Comparative value is a hard one in small niche areas as you have...

Comparative value is a hard one in small niche areas as you have compare complete company not just simple ratios. Although 2 companies may sell candy the structures and markets for the different companys is significantly different.

Technically with a major shareholder whose IMO game it is to a share price under it's control it skews the market significantly so you must take into account their strategy .

Negative EV - guess it depends on what you factor into calculation and reality of realising that value. Markets get it wrong all the time but players in the markets do choose what filthy ponds they want to play in and IMO rarely do they play in the pond with controlling shareholder due to the high risk unless that controlling shareholder has a history , track record of creating value and distributing unlike may who load companies up with fees and arrangements to gradually siphon out cash to master company in which that have 100% control

Not saying you can't make money and good you have looked at some fundamentals and some technical signals but IMO it isn't as simple as it looks applying big business ratios and technical indicators to a controlled penny stock. They don't act rationally even over longer term as market forces are not 100% at play IMO.