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Littelfuse Inc LFUS

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Morningstar’s Analysis

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Littelfuse Reported an Excellent Q3 Despite Automotive Weakness; Raise Fair Value Estimate to $300

Analyst Note

| William Kerwin |

We are raising our fair value estimate for narrow-moat Littelfuse to $300 per share, from $280, after the company crushed its guidance for the third quarter in a row. Even in the face of a soft automotive market, Littelfuse’s electronics segment carried the firm to sequential growth and a third straight record for quarterly revenue. We think Littelfuse is taking advantage of ongoing supply shortages and stealing market share with its in-house production. Even as we expect the company to see a seasonal sequential sales decline in the fourth quarter and face continued challenges in the automotive market, we think Littelfuse will continue to outperform its end markets and benefit from electrification by growing its dollar content in end products. With shares relatively flat after the release (we think the market is overly wary of short-term automotive supply constraints), we now view Littelfuse as modestly undervalued.

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Company Profile

Business Description

Littelfuse is a leading provider of circuit protection products (such as fuses and relays) and other passive components, selling billions of units 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.

8755 West Higgins Road, Suite 500
Chicago, IL, 60631
T +1 773 628-1000
Sector Technology
Industry Electronic Components
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 28, 2020
Stock Type Cyclical
Employees 12,200