Intrinsic value of Navios Maritime Partners - NMM

Previous Close

$2.29

  Intrinsic Value

$1.13

stock screener

  Rating & Target

str. sell

-51%

Previous close

$2.29

 
Intrinsic value

$1.13

 
Up/down potential

-51%

 
Rating

str. sell

We calculate the intrinsic value of NMM 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 0.3

 

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, %
  -14.73
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
Revenue, $m
  191
  212
  234
  258
  282
  308
  334
  361
  390
  420
  451
  483
  516
  551
  587
  625
  664
  704
  747
  791
  837
  885
  935
  988
  1,042
  1,100
  1,159
  1,222
  1,287
  1,356
  1,427
Variable operating expenses, $m
 
  142
  157
  173
  189
  206
  224
  242
  261
  281
  302
  324
  346
  369
  393
  419
  445
  472
  500
  530
  561
  593
  627
  662
  698
  737
  777
  819
  863
  908
  956
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
  193
  142
  157
  173
  189
  206
  224
  242
  261
  281
  302
  324
  346
  369
  393
  419
  445
  472
  500
  530
  561
  593
  627
  662
  698
  737
  777
  819
  863
  908
  956
Operating income, $m
  -2
  70
  77
  85
  93
  101
  110
  119
  129
  139
  149
  159
  170
  182
  194
  206
  219
  232
  246
  261
  276
  292
  309
  326
  344
  363
  383
  403
  425
  447
  471
EBITDA, $m
  90
  172
  191
  209
  229
  250
  271
  294
  317
  341
  366
  392
  420
  448
  477
  508
  539
  572
  607
  643
  680
  719
  760
  802
  847
  893
  942
  993
  1,046
  1,102
  1,160
Interest expense (income), $m
  27
  24
  27
  30
  34
  37
  41
  45
  49
  53
  57
  62
  66
  71
  76
  81
  86
  92
  98
  104
  110
  117
  124
  131
  138
  146
  155
  163
  172
  181
  191
Earnings before tax, $m
  -53
  46
  50
  55
  59
  64
  69
  75
  80
  86
  92
  98
  104
  111
  118
  125
  133
  140
  149
  157
  166
  175
  185
  195
  206
  217
  228
  240
  253
  266
  280
Tax expense, $m
  0
  12
  14
  15
  16
  17
  19
  20
  22
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  55
  58
  62
  65
  68
  72
  76
Net income, $m
  -53
  33
  37
  40
  43
  47
  51
  54
  58
  63
  67
  71
  76
  81
  86
  91
  97
  103
  108
  115
  121
  128
  135
  142
  150
  158
  166
  175
  185
  194
  204

