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Littelfuse Inc LFUS

Morningstar Rating
$239.00 +0.76 (0.32%)
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Company Report

Littelfuse Earnings: 2024 Looks Soft, but We Retain Long-Term Optimism and See Upside in the Stock

We have lowered our fair value estimate for narrow-moat Littelfuse to $295 per share from $310 to incorporate weaker results in the short term. Fourth-quarter results met our expectations, but guidance for the first quarter and commentary on the full year missed our model. Littelfuse continues to manage mixed demand across its end markets, with inventory destocking hampering new electronics orders, pockets of weakness affecting industrial demand, and automotive orders staying stable. We expect headwinds to continue in 2024 but make way in the back half of the year for growth. Still, we now expect a modest decline in sales in 2024, compared with our previous expectation for modest growth. We continue to believe Littelfuse is well positioned to capitalize on electrification and higher voltages across vehicles, industrial equipment, and consumer devices in the long run. We anticipate demand and results will rebound toward the end of 2024 and continue into 2025. We see the shares as nicely undervalued.

Price vs Fair Value

LFUS is trading at a 19% discount.
Price
$239.00
Fair Value
$249.00
Uncertainty
High
1-Star Price
$516.62
5-Star Price
$688.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Secular trends toward renewable energy and electric vehicles should boost demand for Littelfuse’s products.

Bears

Littelfuse aims for acquisitions to fund half of its long-term growth. It may be forced to overpay for targets in a consolidating market or miss out on adjacent market opportunities.

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News

Trading Information

Previous Close Price
$238.24
Day Range
$235.90239.86
52-Week Range
$212.80309.94
Bid/Ask
$238.78 / $382.38
Market Cap
$5.96 Bil
Volume/Avg
147,687 / 118,035

Key Statistics

Price/Earnings (Normalized)
20.34
Price/Sales
2.54
Dividend Yield (Trailing)
1.07%
Dividend Yield (Forward)
1.09%
Total Yield
1.07%

Company Profile

Littelfuse is a primary provider of circuit protection products (such as fuses and relays) into the transportation, industrial, telecommunications, and consumer electronics end markets. The firm is also increasing its power semiconductor business, where it predominantly serves industrial end markets and is breaking into electric vehicle charging infrastructure. Littelfuse has 17,000 global employees.
Sector
Technology
Industry
Electronic Components
Stock Style Box
Small Core
Total Number of Employees
17,000

Competitors

Valuation

Metric
LFUS
ST
APH
Price/Earnings (Normalized)
20.349.6236.81
Price/Book Value
2.401.757.95
Price/Sales
2.541.305.48
Price/Cash Flow
13.858.5628.81
Price/Earnings
LFUS
ST
APH

Financial Strength

Metric
LFUS
ST
APH
Quick Ratio
2.271.521.36
Current Ratio
3.752.552.17
Interest Coverage
9.240.9318.60
Quick Ratio
LFUS
ST
APH

Profitability

Metric
LFUS
ST
APH
Return on Assets (Normalized)
7.45%6.59%11.95%
Return on Equity (Normalized)
12.56%17.52%24.58%
Return on Invested Capital (Normalized)
9.66%9.63%16.36%
Return on Assets
LFUS
ST
APH
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