TTM Technologies (TTMI) has drawn fresh attention after closing a new US$1.0b senior secured revolving credit facility and repricing an upsized US$400m Term Loan B, alongside a strong quarterly earnings beat.

The recent refinancing news comes on top of powerful momentum, with a 90 day share price return of 106.54% and a year to date share price return of 165.13%. The 1 year total shareholder return above 400% points to very strong longer term gains.

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With the stock up sharply and trading at a small discount to the average analyst price target, the key question is whether TTM Technologies is still undervalued or if the market is already pricing in future growth.

Most Popular Narrative: 10.4% Undervalued

Against the last close at $187.21, the most followed narrative points to a fair value of $209, implying some remaining upside in the story.

Large-scale data center buildouts announced by tech giants (e.g., Google, CoreWeave, Meta) and TTM's new Wisconsin facility position the company to capture outsized demand for advanced PCBs and interconnects required for AI and cloud infrastructure, directly supporting revenue growth and long-term customer relationships.

Curious what kind of revenue ramp, margin profile and earnings power have to line up for that fair value to make sense? The full narrative spells out the growth cadence, profitability shift and future earnings multiple that analysts are baking into those $209 assumptions.

Result: Fair Value of $209 (UNDERVALUED)

However, keep in mind that a slower ramp up at the Penang facility or underused, higher-cost US plants could pressure margins and weaken the current fair value case.

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Another Angle on Valuation

The fair value narrative suggests around 10.4% upside to $209, but the current P/E of 99.6x tells a different story. That is more than double the peer average of 47.7x and well above the 64.8x fair ratio, which points to meaningful valuation risk if sentiment cools.

To see what the numbers say about this price, have a closer look at our valuation breakdown in the See what the numbers say about this price — find out in our valuation breakdown.

Next Steps

Mixed messages in the story so far? If the combination of optimism and concern has you thinking, act now by reviewing the 2 key rewards and 1 important warning sign.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.