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  17
  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
  1,269
  1,387
  1,532
  1,685
  1,844
  2,010
  2,183
  2,363
  2,550
  2,744
  2,946
  3,156
  3,374
  3,601
  3,837
  4,083
  4,338
  4,604
  4,881
  5,170
  5,471
  5,785
  6,113
  6,455
  6,813
  7,187
  7,578
  7,986
  8,414
  8,861
  9,330
Adjusted assets (=assets-cash), $m
  1,252
  1,387
  1,532
  1,685
  1,844
  2,010
  2,183
  2,363
  2,550
  2,744
  2,946
  3,156
  3,374
  3,601
  3,837
  4,083
  4,338
  4,604
  4,881
  5,170
  5,471
  5,785
  6,113
  6,455
  6,813
  7,187
  7,578
  7,986
  8,414
  8,861
  9,330
Revenue / Adjusted assets
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
Average production assets, $m
  1,171
  1,300
  1,437
  1,580
  1,729
  1,884
  2,047
  2,215
  2,391
  2,573
  2,762
  2,959
  3,164
  3,377
  3,598
  3,828
  4,067
  4,317
  4,576
  4,847
  5,129
  5,424
  5,731
  6,052
  6,388
  6,738
  7,105
  7,488
  7,889
  8,308
  8,748
Working capital, $m
  -43
  15
  17
  19
  21
  22
  24
  26
  28
  31
  33
  35
  38
  40
  43
  46
  48
  51
  55
  58
  61
  65
  68
  72
  76
  80
  85
  89
  94
  99
  104
Total debt, $m
  524
  569
  635
  705
  778
  854
  933
  1,015
  1,100
  1,189
  1,281
  1,377
  1,477
  1,581
  1,689
  1,801
  1,918
  2,039
  2,166
  2,298
  2,435
  2,579
  2,729
  2,885
  3,048
  3,219
  3,398
  3,585
  3,780
  3,985
  4,199
Total liabilities, $m
  588
  634
  700
  770
  843
  919
  998
  1,080
  1,165
  1,254
  1,346
  1,442
  1,542
  1,646
  1,754
  1,866
  1,983
  2,104
  2,231
  2,363
  2,500
  2,644
  2,794
  2,950
  3,113
  3,284
  3,463
  3,650
  3,845
  4,050
  4,264
Total equity, $m
  680
  753
  832
  915
  1,001
  1,091
  1,185
  1,283
  1,385
  1,490
  1,600
  1,714
  1,832
  1,956
  2,084
  2,217
  2,356
  2,500
  2,650
  2,807
  2,971
  3,141
  3,319
  3,505
  3,699
  3,902
  4,115
  4,337
  4,569
  4,812
  5,066
Total liabilities and equity, $m
  1,268
  1,387
  1,532
  1,685
  1,844
  2,010
  2,183
  2,363
  2,550
  2,744
  2,946
  3,156
  3,374
  3,602
  3,838
  4,083
  4,339
  4,604
  4,881
  5,170
  5,471
  5,785
  6,113
  6,455
  6,812
  7,186
  7,578
  7,987
  8,414
  8,862
  9,330
Debt-to-equity ratio
  0.771
  0.760
  0.760
  0.770
  0.780
  0.780
  0.790
  0.790
  0.790
  0.800
  0.800
  0.800
  0.810
  0.810
  0.810
  0.810
  0.810
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.830
  0.830
  0.830
  0.830
  0.830
Adjusted equity ratio
  0.530
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -53
  33
  37
  40
  43
  47
  51
  54
  58
  63
  67
  71
  76
  81
  86
  91
  97
  103
  108
  115
  121
  128
  135
  142
  150
  158
  166
  175
  185
  194
  204
Depreciation, amort., depletion, $m
  92
  102
  113
  124
  136
  148
  161
  174
  188
  203
  218
  233
  249
  266
  283
  301
  320
  340
  360
  382
  404
  427
  451
  477
  503
  531
  559
  590
  621
  654
  689
Funds from operations, $m
  19
  136
  150
  164
  179
  195
  212
  229
  247
  265
  284
  304
  325
  347
  369
  393
  417
  442
  469
  496
  525
  555
  586
  619
  653
  689
  726
  765
  806
  848
  893
Change in working capital, $m
  -38
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
Cash from operations, $m
  57
  134
  148
  163
  178
  193
  210
  227
  245
  263
  282
  302
  323
  344
  367
  390
  414
  439
  466
  493
  522
  551
  583
  615
  649
  684
  722
  760
  801
  843
  888
Maintenance CAPEX, $m
  0
  -92
  -102
  -113
  -124
  -136
  -148
  -161
  -174
  -188
  -203
  -218
  -233
  -249
  -266
  -283
  -301
  -320
  -340
  -360
  -382
  -404
  -427
  -451
  -477
  -503
  -531
  -559
  -590
  -621
  -654
New CAPEX, $m
  -15
  -130
  -136
  -143
  -149
  -156
  -162
  -169
  -175
  -182
  -189
  -197
  -205
  -213
  -221
  -230
  -239
  -249
  -260
  -271
  -282
  -295
  -307
  -321
  -335
  -350
  -366
  -383
  -401
  -420
  -439
Cash from investing activities, $m
  5
  -222
  -238
  -256
  -273
  -292
  -310
  -330
  -349
  -370
  -392
  -415
  -438
  -462
  -487
  -513
  -540
  -569
  -600
  -631
  -664
  -699
  -734
  -772
  -812
  -853
  -897
  -942
  -991
  -1,041
  -1,093
Free cash flow, $m
  62
  -88
  -91
  -93
  -96
  -98
  -101
  -103
  -105
  -108
  -110
  -112
  -115
  -118
  -120
  -123
  -127
  -130
  -134
  -138
  -142
  -147
  -152
  -157
  -163
  -169
  -175
  -182
  -190
  -197
  -206
Issuance/(repayment) of debt, $m
  -76
  62
  66
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  150
  156
  163
  171
  179
  187
  195
  205
  214
Issuance/(repurchase) of shares, $m
  0
  40
  42
  43
  43
  43
  43
  43
  43
  43
  43
  43
  42
  42
  42
  42
  42
  42
  42
  42
  42
  43
  43
  44
  44
  45
  46
  47
  48
  49
  50
Cash from financing (excl. dividends), $m  
  -71
  102
  108
  113
  116
  119
  122
  125
  128
  132
  135
  139
  142
  146
  150
  154
  159
  164
  169
  174
  180
  187
  193
  200
  207
  216
  225
  234
  243
  254
  264
Total cash flow (excl. dividends), $m
  -9
  14
  18
  19
  20
  21
  22
  23
  23
  24
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  53
  56
  59
Retained Cash Flow (-), $m
  52
  -73
  -79
  -83
  -86
  -90
  -94
  -98
  -102
  -106
  -110
  -114
  -118
  -123
  -128
  -133
  -139
  -144
  -150
  -157
  -163
  -171
  -178
  -186
  -194
  -203
  -212
  -222
  -232
  -243
  -254
Prev. year cash balance distribution, $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 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
 
