Is Lindblad Expeditions Holdings, Inc. overvalued or undervalued?

As of 1 May 2020, the valuation grade for Lindblad Expeditions Holdings, Inc. changed from fair to risky, indicating a more cautious outlook. The company appears to be overvalued, as evidenced by its negative price-to-book value of -3.48 and a high EV to EBIT ratio of 40.87, which suggests that investors are paying a premium for earnings that are not currently being generated. Additionally, the EV to EBITDA ratio stands at 12.16, further supporting the notion that the stock is priced above its operational performance.
In comparison to its peers, Lindblad's valuation metrics are significantly weaker; for instance, Despegar.com Corp. has a P/E ratio of 51.86, while Agiliti, Inc. boasts a much more attractive EV to EBITDA of 10.98. The company has underperformed against the S&P 500 in the short term, with a year-to-date return of 10.79% compared to the index's 12.22%, and a stark contrast in three-year returns, where Lindblad's 27.95% lags behind the S&P 500's 70.41%. This performance further reinforces the view that Lindblad Expeditions is currently overvalued.