Is CTS Corp. overvalued or undervalued?

As of 8 November 2023, CTS Corp. has moved from an expensive to a fair valuation grade. The company appears to be fairly valued based on its current financial metrics. Key ratios include a P/E ratio of 38, an EV to EBITDA of 20.81, and a ROCE of 14.50%.
In comparison to its peers, CTS Corp. has a P/E ratio of 37.22, which is lower than Advanced Energy Industries, Inc. at 41.62, but higher than Veeco Instruments, Inc. at 13.23, which is considered very attractive. Additionally, Plexus Corp. has a higher EV to EBITDA ratio of 23.95 compared to CTS Corp.'s 20.81. Notably, CTS Corp. has underperformed the S&P 500 over the past year, with a return of -16.97% compared to the index's 10.26%, which may suggest a potential for recovery given its fair valuation status.