Intrinsic value of TTM Technologies - TTMI

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$16.43

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$16.43

 
Intrinsic value

$39.76

 
Up/down potential

+142%

 
Rating

str. buy

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of TTMI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  20.91
  20.90
  19.31
  17.88
  16.59
  15.43
  14.39
  13.45
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.64
  8.27
  7.95
  7.65
  7.39
  7.15
  6.93
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.92
  5.83
  5.75
Revenue, $m
  2,533
  3,062
  3,654
  4,307
  5,022
  5,797
  6,631
  7,522
  8,471
  9,474
  10,531
  11,642
  12,804
  14,020
  15,287
  16,608
  17,982
  19,411
  20,896
  22,439
  24,043
  25,710
  27,443
  29,245
  31,119
  33,070
  35,101
  37,217
  39,421
  41,721
  44,119
Variable operating expenses, $m
 
  2,601
  3,096
  3,643
  4,242
  4,891
  5,589
  6,336
  7,129
  7,969
  8,855
  9,747
  10,721
  11,738
  12,800
  13,905
  15,056
  16,252
  17,496
  18,788
  20,131
  21,527
  22,977
  24,486
  26,055
  27,689
  29,389
  31,160
  33,007
  34,932
  36,940
Fixed operating expenses, $m
 
  263
  270
  277
  284
  291
  298
  305
  313
  321
  329
  337
  346
  354
  363
  372
  382
  391
  401
  411
  421
  432
  442
  454
  465
  476
  488
  501
  513
  526
  539
Total operating expenses, $m
  2,408
  2,864
  3,366
  3,920
  4,526
  5,182
  5,887
  6,641
  7,442
  8,290
  9,184
  10,084
  11,067
  12,092
  13,163
  14,277
  15,438
  16,643
  17,897
  19,199
  20,552
  21,959
  23,419
  24,940
  26,520
  28,165
  29,877
  31,661
  33,520
  35,458
  37,479
Operating income, $m
  126
  198
  287
  387
  496
  615
  744
  881
  1,028
  1,183
  1,347
  1,557
  1,738
  1,927
  2,124
  2,330
  2,545
  2,768
  2,999
  3,241
  3,491
  3,752
  4,023
  4,305
  4,599
  4,905
  5,223
  5,555
  5,902
  6,263
  6,640
EBITDA, $m
  306
  402
  524
  659
  807
  968
  1,142
  1,328
  1,527
  1,737
  1,958
  2,191
  2,435
  2,691
  2,957
  3,235
  3,524
  3,825
  4,138
  4,463
  4,801
  5,153
  5,518
  5,898
  6,294
  6,706
  7,135
  7,583
  8,049
  8,536
  9,043
Interest expense (income), $m
  72
  60
  82
  106
  133
  162
  193
  227
  264
  303
  344
  387
  432
  480
  529
  581
  635
  691
  750
  810
  873
  939
  1,007
  1,078
  1,152
  1,228
  1,308
  1,391
  1,477
  1,567
  1,661
Earnings before tax, $m
  67
  138
  206
  281
  364
  453
  550
  654
  764
  881
  1,004
  1,170
  1,306
  1,447
  1,595
  1,749
  1,909
  2,076
  2,250
  2,430
  2,618
  2,813
  3,016
  3,227
  3,448
  3,677
  3,916
  4,165
  4,425
  4,696
  4,979
Tax expense, $m
  31
  37
  56
  76
  98
  122
  149
  177
  206
  238
  271
  316
  353
  391
  431
  472
  516
  561
  607
  656
  707
  760
  814
  871
  931
  993
  1,057
  1,124
  1,195
  1,268
  1,344
Net income, $m
  35
  100
  150
  205
  265
  331
  402
  477
  558
  643
  733
  854
  953
  1,057
  1,164
  1,277
  1,394
  1,516
  1,642
  1,774
  1,911
  2,054
  2,202
  2,356
  2,517
  2,684
  2,858
  3,040
  3,230
  3,428
  3,635

