Share Name Share Symbol Market Type Share ISIN Share Description
Xp Power Limited LSE:XPP London Ordinary Share SG9999003735 ORD 1P (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  +40.00p +1.73% 2,350.00p 9,206 16:29:46
Bid Price Offer Price High Price Low Price Open Price
2,330.00p 2,350.00p 2,400.00p 2,300.00p 2,320.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 195.10 30.40 157.80 14.9 452.0

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Date Time Title Posts
21/5/201916:53XP Power (XPP) is born, long live IFX Power (IXP)2,409
29/7/201820:45XP Power (XPP) One to Watch on Monday 1
08/1/201607:40XP power charts and news 20064

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Xp Power Daily Update: Xp Power Limited is listed in the Electronic & Electrical Equipment sector of the London Stock Exchange with ticker XPP. The last closing price for Xp Power was 2,310p.
Xp Power Limited has a 4 week average price of 2,280p and a 12 week average price of 1,940p.
The 1 year high share price is 3,780p while the 1 year low share price is currently 1,940p.
There are currently 19,234,796 shares in issue and the average daily traded volume is 8,833 shares. The market capitalisation of Xp Power Limited is £452,017,706.
dacian: I think the Edison note is pretty much spot on and reflects my own view: "Close to trough valuation In the chart below, we track the peaks and troughs in the XP share price and show the forward P/E based on EPS estimates at the time and based on the actual EPS subsequently reported for the forward period. The share price has shown a constant growth path, with cyclical peaks and troughs as the share price has over- or undershot earnings upgrades and downgrades. The most recent peak was in January 2018, at which point the stock was trading at 25.3x FY18e EPS. Based on the reported FY18 EPS of 172.8p, the peak multiple was 21.6x. By the beginning of March 2019, the share price had declined 47% to a trough of 1,980p. At this level, it is trading at 10.8x our revised FY19e EPS. Clearly, there is risk that the semiconductor downturn could be worse than we have factored in, or the general economy could show slower growth than expected. If we were to assume a lower rate of growth in FY19 (say 4% rather than our current 8%), reduce gross margins to reflect lower utilisation (from 46% to 44%) and assume a small cut to opex (only 2% reflecting the fact that the organisation is fairly lean already and would not want to reduce key headcount such as engineering or customer support), we estimate this could result in an EPS downgrade of 17%. This would put the company on a FY19e P/E of 12.9x, still a long way from peak multiple levels and still at a discount to peers. We expect that evidence that the semiconductor cycle has troughed will be the key trigger for share price upside from this point."
robow: Moneyweek 30/11/18 The slump in XP Power’s share price is absurdly overdone. Investors should seize this buying opportunity. Investors should never pay too much attention to short-term share price movements. But in the case of XP Power (LSE: XPP) it is hard to ignore the slump from £36 in July, when the company reported half-year results, to roughly £22 today. This decline is an absurdly harsh verdict on a growing, highly profitable business, cementing its foothold in its industry. XP Power’s market value has dropped by more than a third, apparently because of a temporary shortage of components for the power converters it manufactures. These include industrial versions of the AC/DC power adapters used in electrical goods, and converters that increase or reduce the DC power in industrial equipment. Not only is XP paying more for parts, but it is also buying more of them to make sure it can meet demand. Small hiccup Even in the short-term, the impact of the increase in costs is likely to be muted, easily absorbed by XP Power’s fat profit margins and growing revenues. The company expects to wind down the extra inventory over the next six to nine months, and on a like-for-like basis, ignoring the positive contribution from two acquisitions and exchange-rate movements, revenue for the first nine months of the current financial year was 11% higher than the same period in 2017. XP Power also took 8% more orders, like-for-like, in this period. For an investor to be greedy when others are fearful requires a high degree of confidence in a business and the way it is being managed. XP Power does not publicise the names of its customers, but ask the company quietly and it will reveal dozens of large multinationals. It says it is the market-leading supplier of power converters to industrial and medical equipment manufacturers in the USA, where it had 11% of the market in 2017, and Europe, where it had 11%. Because XP already imports directly from Asian factories into a warehouse in Germany, the impact of potentially greater trade friction between the EU and the UK post Brexit should be minimal. XP’s strong market position is all the more remarkable because over the last decade it has changed business model. Before 2006 it was a distributor. The company opened its first factory near Shanghai in 2009 and a second in Ho Chi Minh City in 2012, where it is building a third factory on the same site. Today, 78% of sales stem from products XP Power designed to be small, so they are easy to fit in machines, and efficient. Efficiency not only reduces the running costs of equipment, it improves reliability because efficient power converters do not require fans to cool them. Since fans