XPS Group

Multi-year growth opportunities ahead

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.

• Thomas Ryan
• Morning briefing
• Read Important Disclosures