Is Great Ajax Corp. overvalued or undervalued?

As of 2 March 2023, Great Ajax Corp. moved from very attractive to risky, indicating a significant downgrade in its valuation outlook. The company appears to be overvalued given its current valuation metrics, particularly with a Price to Book Value of 0.41, an EV to EBIT of 1.35, and an EV to Sales ratio of 0.57, which suggest that the market may not be accurately reflecting the company's financial health.
In comparison to its peers, Great Ajax Corp. has a notably high EV to EBITDA ratio of 1.35, while Industrial Logistics Properties Trust stands at 0.7955 and City Office REIT, Inc. at 2.8443, further highlighting its relative valuation challenges. Additionally, the company's recent stock performance has underperformed against the S&P 500, with a 1-year return of -26.11% compared to the index's 17.14%, reinforcing the notion that the stock may be overvalued in the current market environment.