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Vishay Intertechnology, Inc.

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Vishay Intertechnology is benefiting from its robust product portfolio. Moreover, the company’s expanding manufacturing capacities across all product segments continue to drive its top-line growth. Further, strong momentum in the automotive and industrial markets is acting as a tailwind for the company. Additionally, positive contributions from the acquisition of UltraSource and favorable demand conditions in Americas and Europe are major positives. We believe the continued constraint in supply is positive as strong demand is providing the company the opportunity to raise prices selectively that ultimately benefit margins. However, intense competition is a risk. Further, normalizing backlogs for the company’s component products are hurting its book-to-bill ratio. Notably, the stock has underperformed the industry it belongs to over a year.

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