Intrinsic value of Navios Maritime Holdings - NM

Previous Close

$1.77

  Intrinsic Value

$1.00

stock screener

  Rating & Target

sell

-44%

  Value-price divergence*

-97%

Previous close

$1.77

 
Intrinsic value

$1.00

 
Up/down potential

-44%

 
Rating

sell

 
Value-price divergence*

-97%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of NM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -11.07
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  442
  451
  461
  473
  486
  501
  517
  535
  554
  575
  597
  620
  645
  672
  701
  731
  763
  797
  833
  870
  910
  953
  997
  1,044
  1,094
  1,146
  1,200
  1,258
  1,319
  1,383
  1,450
Variable operating expenses, $m
 
  523
  535
  548
  563
  580
  598
  618
  639
  662
  687
  698
  726
  756
  788
  822
  858
  896
  937
  979
  1,024
  1,072
  1,122
  1,174
  1,230
  1,289
  1,350
  1,415
  1,483
  1,555
  1,631
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  429
  523
  535
  548
  563
  580
  598
  618
  639
  662
  687
  698
  726
  756
  788
  822
  858
  896
  937
  979
  1,024
  1,072
  1,122
  1,174
  1,230
  1,289
  1,350
  1,415
  1,483
  1,555
  1,631
Operating income, $m
  13
  -72
  -74
  -75
  -77
  -79
  -81
  -83
  -85
  -88
  -90
  -77
  -81
  -84
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -143
  -150
  -157
  -165
  -173
  -181
EBITDA, $m
  127
  51
  52
  54
  55
  57
  59
  61
  63
  65
  68
  71
  73
  76
  80
  83
  87
  91
  95
  99
  104
  108
  113
  119
  124
  130
  137
  143
  150
  157
  165
Interest expense (income), $m
  108
  106
  109
  112
  116
  120
  125
  130
  135
  141
  147
  154
  161
  169
  178
  186
  196
  206
  216
  227
  239
  251
  264
  278
  293
  308
  324
  341
  359
  378
  398
Earnings before tax, $m
  -299
  -179
  -183
  -187
  -193
  -199
  -205
  -212
  -220
  -229
  -238
  -232
  -242
  -253
  -265
  -278
  -291
  -305
  -320
  -336
  -353
  -370
  -389
  -409
  -429
  -451
  -474
  -498
  -524
  -550
  -579
Tax expense, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -304
  -179
  -183
  -187
  -193
  -199
  -205
  -212
  -220
  -229
  -238
  -232
  -242
  -253
  -265
  -278
  -291
  -305
  -320
  -336
  -353
  -370
  -389
  -409
  -429
  -451
  -474
  -498
  -524
  -550
  -579

