Littelfuse an Attractive Power Play; Initiating With $190 Fair Value Estimate, Narrow Moat
We are launching coverage of electronics component supplier Littelfuse with a $190 fair value estimate. At current prices we do not see an attractive margin of safety for would-be investors. However, while not the largest electronic component supplier in the market, we believe the firm benefits from the same customer switching costs experienced by larger peers, like Amphenol, and thus warrants a narrow moat rating.Littelfuse is a global leader in the circuit protection market with a growing su...
Littelfuse is a manufacturer of technologies in circuit protection, power control and sensing. The company has three segments: Electronics, which provides fuses and fuse accessories, positive temperature coefficient resettable fuses, polymer electrostatic discharge suppressors, varistors, and gas discharge tubes; Automotive, which consists of circuit protection, power control and sensing technologies for original equipment manufacturers, Tier-I suppliers and parts distributors in the passenger car, agricultural, construction and other commercial vehicle industries; and Industrial, which includes power fuses, protection relays and controls and other circuit protection products.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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