Is Swiftmerge Acquisition Corp. overvalued or undervalued?

As of 31 March 2025, Swiftmerge Acquisition Corp. has moved from a grade of "does not qualify" to "risky." The company appears to be overvalued given its significant negative metrics. Key ratios include a Price to Book Value of 13.02, an EV to EBITDA of -38.64, and a ROE of -18.62%. In comparison, Learn CW Investment Corp. has a P/E of 4.51 and an EV to EBITDA of -2.23, while FTAC Emerald Acquisition Corp. shows a P/E of -5.66 and an EV to EBITDA of -73.89, indicating that Swiftmerge is underperforming relative to its peers.
The stock has experienced a substantial decline, with a year-to-date return of -37.17% compared to a positive 12.22% return for the S&P 500, and a one-year return of -61.45% against the S&P 500's 17.14%. This stark underperformance reinforces the view that Swiftmerge Acquisition Corp. is overvalued in its current state.