Littelfuse’s Growth Is Rebounding for a Moaty Electrical Protection Portfolio and Data Center Upside

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. Among Littelfuse’s best organic growth opportunities are 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.