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XP Power

Rounding out the portfolio

Update | Technology | 10 May 2018

With the acquisition of Glassman High Voltage, XP continues in its quest to expand its product portfolio to include high-voltage and high-power products. The acquisition should help XP to further penetrate key accounts, as well as adding new customers. XP is paying £31.8m in cash, funded by extending the company's credit facility, and expects the deal to be earnings enhancing in FY18. We increase our FY18 and FY19 normalised EPS forecasts by 3.6% and 6.1% respectively. We forecast a net debt/EBITDA ratio of 0.8x at end FY18, well below the company's 2.0x ceiling.

XP Power

Strong Q1 drives forecast upgrades

Update | Technology | 13 Apr 2018

XP Power’s Q1 trading update confirmed continuing positive momentum in order intake. Orders received were 9% higher on a year-on-year and quarter-on-quarter basis. With Q1 revenue growth of 18% y-o-y, book-to-bill remained strong at 1.1x. We have revised our revenue forecasts to take account of the higher than expected performance in Q1, resulting in an upgrade to forecast normalised EPS of 7.7% in FY18 and 7.6% in FY19.

XP Power

Increasing complexity drives growth

Outlook | Technology | 01 Mar 2018

Strong demand across all markets and geographies, combined with market share gains and the recent Comdel acquisition, have resulted in record revenues and earnings for XP in FY17. Expanding its product range to include high voltage and RF power solutions has widened the company’s addressable market and gives XP the opportunity to support its customers in the development of more complex solutions. With strong cash flow generation and access to debt, XP has the resources to fund growth, whether through internal product development or via acquisition.

XP Power

Tax changes support EPS upside

Flash note | Technology | 12 Feb 2018

XP expects a lower effective group tax rate resulting from the reduction in US corporate tax rates from 35% to 21%. In addition, it expects to receive a tax refund from the Inland Revenue Authority of Singapore. This should drive upside to our FY18 EPS forecast as well as boosting XP’s cash position.

XP Power

Strong demand continues into Q4

Update | Technology | 12 Jan 2018

XP saw a strong finish to the year, with Q4 revenue growth of 16% y-o-y and order growth of 24% y-o-y, resulting in FY17 revenues slightly ahead of our forecast. Good demand across all sectors and geographies was boosted by a strong contribution from the recent Comdel acquisition. Management expects continued growth in FY18; we maintain our forecasts which, based on current momentum, could prove conservative.

XP Power

Demand remains strong; earnings upgraded

Update | Technology | 09 Oct 2017

Hot on the heels of its recent US acquisition, XP Power’s trading update confirms that strong trading continued into Q3. Q3 revenues were 35% higher than a year ago, with nine-month revenues up 34% y-o-y and 21% in constant currency. We revise up our revenue forecasts to reflect much stronger than expected trading in Q3, which results in normalised EPS upgrades of 5.7% in FY17e and 7.1% in FY18e.

XP Power

Entering the RF power supply market

Update | Technology | 02 Oct 2017

XP has acquired Comdel, a US-based RF power supply company, for $23m/GBP 17m. This marks the entry into a new market for XP and gives it the potential to expand the amount it sells to a sub-sector of its customer base. We have revised our forecasts to reflect both the acquisition and the strengthening pound versus the dollar. We increase our normalised EPS forecast by 1.2% in FY17 and 1.7% in FY18

XP Power

Broad based demand drives upgrade

Update | Technology | 31 Jul 2017

XP reported a strong performance in H117 and is seeing good demand across its customer base. Based on the order intake in H1, management has a more positive outlook for FY17 and we have upgraded our forecasts accordingly. Our normalised EPS forecasts increase by 8% in FY17 and 3% in FY18. To support future growth, XP is investing in manufacturing capacity in Vietnam and engineering resource, and continues to look for suitable acquisitions.

XP Power

Firing on all cylinders

Update | Technology | 11 Apr 2017

After a strong H216, XP saw further acceleration in order intake in Q117, with growth of 55% y-o-y and 27% q-o-q. Q117 revenues grew 23% on a constant currency basis. Revenue and bookings strength combined with sterling weakness lead us to upgrade our forecasts. We lift our revenue forecasts by 4% and normalised EPS forecasts by 2% for FY17 and FY18.

XP Power

Strategy evolution

Outlook | Technology | 08 Mar 2017

XP Power has successfully transitioned its business and now designs and manufactures the majority of the products it sells. To reflect this achievement, management has refined its strategy to focus on maintaining its competitive position, increasing penetration of its existing customer base and targeting new high-value customers. With strong cash flow generation, the company has the resources to fund growth, whether through internal product development or via acquisition.

XP Power

Strong trading in Q4

Update | Technology | 13 Jan 2017

XP Power had a strong finish to 2016, with good order intake in Q416 and underlying revenue growth ahead of our forecast, boosted by the strength of the dollar versus sterling. Year-end net cash was higher than we forecast. The company expects to generate revenue growth in FY17 – we leave our forecasts unchanged pending the company’s FY16 results.

XP Power

Strong orders support FY16 outlook

Update | Technology | 07 Oct 2016

XP has seen an improving order trend through the course of Q316, with orders 44% above the Q315 intake and 9% above the record level reported in Q216 providing a strong backlog going into Q4. Management expects trading to be in line with expectations for FY16 and we leave our estimates unchanged.