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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

Driving share gains with expanded product range

Outlook | Technology | 05 Mar 2019

In FY18 XP reported strong organic growth and operating margins, generating EPS growth of 18%. After a series of acquisitions, it has a full portfolio of power solutions to meet all voltage and power requirements, and management is now focused on increasing its market share at key accounts. In our view, the stock is trading at close to trough multiples with a dividend yield above 4%.

XP Power

Executive interview - XP Power FY18 results

Edison TV: | Technology | 04 Mar 2019

In this interview, CEO Duncan Penny and CFO Gavin Griggs discuss XP Power’s FY18 results. Gavin explains the company’s record performance in terms of revenues, profits and bookings despite currency headwinds and Duncan summarises the benefits of the recent Glassman acquisition and highlights the breadth of the company’s product portfolio. While US tariffs on products imported from China have some impact on the company, Duncan explains that increasing manufacturing capacity in Vietnam should counter this. He also highlights the diverse end markets served by XP, and notes that while it saw weaker demand from semiconductor production equipment customers in Q4, all other end markets (c 75% of revenues) continued to perform well. Gavin gives an update on how the company is managing component shortages and both Duncan and Gavin discuss their expectations for FY19.

XP Power

Revising forecasts to reflect weaker semis sector

Update | Technology | 14 Jan 2019

As previously flagged, a drop in demand from XP’s semiconductor customers had a negative impact on Q4 revenues and orders. Conversely, demand from all other end-markets remained strong. With FY18 revenues likely to be 2% lower than we had expected, we have revised our forecasts to reflect this and expected weaker demand from the semiconductor sector in FY19. Despite the resulting 5% cut in EPS forecasts for FY19, the stock is trading at a discount to peers, with a superior dividend yield.

XP Power

Q3 trading supports FY18 outlook

Update | Technology | 08 Oct 2018

XP Power's Q3 trading update confirms strong revenue growth, despite currency headwinds, and good progress in design wins across all end markets. Q3 bookings growth has moderated slightly, partially reflecting uncertainty in the semiconductor sector over capex plans, but management is confident of achieving expectations set at its recent interim results; we leave our forecasts unchanged.

XP Power

Strong demand drives record performance in H1

Update | Technology | 30 Jul 2018

XP Power reported strong H1 revenue and earnings growth, despite significant currency headwinds. Order intake remained robust, providing good support going into H218. While management's expectations for FY18 are unchanged, we have revised our forecasts to reflect currency moves and tightness in the supply chain. This results in normalised EPS upgrades of 0.2% in FY18 and 2.4% in FY19. Post the recent acquisitions, we believe the company's more comprehensive product range positions it well to grow market share further.

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

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