Is Plexus Corp. overvalued or undervalued?

As of 22 January 2025, Plexus Corp. has moved from an expensive to a fair valuation grade. The company is currently fairly valued based on its financial metrics. Notable ratios include a P/E ratio of 46, an EV to EBITDA of 24.32, and a ROCE of 16.79%.
In comparison to peers, Plexus Corp. has a P/E ratio of 45.10, while Advanced Energy Industries, Inc. is considered very expensive with a P/E of 41.62, and Veeco Instruments, Inc. is very attractive with a significantly lower P/E of 13.23. The stock has shown a solid performance over the past year, returning 28.91%, compared to the S&P 500's 10.26%, which supports the conclusion that Plexus Corp. is fairly valued in the current market context.