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  256
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,500
  2,712
  3,236
  3,815
  4,448
  5,134
  5,873
  6,663
  7,503
  8,391
  9,328
  10,311
  11,341
  12,418
  13,541
  14,710
  15,927
  17,193
  18,508
  19,875
  21,296
  22,773
  24,307
  25,903
  27,564
  29,291
  31,090
  32,964
  34,917
  36,954
  39,078
Adjusted assets (=assets-cash), $m
  2,244
  2,712
  3,236
  3,815
  4,448
  5,134
  5,873
  6,663
  7,503
  8,391
  9,328
  10,311
  11,341
  12,418
  13,541
  14,710
  15,927
  17,193
  18,508
  19,875
  21,296
  22,773
  24,307
  25,903
  27,564
  29,291
  31,090
  32,964
  34,917
  36,954
  39,078
Revenue / Adjusted assets
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
Average production assets, $m
  1,174
  1,418
  1,692
  1,994
  2,325
  2,684
  3,070
  3,483
  3,922
  4,386
  4,876
  5,390
  5,928
  6,491
  7,078
  7,689
  8,326
  8,987
  9,675
  10,389
  11,132
  11,904
  12,706
  13,540
  14,408
  15,311
  16,252
  17,231
  18,252
  19,317
  20,427
Working capital, $m
  324
  217
  259
  306
  357
  412
  471
  534
  601
  673
  748
  827
  909
  995
  1,085
  1,179
  1,277
  1,378
  1,484
  1,593
  1,707
  1,825
  1,948
  2,076
  2,209
  2,348
  2,492
  2,642
  2,799
  2,962
  3,132
Total debt, $m
  1,020
  1,237
  1,603
  2,008
  2,450
  2,930
  3,446
  3,998
  4,585
  5,207
  5,861
  6,549
  7,269
  8,021
  8,806
  9,623
  10,474
  11,359
  12,278
  13,234
  14,227
  15,259
  16,332
  17,447
  18,608
  19,816
  21,073
  22,383
  23,748
  25,172
  26,656
Total liabilities, $m
  1,679
  1,896
  2,262
  2,667
  3,109
  3,589
  4,105
  4,657
  5,244
  5,866
  6,520
  7,208
  7,928
  8,680
  9,465
  10,282
  11,133
  12,018
  12,937
  13,893
  14,886
  15,918
  16,991
  18,106
  19,267
  20,475
  21,732
  23,042
  24,407
  25,831
  27,315
Total equity, $m
  821
  816
  974
  1,148
  1,339
  1,545
  1,768
  2,006
  2,258
  2,526
  2,808
  3,104
  3,414
  3,738
  4,076
  4,428
  4,794
  5,175
  5,571
  5,983
  6,410
  6,855
  7,317
  7,797
  8,297
  8,817
  9,358
  9,922
  10,510
  11,123
  11,762
Total liabilities and equity, $m
  2,500
  2,712
  3,236
  3,815
  4,448
  5,134
  5,873
  6,663
  7,502
  8,392
  9,328
  10,312
  11,342
  12,418
  13,541
  14,710
  15,927
  17,193
  18,508
  19,876
  21,296
  22,773
  24,308
  25,903
  27,564
  29,292
  31,090
  32,964
  34,917
  36,954
  39,077
Debt-to-equity ratio
  1.242
  1.520
  1.650
  1.750
  1.830
  1.900
  1.950
  1.990
  2.030
  2.060
  2.090
  2.110
  2.130
  2.150
  2.160
  2.170
  2.180
  2.190
  2.200
  2.210
  2.220
  2.230
  2.230
  2.240
  2.240
  2.250
  2.250
  2.260
  2.260
  2.260
  2.270
Adjusted equity ratio
  0.252
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  35
  100
  150
  205
  265
  331
  402
  477
  558
  643
  733
  854
  953
  1,057
  1,164
  1,277
  1,394
  1,516
  1,642
  1,774
  1,911
  2,054
  2,202
  2,356
  2,517
  2,684
  2,858
  3,040
  3,230
  3,428
  3,635
Depreciation, amort., depletion, $m
  180
  204
  236
  272
  311
  353
  398
  447
  499
  553
  611
  634
  697
  764
  833
  905
  979
  1,057
  1,138
  1,222
  1,310
  1,400
  1,495
  1,593
  1,695
  1,801
  1,912
  2,027
  2,147
  2,273
  2,403
Funds from operations, $m
  303
  305
  386
  477
  576
  684
  800
  924
  1,056
  1,196
  1,344
  1,488
  1,651
  1,820
  1,997
  2,181
  2,373
  2,573
  2,781
  2,996
  3,221
  3,454
  3,697
  3,949
  4,212
  4,485
  4,770
  5,067
  5,377
  5,700
  6,038
Change in working capital, $m
  5
  38
  42
  46
  51
  55
  59
  63
  67
  71
  75
  79
  83
  86
  90
  94
  98
  101
  105
  110
  114
  118
  123
  128
  133
  138
  144
  150
  157
  163
  170
Cash from operations, $m
  298
  187
  344
  431
  526
  629
  741
  861
  989
  1,125
  1,269
  1,410
  1,568
  1,734
  1,907
  2,088
  2,276
  2,472
  2,675
  2,887
  3,107
  3,336
  3,574
  3,821
  4,079
  4,347
  4,626
  4,917
  5,221
  5,537
  5,867
Maintenance CAPEX, $m
  0
  -138
  -167
  -199
  -235
  -274
  -316
  -361
  -410
  -461
  -516
  -574
  -634
  -697
  -764
  -833
  -905
  -979
  -1,057
  -1,138
  -1,222
  -1,310
  -1,400
  -1,495
  -1,593
  -1,695
  -1,801
  -1,912
  -2,027
  -2,147
  -2,273
New CAPEX, $m
  -85
  -244
  -274
  -302
  -331
  -359
  -386
  -413
  -439
  -465
  -490
  -514
  -538
  -563
  -587
  -611
  -636
  -662
  -688
  -715
  -743
  -772
  -802
  -834
  -868
  -903
  -940
  -980
  -1,021
  -1,064
  -1,110
Cash from investing activities, $m
  -78
  -382
  -441
  -501
  -566
  -633
  -702
  -774
  -849
  -926
  -1,006
  -1,088
  -1,172
  -1,260
  -1,351
  -1,444
  -1,541
  -1,641
  -1,745
  -1,853
  -1,965
  -2,082
  -2,202
  -2,329
  -2,461
  -2,598
  -2,741
  -2,892
  -3,048
  -3,211
  -3,383
Free cash flow, $m
  220
  -195
  -96
  -71
  -40
  -3
  39
  87
  140
  199
  263
  322
  396
  474
  557
  644
  735
  830
  930
  1,034
  1,142
  1,254
  1,371
  1,492
  1,618
  1,749
  1,884
  2,026
  2,173
  2,325
  2,484
Issuance/(repayment) of debt, $m
  -218
  328
  366
  404
  442
  480
  516
  552
  587
  621
  655
  687
  720
  752
  785
  818
  851
  885
  920
  956
  993
  1,032
  1,073
  1,116
  1,160
  1,208
  1,257
  1,310
  1,365
  1,423
  1,485
Issuance/(repurchase) of shares, $m
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -217
  328
  366
  404
  442
  480
  516
  552
  587
  621
  655
  687
  720
  752
  785
  818
  851
  885
  920
  956
  993
  1,032
  1,073
  1,116
  1,160
  1,208
  1,257
  1,310
  1,365
  1,423
  1,485
Total cash flow (excl. dividends), $m
  -3
  133
  270
  334
  403
  477
  555
  639
  727
  820
  918
  1,009
  1,116
  1,226
  1,341
  1,461
  1,586
  1,715
  1,850
  1,990
  2,135
  2,286
  2,444
  2,608
  2,778
  2,956
  3,142
  3,336
  3,538
  3,749
  3,969
Retained Cash Flow (-), $m
  -2
  -140
  -158
  -174
  -191
  -207
  -222
  -238
  -253
  -267
  -282
  -296
  -310
  -324
  -338
  -352
  -366
  -381
  -396
  -412
  -428
  -444
  -462
  -480
  -500
  -520
  -541
  -564
  -588
  -613
  -639
Prev. year cash balance distribution, $m
 
