Is LanzaTech Global, Inc. overvalued or undervalued?

As of 10 February 2023, LanzaTech Global, Inc. has moved from a grade of "does not qualify" to "risky." The company is currently considered overvalued given its financial metrics. Key ratios include a price-to-book value of -56.71, an EV to EBITDA of -0.71, and a return on capital employed (ROCE) of -1146.11%.
In comparison with peers, IHS Holding Ltd. has a P/E ratio of -33.43 and an EV to EBITDA of 5.07, while Ameresco, Inc. shows a more favorable P/E of 12.79 and an EV to EBITDA of 13.37, indicating that LanzaTech is not performing well relative to its industry. Additionally, the company's stock has significantly underperformed the S&P 500 over the past year, declining by 83.43% compared to the index's 10.26% gain, reinforcing the overvaluation narrative.