Intrinsic value of Navios Maritime Holdings - NM

Previous Close

$1.31

  Intrinsic Value

$1.08

stock screener

  Rating & Target

hold

-17%

Previous close

$1.31

 
Intrinsic value

$1.08

 
Up/down potential

-17%

 
Rating

hold

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
  11.70
  11.03
  10.43
  9.88
  9.40
  8.96
  8.56
  8.20
  7.88
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
Revenue, $m
  442
  494
  548
  605
  665
  728
  793
  861
  931
  1,005
  1,081
  1,160
  1,243
  1,328
  1,417
  1,510
  1,606
  1,707
  1,811
  1,920
  2,033
  2,151
  2,275
  2,404
  2,538
  2,678
  2,825
  2,979
  3,139
  3,307
  3,483
Variable operating expenses, $m
 
  571
  633
  697
  764
  834
  908
  984
  1,064
  1,146
  1,232
  1,305
  1,398
  1,494
  1,594
  1,699
  1,807
  1,920
  2,037
  2,159
  2,287
  2,420
  2,559
  2,704
  2,855
  3,013
  3,178
  3,351
  3,531
  3,720
  3,918
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
  571
  633
  697
  764
  834
  908
  984
  1,064
  1,146
  1,232
  1,305
  1,398
  1,494
  1,594
  1,699
  1,807
  1,920
  2,037
  2,159
  2,287
  2,420
  2,559
  2,704
  2,855
  3,013
  3,178
  3,351
  3,531
  3,720
  3,918
Operating income, $m
  13
  -78
  -84
  -92
  -99
  -107
  -115
  -123
  -132
  -141
  -151
  -145
  -155
  -166
  -177
  -188
  -200
  -213
  -226
  -240
  -254
  -269
  -284
  -300
  -317
  -334
  -353
  -372
  -392
  -413
  -435
EBITDA, $m
  127
  56
  62
  69
  76
  83
  90
  98
  106
  114
  123
  132
  141
  151
  161
  172
  183
  194
  206
  218
  231
  245
  259
  273
  289
  305
  321
  339
  357
  376
  396
Interest expense (income), $m
  108
  106
  122
  139
  157
  175
  195
  215
  236
  258
  281
  304
  329
  354
  381
  408
  437
  467
  498
  530
  564
  599
  636
  674
  714
  755
  799
  844
  892
  941
  993
Earnings before tax, $m
  -299
  -184
  -207
  -231
  -256
  -282
  -310
  -338
  -368
  -399
  -431
  -449
  -484
  -520
  -558
  -597
  -637
  -680
  -724
  -770
  -818
  -867
  -919
  -974
  -1,030
  -1,090
  -1,151
  -1,216
  -1,284
  -1,354
  -1,428
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
  -184
  -207
  -231
  -256
  -282
  -310
  -338
  -368
  -399
  -431
  -449
  -484
  -520
  -558
  -597
  -637
  -680
  -724
  -770
  -818
  -867
  -919
  -974
  -1,030
  -1,090
  -1,151
  -1,216
  -1,284
  -1,354
  -1,428