  145
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  138
  112
  159
  212
  270
  333
  401
  475
  553
  636
  713
  806
  902
  1,003
  1,109
  1,219
  1,334
  1,454
  1,578
  1,707
  1,842
  1,982
  2,127
  2,279
  2,436
  2,600
  2,772
  2,950
  3,136
  3,330
Discount rate, %
 
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
 
  130
  99
  131
  161
  189
  212
  232
  246
  254
  257
  252
  245
  234
  219
  201
  181
  159
  138
  117
  97
  79
  63
  49
  37
  27
  20
  14
  9
  6
  4
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

TTM Technologies, Inc., together with its subsidiaries, manufactures printed circuit boards (PCBs) worldwide. It provides a range of PCBs and electro-mechanical solutions, including conventional PCBs, high density interconnect PCBs, flexible PCBs, rigid-flex PCBs, custom assemblies and system integration products, and IC substrates. It also produces test specialized circuits that are used in radio-frequency or microwave emission and collection applications; printed circuits with heavy copper cores, and embedded and press-fit coins; PCBs with electrically passive heat sinks; and PCBs with electrically active thermal cores. In addition, the company offers various services, including design for manufacturability, PCB layout design, simulation and testing, and quick turnaround services. The company’s customers include original equipment manufacturers and electronic manufacturing services companies that primarily serve the networking/communications, cellular phone, computing, aerospace and defense, and medical/industrial/instrumentation end markets of the electronics industry; and the U.S. government. TTM Technologies, Inc. was founded in 1978 and is headquartered in Costa Mesa, California.

