Is Codere Online Luxembourg SA overvalued or undervalued?

As of 21 November 2025, the valuation grade for Codere Online Luxembourg SA has moved from attractive to fair. The company appears to be overvalued based on its current metrics, particularly with a P/E ratio that is not applicable due to losses, an EV to EBITDA ratio of 0.7986, and an EV to Sales ratio of 1.59. In comparison, Golden Entertainment, Inc. has a more favorable P/E ratio of 37.80 and an EV to EBITDA of 7.70, indicating a significant valuation disparity.
The stock has shown mixed performance against the S&P 500, with a year-to-date return of 4.34% compared to the index's 12.26%, and a one-year return of -7.81% versus the S&P 500's 11.00%. This performance suggests that while the stock has had strong returns over the past three years, it has struggled recently, reinforcing the view that it is currently overvalued.