Is Calumet Specialty Products Partners LP overvalued or undervalued?

As of 5 March 2020, the valuation grade for Calumet Specialty Products Partners LP moved from attractive to risky, indicating a shift in perception regarding its investment potential. The company appears to be overvalued, given its negative price-to-book value of -1.34 and an EV to EBITDA ratio of 64.40, which suggests that the market is pricing it excessively relative to its earnings potential. Additionally, the EV to Sales ratio stands at 0.80, which, while not alarming, still reflects a concerning valuation in the context of the company's financial struggles.
In comparison with peers, Calumet's valuation ratios are significantly worse; for instance, HF Sinclair Corp. has an EV to EBITDA of 18.13, while PBF Energy, Inc. shows an EV to EBITDA of -7.50, both indicating more favorable valuations than Calumet's. The company's recent stock performance shows a 5.51% return over the past week, outperforming the S&P 500's 1.05%, but it has underperformed over longer periods, such as a year-to-date return of -15.62% compared to the S&P 500's 12.22%. This inconsistent performance further supports the view that Calumet is currently overvalued.