Is Cedar Fair LP overvalued or undervalued?

As of 27 February 2025, Cedar Fair LP has moved from an expensive to a risky valuation grade. The company appears to be overvalued, given its current financial metrics. Key ratios include a Price to Book Value of 1.82, an EV to EBITDA of 11.89, and a ROCE of 4.36%. In comparison, Churchill Downs, Inc. has a fair valuation with a P/E of 16.46, while Cinemark Holdings, Inc. is very attractive with an EV to EBITDA of 8.09.
Recent stock performance shows that Cedar Fair LP has significantly underperformed against the S&P 500, with a year-to-date return of -52.67% compared to the S&P 500's 12.22%. This stark contrast reinforces the notion that Cedar Fair LP is currently overvalued in the market.