalypse

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10.08.22

ESG, moving beyond the box tick

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11.05.22

Direct tech investors

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Circular economy business models

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Quantum dots – all the colours of the rainbow

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Micro-LEDs – small is beautiful

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Semiconductor winners – European companies with strong positions

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The small satellite market – Small is beautiful

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European video games: A safe haven in troubled times

thematic

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27.02.20

Blockchain adoption: Implications for the financial services sector

thematic

Consumer

14.08.19

Illuminator: August Update

thematic

TMT

05.08.19

European video games

thematic

TMT

10.07.19

Diversification and scale for online success

thematic

TMT

08.05.19

5G – Strategic importance, but lacking a near-term commercial driver

thematic

TMT

26.02.19

UK video games – Heterogeneous not homogeneous

thematic

TMT

24.02.17

Mobile ecosystems

thematic

TMT

08.02.17

Mobile ecosystems

thematic

TMT

13.10.15

Mobile ecosystems

thematic

TMT

23.03.15

NZ – Edison talks tech

thematic

TMT

23.03.15

AUS – Edison talks tech

thematic

TMT

18.03.15

Mobile ecosystems

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

15.10.14

Mobile ecosystems

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

TMT

24.09.10

The third pillar

thematic

TMT

10.09.10

The real disruptor

thematic

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27.08.10

Merger mania is back