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Autos in the Driver’s Seat

April 20, 2010


Tyco Electronics Ltd. (TEL)
Expected to report 1Q on 4/28, $.52 versus $.14 in 2009. This company is a great proxy for the overall economy as they manufacture many goods from consumer to industrial. On a fundamental basis:
1. Strong cash flow of $2.21/sh.
2. 25% debt to total capital.
3. 14% long term eps growth (versus 10% for S &P).
4. This high quality company has been trading at a 10% discount to the market.

We believe the company will have a great year based on better than expected auto sales in the U.S. and a pickup in cap spending later in the year. Exiting low margin businesses should also help the numbers.

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