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Dec 9 2025, 07:00 GMT
XPS delivered strong H1 results, extending its track record of double-digit revenue growth. We maintain robust revenue forecasts, while earnings are modestly impacted by higher depreciation from increased capex but offset at the per-share level by a larger share repurchase. With multiple growth levers ahead and current multiples screening as undemanding, we see the valuation as compelling and reiterate our positive stance.
Dec 9 2025, 07:00 GMT