Is indie Semiconductor, Inc. overvalued or undervalued?

As of 10 May 2021, indie Semiconductor, Inc. has moved from a valuation grade of "does not qualify" to "risky." The company is currently considered overvalued. Key ratios indicate significant financial challenges, with a Price to Book Value of 1.52, an EV to EBIT of -4.84, and an EV to EBITDA of -6.71.
In comparison to peers, indie Semiconductor's EV to EBITDA ratio is notably worse than Semtech Corp. at 30.48 and SMART Global Holdings, Inc. at 8.15, both of which are also classified as risky. Additionally, the company's recent stock performance has been poor, with a year-to-date return of -22.72% compared to a 2.44% return for the S&P 500, further reinforcing the overvaluation narrative.