  -59
  -61
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -131
  -137
  -143
  -149
  -156
  -163
  -171
  -179
  -187
  -196
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  -55
  -52
  -50
  -48
  -45
  -42
  -38
  -35
  -32
  -28
  -25
  -21
  -18
  -15
  -13
  -11
  -8
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  92.3
  85.4
  79.6
  74.5
  70.2
  66.4
  63.1
  60.2
  57.7
  55.4
  53.4
  51.6
  49.9
  48.4
  47.1
  45.8
  44.7
  43.7
  42.7
  41.8
  40.9
  40.2
  39.4
  38.7
  38.1
  37.4
  36.8
  36.3
  35.7
  35.2

Navios Maritime Partners L.P. is an international owner and operator of dry cargo and container vessels. The Company is engaged in the seaborne transportation services of a range of dry cargo commodities, including iron ore, coal, grain and fertilizer, and also containers, chartering its vessels under medium to long-term charters. It focuses on providing seaborne shipping services under long-term time charters. As of December 31, 2016, it controlled 12 Panamax vessels, nine Capesize vessels, three Ultra-Handymax vessels and seven container vessels. Panamax vessels are vessels capable of carrying a range of dry cargo commodities, including iron ore, coal, grain and fertilizer and being accommodated in various discharge ports. Capesize vessels are dedicated to the carriage of iron ore and coal. Ultra-Handymax vessels are similar to Panamax vessels although with less carrying capacity, and have self-loading and discharging gear on board to accommodate undeveloped ports.

FINANCIAL RATIOS  of  Navios Maritime Partners (NMM)

Valuation Ratios
P/E Ratio -3.7
Price to Sales 1
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 3.4
Price to Free Cash Flow 4.6
Growth Rates
Sales Growth Rate -14.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -89.9%
Cap. Spend. - 3 Yr. Gr. Rate -46.5%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 66.2%
Total Debt to Equity 77.1%
Interest Coverage -1
Management Effectiveness
Return On Assets -2%
Ret/ On Assets - 3 Yr. Avg. 3.6%
Return On Total Capital -4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 1.6%
Return On Equity -7.5%
Return On Equity - 3 Yr. Avg. 2.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 93.2%
Gross Margin - 3 Yr. Avg. 93.6%
EBITDA Margin 34.6%
EBITDA Margin - 3 Yr. Avg. 62%
Operating Margin -1%
Oper. Margin - 3 Yr. Avg. 25.8%
Pre-Tax Margin -27.7%
Pre-Tax Margin - 3 Yr. Avg. 8%
Net Profit Margin -27.7%
Net Profit Margin - 3 Yr. Avg. 8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

