Is MPLX LP overvalued or undervalued?

As of 4 May 2021, the valuation grade for MPLX LP moved from risky to very attractive, indicating a significant improvement in its investment appeal. The company is currently considered undervalued, supported by a P/E ratio of 12, an EV to EBITDA ratio of 12.31, and a PEG ratio of 1.32. In comparison to peers, MPLX LP's P/E ratio is notably lower than that of The Williams Companies, which stands at 26.53, and Kinder Morgan, which has a P/E of 20.69, further reinforcing its undervalued status.
In terms of recent performance, MPLX LP has shown a 1-year return of 15.21%, which is slightly below the S&P 500's return of 17.14%, but it significantly outperformed the index over a 5-year period with a return of 183.05% compared to the S&P 500's 96.61%. This suggests that while MPLX LP has been a strong performer historically, its current valuation metrics indicate that it remains an attractive investment opportunity in the oil industry.