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
  2,921
  3,244
  3,582
  3,936
  4,306
  4,691
  5,093
  5,511
  5,945
  6,397
  6,866
  7,354
  7,861
  8,388
  8,935
  9,505
  10,099
  10,717
  11,360
  12,031
  12,731
  13,460
  14,222
  15,018
  15,849
  16,718
  17,626
  18,576
  19,570
  20,610
Adjusted assets (=assets-cash), $m
  2,617
  2,921
  3,244
  3,582
  3,936
  4,306
  4,691
  5,093
  5,511
  5,945
  6,397
  6,866
  7,354
  7,861
  8,388
  8,935
  9,505
  10,099
  10,717
  11,360
  12,031
  12,731
  13,460
  14,222
  15,018
  15,849
  16,718
  17,626
  18,576
  19,570
  20,610
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
  2,191
  2,432
  2,686
  2,951
  3,229
  3,518
  3,819
  4,132
  4,458
  4,797
  5,149
  5,514
  5,894
  6,289
  6,700
  7,128
  7,573
  8,036
  8,518
  9,021
  9,546
  10,093
  10,665
  11,261
  11,884
  12,536
  13,217
  13,929
  14,674
  15,454
Working capital, $m
  21
  -93
  -103
  -114
  -125
  -137
  -149
  -162
  -175
  -189
  -203
  -218
  -234
  -250
  -266
  -284
  -302
  -321
  -340
  -361
  -382
  -404
  -428
  -452
  -477
  -504
  -531
  -560
  -590
  -622
  -655
Total debt, $m
  1,619
  1,826
  2,077
  2,341
  2,618
  2,907
  3,208
  3,522
  3,848
  4,187
  4,540
  4,906
  5,287
  5,683
  6,095
  6,523
  6,968
  7,431
  7,914
  8,416
  8,940
  9,487
  10,057
  10,652
  11,273
  11,922
  12,600
  13,310
  14,052
  14,828
  15,640
Total liabilities, $m
  2,075
  2,282
  2,533
  2,797
  3,074
  3,363
  3,664
  3,978
  4,304
  4,643
  4,996
  5,362
  5,743
  6,139
  6,551
  6,979
  7,424
  7,887
  8,370
  8,872
  9,396
  9,943
  10,513
  11,108
  11,729
  12,378
  13,056
  13,766
  14,508
  15,284
  16,096
Total equity, $m
  678
  640
  710
  784
  862
  943
  1,027
  1,115
  1,207
  1,302
  1,401
  1,504
  1,610
  1,721
  1,837
  1,957
  2,082
  2,212
  2,347
  2,488
  2,635
  2,788
  2,948
  3,115
  3,289
  3,471
  3,661
  3,860
  4,068
  4,286
  4,514
Total liabilities and equity, $m
  2,753
  2,922
  3,243
  3,581
  3,936
  4,306
  4,691
  5,093
  5,511
  5,945
  6,397
  6,866
  7,353
  7,860
  8,388
  8,936
  9,506
  10,099
  10,717
  11,360
  12,031
  12,731
  13,461
  14,223
  15,018
  15,849
  16,717
  17,626
  18,576
  19,570
  20,610
Debt-to-equity ratio
  2.388
  2.850
  2.920
  2.980
  3.040
  3.080
  3.120
  3.160
  3.190
  3.220
  3.240
  3.260
  3.280
  3.300
  3.320
  3.330
  3.350
  3.360
  3.370
  3.380
  3.390
  3.400
  3.410
  3.420
  3.430
  3.430
  3.440
  3.450
  3.450
  3.460
  3.470
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
  -184
  -207
  -231
  -256
  -282
  -310
  -338
  -368
  -399
  -431
  -449
  -484
  -520
  -558
  -597
  -637
  -680
  -724
  -770
  -818
  -867
  -919
  -974
  -1,030
  -1,090
  -1,151
  -1,216
  -1,284
  -1,354
  -1,428
Depreciation, amort., depletion, $m
  114
  134
  147
  160
  175
  190
  205
  221
  238
  256
  274
  277
  296
  317
  338
  360
  383
  407
  432
  458
  485
  513
  543
  573
  605
  639
  674
  711
  749
  789
  831
Funds from operations, $m
  44
  -50
  -60
  -70
  -81
  -93
  -105
  -117
  -130
  -144
  -158
  -172
  -187
  -203
  -220
  -237
  -254
  -273
  -292
  -312
  -333
  -354
  -377
  -400
  -425
  -451
  -477
  -505
  -535
  -565
  -597
Change in working capital, $m
  7
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
Cash from operations, $m
  37
  -40
  -50
  -60
  -70
  -81
  -92
  -104
  -117
  -130
  -143
  -157
  -172
  -187
  -203
  -219
  -236
  -254
  -272
  -291
  -311
  -332
  -354
  -376
  -400
  -424
  -450
  -477
  -504
  -534
  -564
Maintenance CAPEX, $m
  0
  -105
  -118
  -131
  -144
  -159
  -174
  -189
  -205
  -222
  -240
  -258
  -277
  -296
  -317
  -338
  -360
  -383
  -407
  -432
  -458
  -485
  -513
  -543
  -573
  -605
  -639
  -674
  -711
  -749
  -789
New CAPEX, $m
  -152
  -230
  -242
  -254
  -265
  -277
  -289
  -301
  -313
  -326
  -339
  -352
  -366
  -380
  -395
  -411
  -427
  -445
  -463
  -483
  -503
  -525
  -547
  -571
  -597
  -623
  -651
  -681
  -712
  -745
  -780
Cash from investing activities, $m
  -151
  -335
  -360
  -385
  -409
  -436
  -463
  -490
  -518
  -548
  -579
  -610
  -643
  -676
  -712
  -749
  -787
  -828
  -870
  -915
  -961
  -1,010
  -1,060
  -1,114
  -1,170
  -1,228
  -1,290
  -1,355
  -1,423
  -1,494
  -1,569
Free cash flow, $m
  -114
  -375
  -409
  -444
  -480
  -517
  -555
  -595
  -635
  -678
  -722
  -767
  -814
  -864
  -915
  -968
  -1,024
  -1,082
  -1,143
  -1,206
  -1,272
  -1,342
  -1,414
  -1,490
  -1,570
  -1,653
  -1,740
  -1,832
  -1,927
  -2,028
  -2,133
Issuance/(repayment) of debt, $m
  42
  239
  252
  264
  277
  289
  301
  314
  326
  339
  353
  367
  381
  396
  412
  428
  445
  463
  482
  503
  524
  546
  570
  595
  621
  649
  678
  709
  742
  776
  812
Issuance/(repurchase) of shares, $m
  -10
  250
  277
  305
  333
  363
  394
  426
  460
  494
  530
  552
  591
  631
  673
  717
  762
  810
  859
  911
  965
  1,021
  1,079
  1,141
  1,205
  1,272
  1,342
  1,415
  1,492
  1,572
  1,656
Cash from financing (excl. dividends), $m  
  90
  489
  529
  569
  610
  652
  695
  740
  786
  833
  883
  919
  972
  1,027
  1,085
  1,145
  1,207
  1,273
  1,341
  1,414
  1,489
  1,567
  1,649
  1,736
  1,826
  1,921
  2,020
  2,124
  2,234
  2,348
  2,468
Total cash flow (excl. dividends), $m
  -23
  113
  120
  125
  130
  135
  140
  145
  151
  156
  162
  151
  157
  163
  170
  177
  184
  191
  199
  207
  216
  225
  235
  245
  256
  268
  280
  293
  306
  320
  335
Retained Cash Flow (-), $m
  311
  -250
  -277
  -305
  -333
  -363
  -394
  -426
  -460
  -494
  -530
  -552
  -591
  -631
  -673
  -717
  -762
  -810
  -859
  -911
  -965
  -1,021
  -1,079
  -1,141
  -1,205
  -1,272
  -1,342
  -1,415
  -1,492
  -1,572
  -1,656
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
 