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  136
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,753
  2,668
  2,729
  2,799
  2,878
  2,965
  3,061
  3,165
  3,278
  3,400
  3,530
  3,670
  3,819
  3,977
  4,146
  4,324
  4,514
  4,715
  4,927
  5,151
  5,388
  5,637
  5,901
  6,178
  6,471
  6,779
  7,103
  7,444
  7,804
  8,182
  8,579
Adjusted assets (=assets-cash), $m
  2,617
  2,668
  2,729
  2,799
  2,878
  2,965
  3,061
  3,165
  3,278
  3,400
  3,530
  3,670
  3,819
  3,977
  4,146
  4,324
  4,514
  4,715
  4,927
  5,151
  5,388
  5,637
  5,901
  6,178
  6,471
  6,779
  7,103
  7,444
  7,804
  8,182
  8,579
Revenue / Adjusted assets
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
Average production assets, $m
  1,961
  2,000
  2,046
  2,099
  2,158
  2,223
  2,295
  2,373
  2,458
  2,549
  2,647
  2,752
  2,863
  2,982
  3,109
  3,243
  3,385
  3,535
  3,694
  3,862
  4,040
  4,227
  4,425
  4,633
  4,852
  5,083
  5,326
  5,582
  5,852
  6,135
  6,433
Working capital, $m
  21
  -85
  -87
  -89
  -91
  -94
  -97
  -101
  -104
  -108
  -112
  -117
  -121
  -126
  -132
  -137
  -143
  -150
  -157
  -164
  -171
  -179
  -187
  -196
  -206
  -215
  -226
  -237
  -248
  -260
  -273
Total debt, $m
  1,619
  1,627
  1,675
  1,730
  1,792
  1,860
  1,935
  2,016
  2,104
  2,199
  2,301
  2,410
  2,526
  2,650
  2,782
  2,921
  3,069
  3,226
  3,392
  3,567
  3,752
  3,947
  4,152
  4,369
  4,598
  4,838
  5,092
  5,358
  5,639
  5,934
  6,244
Total liabilities, $m
  2,075
  2,083
  2,131
  2,186
  2,248
  2,316
  2,391
  2,472
  2,560
  2,655
  2,757
  2,866
  2,982
  3,106
  3,238
  3,377
  3,525
  3,682
  3,848
  4,023
  4,208
  4,403
  4,608
  4,825
  5,054
  5,294
  5,548
  5,814
  6,095
  6,390
  6,700
Total equity, $m
  678
  584
  598
  613
  630
  649
  670
  693
  718
  745
  773
  804
  836
  871
  908
  947
  989
  1,032
  1,079
  1,128
  1,180
  1,235
  1,292
  1,353
  1,417
  1,485
  1,556
  1,630
  1,709
  1,792
  1,879
Total liabilities and equity, $m
  2,753
  2,667
  2,729
  2,799
  2,878
  2,965
  3,061
  3,165
  3,278
  3,400
  3,530
  3,670
  3,818
  3,977
  4,146
  4,324
  4,514
  4,714
  4,927
  5,151
  5,388
  5,638
  5,900
  6,178
  6,471
  6,779
  7,104
  7,444
  7,804
  8,182
  8,579
Debt-to-equity ratio
  2.388
  2.790
  2.800
  2.820
  2.840
  2.860
  2.890
  2.910
  2.930
  2.950
  2.980
  3.000
  3.020
  3.040
  3.060
  3.080
  3.100
  3.120
  3.140
  3.160
  3.180
  3.200
  3.210
  3.230
  3.240
  3.260
  3.270
  3.290
  3.300
  3.310
  3.320
Adjusted equity ratio
  0.207
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -304
  -179
  -183
  -187
  -193
  -199
  -205
  -212
  -220
  -229
  -238
  -232
  -242
  -253
  -265
  -278
  -291
  -305
  -320
  -336
  -353
  -370
  -389
  -409
  -429
  -451
  -474
  -498
  -524
  -550
  -579
Depreciation, amort., depletion, $m
  114
  124
  126
  129
  132
  136
  139
  144
  148
  153
  158
  148
  154
  160
  167
  174
  182
  190
  199
  208
  217
  227
  238
  249
  261
  273
  286
  300
  315
  330
  346
Funds from operations, $m
  44
  -55
  -57
  -58
  -61
  -63
  -66
  -69
  -72
  -76
  -79
  -84
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -128
  -135
  -143
  -151
  -159
  -168
  -178
  -188
  -198
  -209
  -221
  -233
Change in working capital, $m
  7
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
Cash from operations, $m
  37
  -53
  -55
  -56
  -58
  -60
  -63
  -65
  -68
  -72
  -75
  -79
  -83
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -128
  -135
  -143
  -151
  -159
  -168
  -177
  -187
  -198
  -209
  -220
Maintenance CAPEX, $m
  0
  -105
  -108
  -110
  -113
  -116
  -120
  -123
  -128
  -132
  -137
  -142
  -148
  -154
  -160
  -167
  -174
  -182
  -190
  -199
  -208
  -217
  -227
  -238
  -249
  -261
  -273
  -286
  -300
  -315
  -330
New CAPEX, $m
  -152
  -39
  -46
  -53
  -59
  -65
  -72
  -78
  -85
  -91
  -98
  -105
  -112
  -119
  -126
  -134
  -142
  -150
  -159
  -168
  -177
  -187
  -197
  -208
  -219
  -231
  -243
  -256
  -269
  -283
  -298
Cash from investing activities, $m
  -151
  -144
  -154
  -163
  -172
  -181
  -192
  -201
  -213
  -223
  -235
  -247
  -260
  -273
  -286
  -301
  -316
  -332
  -349
  -367
  -385
  -404
  -424
  -446
  -468
  -492
  -516
  -542
  -569
  -598
  -628
Free cash flow, $m
  -114
  -198
  -208
  -219
  -230
  -242
  -254
  -267
  -281
  -295
  -310
  -326
  -343
  -361
  -379
  -399
  -419
  -441
  -464
  -488
  -513
  -540
  -567
  -597
  -627
  -660
  -694
  -730
  -767
  -807
  -848
Issuance/(repayment) of debt, $m
  42
  40
  48
  55
  61
  68
  75
  81
  88
  95
  102
  109
  116
  124
  132
  140
  148
  157
  166
  175
  185
  195
  206
  217
  228
  241
  253
  267
  281
  295
  310
Issuance/(repurchase) of shares, $m
  -10
  189
  196
  203
  210
  218
  226
  235
  245
  255
  266
  262
  275
  288
  302
  317
  332
  349
  367
  385
  404
  425
  447
  469
  493
  518
  545
  573
  602
  633
  666
Cash from financing (excl. dividends), $m  
  90
  229
  244
  258
  271
  286
  301
  316
  333
  350
  368
  371
  391
  412
  434
  457
  480
  506
  533
  560
  589
  620
  653
  686
  721
  759
  798
  840
  883
  928
  976
Total cash flow (excl. dividends), $m
  -23
  31
  36
  39
  41
  44
  47
  50
  52
  55
  58
  45
  48
  51
  54
  58
  61
  65
  68
  72
  76
  80
  85
  89
  94
  99
  105
  110
  116
  122
  128
Retained Cash Flow (-), $m
  311
  -189
  -196
  -203
  -210
  -218
  -226
  -235
  -245
  -255
  -266
  -262
  -275
  -288
  -302
  -317
  -332
  -349
  -367
  -385
  -404
  -425
  -447
  -469
  -493
  -518
  -545
  -573
  -602
  -633
  -666
Prev. year cash balance distribution, $m
 
