TTMI
TTM Technologies, Inc.
$133.17
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Overvalued
Trading 109.6% above fair value
You pay
$133.17
Bear
$50.83
Fair
$63.54
Bull
$76.25
Bear
$50.83
-61.8%
$1.81 × 12x P/E
Fair
$63.54
-52.3%
$1.81 × 15x P/E
Bull
$76.25
-42.7%
$1.81 × 18x P/E
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
73.7x
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 $209.33 from 14 analysts, using a 20% weight on analyst consensus. That produces an estimated intrinsic value of $63.54 per share.
Warnings
Wall Street's average price target is $209.33 (from 14 analysts). Our estimate is 87% 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