Is FREYR Battery SA overvalued or undervalued?

As of 17 March 2025, the valuation grade for FREYR Battery SA has moved from does not qualify to risky. The company is currently considered overvalued based on its financial metrics. Key ratios include a price-to-book value of 0.67, an EV to EBITDA ratio of -8.59, and a return on equity (ROE) of -38.05%.
In comparison to peers, FREYR Battery SA's valuation is significantly lower than that of HollySys Automation Technologies Ltd., which has a P/E ratio of 21.82, and Thermon Group Holdings, Inc., with a P/E of 17.02. The negative EV to EBIT and EV to EBITDA ratios indicate that the company is struggling financially relative to its industry. Additionally, FREYR's stock has underperformed against the S&P 500 over various time frames, notably with a year-to-date return of -48.84% compared to the S&P 500's 2.44%.