  104
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -54
  -160
  -164
  -168
  -174
  -179
  -186
  -193
  -200
  -208
  -217
  -227
  -237
  -248
  -259
  -271
  -284
  -298
  -313
  -328
  -344
  -362
  -380
  -399
  -419
  -440
  -463
  -487
  -511
  -537
Discount rate, %
 
  11.20
  11.76
  12.35
  12.97
  13.61
  14.29
  15.01
  15.76
  16.55
  17.37
  18.24
  19.16
  20.11
  21.12
  22.18
  23.28
  24.45
  25.67
  26.95
  28.30
  29.72
  31.20
  32.76
  34.40
  36.12
  37.93
  39.82
  41.81
  43.91
  46.10
PV of cash for distribution, $m
 
  -48
  -128
  -116
  -103
  -92
  -80
  -70
  -60
  -50
  -42
  -34
  -28
  -22
  -17
  -13
  -10
  -7
  -5
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  68.0
  46.0
  31.0
  20.8
  13.9
  9.3
  6.2
  4.1
  2.7
  1.8
  1.2
  0.8
  0.5
  0.4
  0.2
  0.2
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Navios Maritime Holdings Inc. (Navios Holdings) is a global, vertically integrated seaborne shipping and logistics company. The Company is focused on the transport and transshipment of dry bulk commodities, including iron ore, coal and grain. It operates through two segments: the Dry bulk Vessel Operations and the Logistics Business. The Dry bulk Vessel Operations segment consists of the transportation and handling of bulk cargoes through the ownership, operation and trading of vessels, freight and forward freight agreements (FFAs). The Logistics Business segment consists of port terminal business, barge business and cabotage business in the Hidrovia region of South America. Navios Holdings also offers commercial and technical management services to the fleets of Navios Maritime Partners L.P., Navios Maritime Acquisition Corporation, Navios Maritime Midstream Partners L.P., Navios Europe Inc. and Navios Europe (II) Inc.

FINANCIAL RATIOS  of  Navios Maritime Holdings (NM)

