Littelfuse Benefits From Electrification Across a Variety of End Markets

We view Littelfuse as a differentiated supplier of electrical protection for cars and industrial applications. While it is smaller than other competitors we cover in the components market, it has aligned its portfolio toward secular themes of safety, efficiency, and connectivity to pursue growth. We think Littelfuse’s best organic growth opportunities will come from vehicle electrification and charging infrastructure; battery electric vehicles require 5 times the circuit protection content of their internal combustion counterparts, and charging infrastructure presents a lucrative opportunity for the company's growing power semiconductor business.