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TE Connectivity Ltd TEL

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Morningstar’s Analysis

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TE Connectivity Enjoying Rapid Rebounds Across End Markets; Raising FVE to $115

Analyst Note

| William Kerwin |

Narrow-moat TE Connectivity’s second-quarter results resoundingly surpassed our expectations on both the top and bottom lines, and the firm guided for an equally strong third quarter. We are raising our fair value estimate to $115 per share from $110 as we incorporate stronger short-term sales growth. TE is benefiting from especially strong end-market rebounds from 2020 lows, and our long-term thesis for expanding content in end products driving top-line growth remains intact. With the shares trading at about a 14% premium to our fair value estimate, we recommend awaiting a greater margin of safety to invest.

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Company Profile

Business Description

TE Connectivity is the largest electrical connector supplier in the world, supplying interconnect and sensor solutions to the transportation, industrial, and communications markets. With operations in 150 countries and over 500,000 stock-keeping units, TE Connectivity has a broad portfolio that forms the electrical architecture of its end customers' cutting-edge innovations.

Muhlenstrasse 26
Schaffhausen, CH-8200, Switzerland
T +41 526336661
Sector Technology
Industry Electronic Components
Most Recent Earnings Mar 31, 2021
Fiscal Year End Sep 25, 2021
Stock Type
Employees 82,000