Edison Investment Research - XP Power (XPP) XP Power - Strong H222 with good visibility for FY23

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Edison Investment Research

Richard Williamson

XP Power - Strong H222 with good visibility for FY23

XP Power’s FY22 trading update confirmed that its H222 performance was significantly stronger than H122 as supply chain conditions improved. As expected, Q4 order intake moderated as customers adapted to longer lead times. The year-end order book provides good visibility for FY23 and management is optimistic on XP’s prospects for the year. We have revised our forecasts to reflect moderating order intake and higher levels of debt.

12/01/2023 1 EN

Underlying

XP Power

XP Power is engaged in the design and manufacture of electronic power converters, which is required to convert the power output from the mains wall socket to the usable power that allows the equipment to function. Co. supplies these products to the healthcare, industrial and technology industries.

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SG9999003735 London Stock Exchange Singapore

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Richard Williamson

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XP Power - Strong H222 with good visibility for FY23

XP Power - Expecting better market conditions in 2024

XP Power - Fully funded for medium-term growth

XP Power - Solid H123, outlook for FY23 maintained

Nabaltec - Resilience and margin expansion

The Platform Group - Significant acceleration in growth in Q324

Theon International - Clear vision for growth

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