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XP Power (LSE: XPP)

Last close As at 21/11/2024

GBP13.06

▲ −48.00 (−3.55%)

Market capitalisation

GBP310m

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

XP Power — Expecting better market conditions in 2024

TMT | Update

XP Power — Fully funded for medium-term growth

TMT | edison tv

XP Power – executive interview

TMT | Update

XP Power — Solid H123, outlook for FY23 maintained
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Sector

TMT

Equity Analyst

Katherine Thompson

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 5.2 (7.4) (4.3)
Relative 8.9 (5.1) (11.4)
52 week high/low 1720.0p/968.0p

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 7.4 4.6
2022A 290.4 56.4 38.0 160.1 8.2 4.5
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

Update

TMT

XP Power — Fully funded for medium-term growth

edison tv

TMT

XP Power – executive interview

TMT

Flash note

XP Power — Expecting better market conditions in 2024
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Thematics

thematic

TMT

MediaWatch – One step forward, two steps back

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat
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