TTMI
TTM Technologies, Inc.
$189.92
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Overvalued
Trading 256.1% above fair value
You pay
$189.92
Bear
$42.67
Fair
$53.34
Bull
$64.01
Bear
$42.67
-77.5%
$1.81 × 12x P/E
Fair
$53.34
-71.9%
$1.81 × 15x P/E
Bull
$64.01
-66.3%
$1.81 × 18x P/E
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
105.2x
Summary
Our base-case estimate uses a valuation based on adjusted earnings per share and a normalized price-to-earnings multiple. We then blend that result with the average analyst price target of $158.33 from 14 analysts, using a 20% weight on analyst consensus. That produces an estimated intrinsic value of $53.34 per share.
Warnings
Wall Street's average price target is $158.33 (from 14 analysts). Our estimate is 83% below the consensus -- consider that gap carefully.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples