This overlooked ASX 200 share is up 160% in a year but still dirt cheap! Should I buy it?

This tech stock is going absolutely gangbusters but many experts with long memories still consider it great value.

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It's not often an S&P/ASX 200 Index (ASX: XJO) stock can rocket 160% in a single year but still be considered by some as inexpensive.

But that's exactly the situation we currently have with Megaport Ltd (ASX: MP1).

The virtual networking technology provider has impressed the market with its recovery since chief executive Vincent English suddenly resigned last March.

Founder and chair Bevan Slattery stepped in as interim boss and set about cutting costs at a company that had made a habit of burning cash.

Last week the fruits of that reform showed up in the half-yearly results.

Gross profit was up 43% year-on-year, revenue was 35% higher, and earnings before interest, taxes, depreciation and amortisation (EBITDA) rocketed a crazy 785%.

So after closing 27 February 2023 at $5.51, Megaport has now almost tripled in just 12 months.

How could these be cheap shares?

So after such a boom time, how can anyone possibly call this stock inexpensive?

Cast your mind back to late 2021.

Inflation was starting to nudge up, but not many people, aside from a few economists, were that worried. Central banks certainly weren't, with the former Reserve Bank governor remarking that interest rates could stay stable until 2024.

No one, aside from Vladimir Putin's inner circle, knew that in just a few months, Russia was about to invade a sovereign neighbour with 44 million people.

And a brutal and barbaric conflict in the Middle East was still two years away.

Growth stocks were enjoying a decade-long run of support from markets without a care in the world.

In this environment, Megaport shares, back when the business was losing far more money than it is now, were trading for $21.46 in November 2021.

Even after the meteoric rise in the past year, the stock only just managed to overtake the $14 mark last Friday.

That is what those experts are remembering when labelling Megaport as cheap shares even right now.

Okay, so it's cheap. But should I buy?

Of course, that naturally leads to the question of whether Megaport is a buy.

Factually, the Megaport business is running in a more profitable manner than it was before the interest rates started climbing.

Back in August 2021, the company reported a $55 million net loss.

Considering this, it's no wonder many professional investors are still keen on the stock despite the recent run-up.

"Analysts at Macquarie Group Ltd (ASX: MQG) have retained their outperform rating on this network solutions company's shares," The Motley Fool's James Mickleboro reported last week.

"Macquarie was pleased with the finer details [of the financial results] and has boosted its earnings estimates to reflect an acceleration in momentum."

Broking platform CMC Invest is reporting that 10 out of 15 analysts are currently rating Megaport shares as a buy.

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Megaport. The Motley Fool Australia has recommended Megaport. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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