NMM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NMM stock intrinsic value calculation we used $191 million for the last fiscal year's total revenue generated by Navios Maritime Partners. The default revenue input number comes from 2016 income statement of Navios Maritime Partners. 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 NMM stock valuation model: a) initial revenue growth rate of 11.1% 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 7.5%, whose default value for NMM is calculated based on our internal credit rating of Navios Maritime Partners, 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 Partners.
    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 NMM stock the variable cost ratio is equal to 67%.

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 NMM 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 4.8% for Navios Maritime Partners.

Corporate tax rate of 27% is the nominal tax rate for Navios Maritime Partners. 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 NMM 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 NMM are equal to 612.8%.

Life of production assets of 12.7 years is the average useful life of capital assets used in Navios Maritime Partners 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 NMM is equal to 7.3%. 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 - $680 million for Navios Maritime Partners - 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 150.443 million for Navios Maritime Partners 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 Partners at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
NM Navios Maritim 1.31 1.08  sell
NNA Navios Maritim 1.18 1.06  hold
NAP Navios Maritim 8.47 7.48  hold
SALT Scorpio Bulker 7.40 3.17  str.sell
SB Safe Bulkers 3.20 1.43  str.sell

COMPANY NEWS

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▶ Bunker Fuel Prices Fell in Week 46   [Nov-21-17 04:10PM  Market Realist]
▶ 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]
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▶ 2 Stocks With 50% Upside: Evermore Global   [06:00AM  Investopedia]
▶ 2 Shippers With 50% Upside   [Nov-07-17 10:22AM  Barrons.com]
▶ Navios reports 3Q loss   [07:55AM  Associated Press]
▶ Week 43: Where Are Bunker Fuel Prices Headed?   [Nov-01-17 07:34AM  Market Realist]
▶ 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]
▶ Week 41: Where Are Crude and Bunker Fuel Prices Heading?   [Oct-18-17 03:06PM  Market Realist]
▶ Top MLP Gainers in the Week Ending October 13   [Oct-17-17 01:22PM  Market Realist]
▶ Where Bunker Fuel Prices Are Headed in Week 40   [Oct-11-17 03:06PM  Market Realist]
▶ Bunker Fuel Prices Rose, Oil Hit a 2-Year High in Week 39   [Oct-03-17 05:06PM  Market Realist]
▶ Crude and Bunker Fuel Prices Rose in Week 38   [Sep-28-17 10:39AM  Market Realist]
▶ Week 37: Bunker Fuel Prices Rose   [Sep-20-17 02:06PM  Market Realist]
▶ Why Bunker Fuel and Crude Oil Prices Rose in Week 36   [Sep-13-17 04:36PM  Market Realist]
▶ How Crude and Bunker Fuel Prices Fared in Week 35   [Sep-07-17 01:36PM  Market Realist]
▶ Crude Oil Prices and Bunker Fuel Prices in Week 34   [Aug-31-17 02:06PM  Market Realist]
▶ Crude Oil and Bunker Fuel Prices Went This Way Last Week   [Aug-18-17 02:36PM  Market Realist]
▶ 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]
▶ Analyzing Bunker Fuel Prices in Week 29   [01:35PM  Market Realist]
▶ 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]
▶ Bunker Fuel and Crude Oil Prices in Week 27   [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]
▶ Why Did Bunker Fuel Prices Fall in Week 22?   [10:37AM  Market Realist]
▶ How Did Bunker Fuel Prices Trend in Week 21?   [Jun-01-17 09:08AM  Market Realist]
Financial statements of NMM
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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