A power converter includes a DC input (26) connected to an inductive element (TR), a switch (T1) arranged to interrupt the inductive current cyclically with a predetermined cycle period, a plurality of load circuits (31, 32, 33), and a multiplexer (36) having a plurality of parallel channels (M1, M2, M3) between first and second output terminals (34, 38) of the inductive element (TR), wherein each channel includes one of the load circuits (31, 32, 33), and the multiplexer is adapted to make the channels conductive sequentially and periodically, and the multiplexer has a switching period that is a multiple of the predetermined cycle period of the switch (T1).