Is Orion SA overvalued or undervalued?

As of 31 October 2025, the valuation grade for Orion SA has moved from attractive to very expensive, indicating a significant shift in its market perception. The company appears overvalued based on its current metrics, with a P/E ratio of 7, a Price to Book Value of 1.37, and an EV to EBITDA of 5.81. In comparison, its peer Tronox Holdings Plc has a P/E of -3.44 and an EV to EBITDA of 10.37, while Green Plains, Inc. shows a P/E of -6.44 and an EV to EBITDA of 35.40, highlighting that Orion SA is trading at a premium relative to its peers.
The recent stock performance further underscores this valuation concern, as Orion SA has experienced a year-to-date return of -66.43%, significantly underperforming the S&P 500's gain of 16.30% over the same period. This stark contrast in returns reinforces the view that Orion SA is overvalued in the current market environment.