Is Siemens overvalued or undervalued?

As of 22 October 2020, Siemens has moved from an expensive to a very expensive valuation grade. The company is currently overvalued, as indicated by its high PE ratio of 56.88, a Price to Book Value of 9.53, and an EV to EBIT of 61.26. These ratios significantly exceed those of its peers, such as Larsen & Toubro, which has a PE ratio of 34.21 and an EV to EBITDA of 17.35, and CG Power & Ind, with a PE ratio of 107.03.
The valuation metrics suggest that Siemens is not only overvalued compared to its peers but also shows a concerning trend in its stock performance, particularly with a year-to-date decline of 12.19% against a Sensex return of 5.63%. Given these factors, it is clear that Siemens is trading at a premium that may not be justified by its current earnings and growth prospects.