Is Blackstone Secured Lending Fund overvalued or undervalued?

As of 10 November 2022, the valuation grade for Blackstone Secured Lending Fund moved from expensive to very attractive, indicating a significant improvement in its valuation outlook. The company appears undervalued based on key metrics, including a P/E ratio of 11, an EV to EBIT of 6.27, and a Price to Book Value of 1.17. In comparison to peers, Viper Energy, Inc. has a P/E of 8.34 and an EV to EBITDA of 7.08, while Black Stone Minerals LP shows a P/E of 9.69 and an EV to EBITDA of 7.99, further supporting the attractiveness of Blackstone Secured Lending Fund's valuation.
Despite its appealing valuation, the company's recent stock performance has lagged behind the S&P 500, with a year-to-date return of -13.09% compared to the index's 12.22%. This underperformance may suggest market skepticism regarding its future prospects, yet the current valuation metrics indicate that it is a compelling investment opportunity.