  -33
  -157
  -180
  -203
  -228
  -254
  -281
  -309
  -338
  -369
  -401
  -433
  -468
  -503
  -540
  -579
  -619
  -660
  -703
  -748
  -795
  -844
  -895
  -948
  -1,004
  -1,062
  -1,122
  -1,185
  -1,252
  -1,321
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
 
  -30
  -126
  -127
  -125
  -120
  -114
  -106
  -96
  -85
  -74
  -63
  -53
  -43
  -34
  -27
  -20
  -15
  -11
  -8
  -5
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  61.7
  38.1
  23.6
  14.7
  9.2
  5.7
  3.6
  2.3
  1.4
  0.9
  0.6
  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
  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 -0.5
Price to Sales 0.3
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 4.1
Price to Free Cash Flow -1.3
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 11.7% 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 119.497 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 2.29 1.13  sell
NNA Navios Maritim 1.18 1.06  hold
PBR Petroleo Brasi 9.43 3.04  str.sell
NAP Navios Maritim 8.47 7.48  hold

COMPANY NEWS

▶ Navios reports 3Q loss   [07:47AM  Associated Press]
▶ 3 Safe-Haven Stocks to Buy Amid Tax-Reform Uncertainties   [Nov-12-17 02:10PM  TheStreet.com]
▶ 3 Safe-Haven Stocks to Buy Amid Tax-Reform Uncertainties   [Nov-10-17 03:30PM  TheStreet.com]
▶ Navios reports 3Q loss   [07:55AM  Associated Press]
▶ NAP: How Have Distributions Changed over the Years?   [Oct-26-17 04:06PM  Market Realist]
▶ 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]
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.

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