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Littelfuse Inc LFUS

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Morningstar’s Analysis

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Economic Moat




Littelfuse Weathers Historic Automotive Decline, Looks Ahead to Growth; Maintaining $180 FVE

Brian Colello, CPA Sector Director

Analyst Note

| Brian Colello, CPA |

Littelfuse reported a lighter drop in revenue than we expected in a quarter that management predicts will be a trough of COVID-19 economic weakness. In a historically slow quarter for global auto production, Littelfuse was helped by resilience in its electronics business. As automotive production comes back on line in the second half of the year, the firm expects to see a commensurate return to sequential growth. We maintain our $180 fair value estimate for narrow-moat Littelfuse and would recommend a pullback before investing.

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Company Profile

Business Description

Littelfuse is a designer and manufacturer of sensors, power control solutions, and circuit protection products for the industrial, consumer electronics, and automotive markets. The firm acquired IXYS Corporation in 2018 for $856 million and complemented its position in the power semiconductor market with products that serve the medium and high-power applications in addition to Littelfuse's existing strength in the low-power market.

8755 West Higgins Road, Suite 500
Chicago, IL, 60631
T +1 773 628-1000
Sector Technology
Industry Electronic Components
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 28, 2020
Stock Type Cyclical
Employees 11,300