Harman International Industries: Dominant Supplier of High Quality Infotainment Systems

Rupal Bhansali presented her in-depth investment thesis on Harman International Industries (NYSE: HAR) at Wide-Moat Investing Summit 2013.

The Bottom Line: What is misunderstood and therefore mispriced about Harman is: 1) market is looking at current earnings and not the earnings potential; 2) weak earnings momentum despite strong order backlog as 2-3 years lead time for Auto OEMs to launch product, delaying monetization; 3) current earnings depressed due to upfront investments and impact of past lucrative contracts rolling off; and 4) threat of disintermediation obviated by offering cutting edge, innovative solutions at low cost.

About the instructor:

Rupal Bhansali is the portfolio manager for Ariel’s international and global strategies and oversees the entire research effort of these offerings. Additionally, she is responsible for covering the financial and retail sectors. She joined Ariel after spending 10 years with MacKay Shields where she was senior managing director, portfolio manager and head of international equities. During her tenure, Rupal successfully managed both institutional and retail portfolios. Prior to joining MacKay Shields, Rupal was portfolio manager and co-head of international equities at Oppenheimer Capital where she co-managed international and global equity portfolios. She has also held various roles at other investment firms since she began her career in 1989, including Soros Fund Management. Fluent in several Indian languages including Hindi, Rupal earned a Bachelor of Commerce in accounting and finance, and a Master of Commerce in international finance and banking from the University of Mumbai, as well as an MBA in finance from the University of Rochester where she was a Rotary Foundation Scholar.

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