Is Miller Industries, Inc. (Tennessee) overvalued or undervalued?

As of 15 July 2024, the valuation grade for Miller Industries, Inc. has moved from very attractive to attractive, indicating a shift in perceived value. The company is currently considered undervalued, with a P/E ratio of 10, a Price to Book Value of 1.29, and an EV to EBITDA of 6.58. In comparison, its peer REV Group, Inc. has a higher P/E of 15.71 and an EV to EBITDA of 12.67, while Blue Bird Corp. shows a P/E of 12.89 and an EV to EBITDA of 9.21, reinforcing the notion that Miller Industries is trading at a discount relative to its peers.
Despite a challenging year-to-date return of -32.07% compared to the S&P 500's 2.44%, the company's strong dividend yield of 170.85% and solid ROCE of 15.95% suggest that it may still offer attractive returns for investors. The current market price of $44.40 is significantly below its 52-week high of $78.25, further supporting the conclusion that Miller Industries, Inc. is undervalued in the current market environment.