FINANCIAL RATIOS  of  TTM Technologies (TTMI)

Valuation Ratios
P/E Ratio 47.1
Price to Sales 0.7
Price to Book 2
Price to Tangible Book
Price to Cash Flow 5.5
Price to Free Cash Flow 7.7
Growth Rates
Sales Growth Rate 20.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15%
Cap. Spend. - 3 Yr. Gr. Rate -3.8%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 110.7%
Total Debt to Equity 124.2%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.9%
Ret/ On Assets - 3 Yr. Avg. -0.5%
Return On Total Capital 1.8%
Ret/ On T. Cap. - 3 Yr. Avg. 0.5%
Return On Equity 4.3%
Return On Equity - 3 Yr. Avg. 1%
Asset Turnover 1
Profitability Ratios
Gross Margin 16.7%
Gross Margin - 3 Yr. Avg. 15.4%
EBITDA Margin 12.6%
EBITDA Margin - 3 Yr. Avg. 10.8%
Operating Margin 4.9%
Oper. Margin - 3 Yr. Avg. 3.8%
Pre-Tax Margin 2.6%
Pre-Tax Margin - 3 Yr. Avg. 1.6%
Net Profit Margin 1.4%
Net Profit Margin - 3 Yr. Avg. 0.4%
Effective Tax Rate 46.3%
Eff/ Tax Rate - 3 Yr. Avg. 155.7%
Payout Ratio 0%

TTMI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TTMI stock intrinsic value calculation we used $2533 million for the last fiscal year's total revenue generated by TTM Technologies. The default revenue input number comes from 2017 income statement of TTM Technologies. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TTMI stock valuation model: a) initial revenue growth rate of 20.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.1%, whose default value for TTMI is calculated based on our internal credit rating of TTM Technologies, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of TTM Technologies.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TTMI stock the variable cost ratio is equal to 85.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $257 million in the base year in the intrinsic value calculation for TTMI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.6% for TTM Technologies.

Corporate tax rate of 27% is the nominal tax rate for TTM Technologies. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TTMI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TTMI are equal to 46.3%.

Life of production assets of 8.5 years is the average useful life of capital assets used in TTM Technologies operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TTMI is equal to 7.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $821 million for TTM Technologies - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 102.252 million for TTM Technologies is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of TTM Technologies at the current share price and the inputted number of shares is $1.7 billion.


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COMPANY NEWS

▶ Three Stocks Starting Another Move Higher   [May-24-17 01:00PM  Investopedia]
▶ 3 Top Printed Circuit Board Stocks to Buy in 2017   [May-17-17 07:33PM  Motley Fool]
▶ TTM posts 1Q profit   [May-03-17 06:55PM  Associated Press]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [10:59AM  Investor's Business Daily]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [Apr-17-17 11:15AM  Investor's Business Daily]
▶ TTM Tech Joins Stocks With 95-Plus Composite Rating   [Apr-12-17 10:52AM  Investor's Business Daily]
▶ IBD 50 Tech Stock Gets Rating Upgrade While Building New Base   [Apr-07-17 11:15AM  Investor's Business Daily]
▶ Q1 Earnings Preview: Potential Breakout Stocks Expecting 50%-Plus Growth   [Apr-05-17 04:33PM  Investor's Business Daily]
▶ TTM Technologies Earns Ratings Upgrade As It Builds New Base   [Mar-31-17 11:08AM  Investor's Business Daily]
▶ Networking Tech Stock Gets Rating Hike As It Tries To Rebound   [Mar-28-17 10:46AM  Investor's Business Daily]
▶ TTM Celebrated the Grand Opening of Denver West, CO   [Feb-21-17 04:05PM  GlobeNewswire]
▶ Why TTM Technologies Shares Jumped Today   [Feb-09-17 03:39PM  at Motley Fool]
▶ TTM reports 4Q loss   [06:04PM  AP]
▶ Is TTM Technologies, Inc. (TTMI) A Good Stock To Buy?   [Dec-08-16 03:18PM  at Insider Monkey]
▶ Why TTM Technologies Shares Got Crushed Today   [Nov-15-16 12:10PM  at Motley Fool]
▶ Why TTM Technologies, Inc. Is Rising Today   [Oct-27-16 01:39PM  at Motley Fool]
▶ TTM posts 3Q profit   [Oct-26-16 05:45PM  AP]
Stock chart of TTMI Financial statements of TTMI Annual reports of TTMI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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