Valuation Ratios
P/E Ratio -0.7
Price to Sales 0.5
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 5.6
Price to Free Cash Flow -1.8
Growth Rates
Sales Growth Rate -11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 334.3%
Cap. Spend. - 3 Yr. Gr. Rate 0.5%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 234.1%
Total Debt to Equity 238.8%
Interest Coverage -2
Management Effectiveness
Return On Assets -6.9%
Ret/ On Assets - 3 Yr. Avg. -2.2%
Return On Total Capital -12.4%
Ret/ On T. Cap. - 3 Yr. Avg. -6.5%
Return On Equity -36.5%
Return On Equity - 3 Yr. Avg. -18%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 31.4%
Gross Margin - 3 Yr. Avg. 29.5%
EBITDA Margin -17.4%
EBITDA Margin - 3 Yr. Avg. 8.6%
Operating Margin 2.9%
Oper. Margin - 3 Yr. Avg. -5.1%
Pre-Tax Margin -67.6%
Pre-Tax Margin - 3 Yr. Avg. -34.7%
Net Profit Margin -68.8%
Net Profit Margin - 3 Yr. Avg. -35.1%
Effective Tax Rate -0.3%
Eff/ Tax Rate - 3 Yr. Avg. 0.7%
Payout Ratio -1.3%

NM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NM stock intrinsic value calculation we used $442 million for the last fiscal year's total revenue generated by Navios Maritime Holdings. The default revenue input number comes from 2016 income statement of Navios Maritime Holdings. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NM stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 11.2%, whose default value for NM is calculated based on our internal credit rating of Navios Maritime Holdings, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Navios Maritime Holdings.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NM stock the variable cost ratio is equal to 116.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.7% for Navios Maritime Holdings.

Corporate tax rate of 27% is the nominal tax rate for Navios Maritime Holdings. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NM are equal to 443.7%.

Life of production assets of 18.6 years is the average useful life of capital assets used in Navios Maritime Holdings operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NM is equal to -18.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $678 million for Navios Maritime Holdings - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 129.994 million for Navios Maritime Holdings is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Navios Maritime Holdings at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
NMM Navios Maritim 2.08 1.09  sell
NNA Navios Maritim 1.25 1.02  hold
PBR Petroleo Brasi 10.45 3.05  str.sell
NAP Navios Maritim 9.49 8.06  hold

COMPANY NEWS

▶ Navios Maritime Midstream posts 3Q profit   [Oct-19-17 07:33AM  Associated Press]
▶ Top MLP Gainers in the Week Ending October 13   [Oct-17-17 01:22PM  Market Realist]
▶ What Do Analysts Recommend for NAP before 3Q17 Results?   [Oct-11-17 07:37AM  Market Realist]
▶ Navios reports 2Q loss   [Aug-22-17 10:39PM  Associated Press]
▶ Navios reports 2Q loss   [Aug-10-17 11:51PM  Associated Press]
▶ Analysts Cut the Target Prices for NAP and NAT   [Aug-07-17 07:38AM  Market Realist]
▶ Navios Maritime Midstream posts 2Q profit   [Jul-26-17 08:55PM  Associated Press]
▶ Is There a Fall in NAPs 2017 and 2018 Revenue Estimate?   [Jul-25-17 06:05PM  Market Realist]
▶ Analyst Recommendations for Crude Oil Tankers in Week 27   [Jul-13-17 07:38AM  Market Realist]
▶ How Analysts Are Rating Navios Maritime Midstream Partners   [Jul-12-17 03:35PM  Market Realist]
▶ Should You Get Rid of Navios Maritime (NM) Now?   [Jun-19-17 08:40AM  Zacks]
▶ Navios reports 1Q loss   [May-24-17 07:54AM  Associated Press]
▶ Navios meets 1Q profit forecasts   [07:24AM  Associated Press]
▶ Why Navios Midstreams Latest Dividend Matters   [May-01-17 07:39AM  Market Realist]
▶ Inside Navios Maritime Midstreams Costs and EBITDA in 1Q17   [Apr-28-17 04:35PM  Market Realist]
▶ Navios Maritime Midstream Partners Declared 1Q17 Dividend   [Apr-27-17 06:05PM  Market Realist]
▶ Navios Maritime Midstream posts 1Q profit   [11:10AM  Associated Press]
▶ I drove myself crazy by investing $3 in the stock market   [Mar-30-17 04:35PM  at MarketWatch]
▶ I drove myself crazy by investing $3 in the stock market   [Mar-29-17 03:32AM  MarketWatch]
▶ Why Navios Maritime Holdings Stock Just Sank 11%   [Feb-22-17 01:30PM  Motley Fool]
▶ Navios posts 4Q profit   [09:27AM  Associated Press]
▶ Why Navios Maritime Holdings Stock Gained 39% in January   [Feb-07-17 03:13PM  at Motley Fool]
Financial statements of NM
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.