Is Innovative International Acquisition Corp. overvalued or undervalued?

As of 16 October 2023, the valuation grade for Innovative International Acquisition Corp. has moved from does not qualify to risky. This indicates a significant shift in the company's perceived financial health and stability. Based on the analysis, the company appears to be overvalued given its current financial ratios and performance metrics. The P/E ratio is not applicable due to the company being loss-making, while the Price to Book Value stands at -0.21, and the EV to EBITDA is at -1.51, highlighting severe financial distress.
In comparison to its peers, Innovative International Acquisition Corp. shows a markedly worse performance. For instance, ESGEN Acquisition Corp. has a P/E ratio of -8.7273 and an EV to EBITDA of -6.7186, while Mountain Crest Acquisition Corp. IV, classified as fair, has a P/E of 49.2202 and an EV to EBITDA of -34.0887. The stark contrast in these ratios underscores the overvaluation of Innovative International Acquisition Corp. Additionally, the company's stock has significantly underperformed against the S&P 500, with a year-to-date return of -98.53% compared to the S&P 500's 2.44%.