are mechanical parts, they are prone to failure. Reliability is critical because component failure could interrupt an operation or halt a production line. Highly profitable business By designing new product lines and acquiring manufacturers of different kinds of power supply, XP Power has earned an average return on capital of 30% over the past decade, and average profit margins of 15%. The trick has been to supply more converters to the same large customers. The company’s latest acquisitions mostly supply producers of semiconductor manufacturing machines, an industry with a cyclical reputation. XP’s exposure to this industry has thus risen rapidly in the past year (see below). However, several factors shield XP Power’s profitability from swings in demand. It can take two or three years to design an adapter for a machine, test it and approve it, so once a manufacturer has given an XP Power adapter the nod, it is unlikely to swap the product for a cheaper alternative. What’s more, the semiconductor cycle has hitherto tended to follow product launches rather than the overall business cycle. That prevents XP’s sales and earnings becoming too volatile. The impact of individual products such as smartphones may be falling anyway as semiconductors become ubiquitous in factories and homes. Demand from healthcare, meanwhile, is stable. At £22, XP Power is valued at about 15 times earnings in the year to December 2018, after adjusting for the small amount of debt it carried at the year end. On the face of it, XP Power should be a difficult company for private investors to get to know well. The products are embedded in equipment manufactured by other firms, and to attend the annual general meeting you would have to travel to Singapore, where the company is domiciled. Fortunately XP Power explains itself very clearly in publications such as the annual report. As all writers know, to explain something clearly you must first understand it, so clarity is a good sign management are on top of things. But clarity tells us more than that. A company confident enough to expose its strategy to competitors probably believes the strengths on show will discourage copycats, rather than show them how to compete. Given XP Power’s commitment to quality, it may be possible for another Asian manufacturer to run factories more cheaply, for example – even though XP-Power manufactures exclusively in low-cost economies. But could this rival also set up a global technical sales force sufficient to elbow XP Power – which boasts 32 offices around the world – out of customers’ factories? XP Power’s marketing brochures, published on the company’s website, are imbued with the same clarity. Investors seeking to know it better will find much to reassure them in what the company tells its customers.
firtashia: Managed to join you here this morning so expect the share price to immediately deteriorate further. GLAH.
valhamos: What's not to like? 23% return on capital, 27% increase in eps, 19% revenue organic revenue growth in constant currency terms (29% on a reported basis) with North America accounting for 57% of total sales. Benefit of Comdel acquisition to come in 2018 together with strong order book (up 31% in constant currency). Muted reaction and recent share price weakness suggests perhaps some concern about a possible imminent downturn in the capital equipment and semiconductor markets. If so I think that is misplaced but what do I know.
investopia: I don't see it as a dip yet. To me, the froth has just blown off a peak. I'd wait for it to at least go below its 200-day moving average before even thinking about buying in this market. It may not do that, of course, but I want to at least see some kind of basing of the share price before buying.
valhamos: Share price moving into buy the dip territory.
investopia: Valhmos, Read post 2236 again. It explains why I didn't mean 'at some other place' and it explains what I did mean. By 'evidence' for overvaluation, I can see what you all can see -- a share price that has risen a lot and a share price that seems to be falling now. Meanwhile, the forward P/E rating sits in excess of 21 for anticipated earnings growth of around 7% for 2018. I don't know if that's a fair valuation for a company with a lot of cyclicality in its business model, but the market will pass its judgement without my opinion mattering. Regarding currency, I put it forward to be considered because I don't know. I don't follow XPP closely, but assumed many here would.
investopia: Valhamos, You quoted me here: "Maybe there is a little bit of near-term over-valuation here too?" Then said: "You clearly think there is over-valuation somewhere else (implied by "here too"), but why do you think that might be the case for XPP?" But the 'here too' I used was designed to mean 'here as well...' - and this is the implied bit - ' possible currency effects affecting XPP's share price.' Rgds,
jon123: i'm not concerned about the share price performance i think its just pausing for breath its had a good run over the past year or so i'm more concerned about the general market as a whole but i have been for the past 6 months or so i like to find out of favour sectors and invest in them but so far i've only found REITS which are good for income but only offer a limited capital growth.The big sector which is out of favour is the untilty sector but i'm not going there in case the political regime changes and it gets screwed over
nfs: Weak pound leading to share price rise?
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