Intrinsic value of Navios Maritime Partners - NMM

Previous Close

$1.84

  Intrinsic Value

$2.07

stock screener

  Rating & Target

hold

+12%

  Value-price divergence*

-70%

Previous close

$1.84

 
Intrinsic value

$2.07

 
Up/down potential

+12%

 
Rating

hold

 
Value-price divergence*

-70%

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

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 0.2

 

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, %
  -14.73
  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
  191
  195
  199
  204
  210
  217
  224
  231
  239
  248
  258
  268
  279
  290
  303
  316
  330
  344
  360
  376
  393
  412
  431
  451
  473
  495
  519
  544
  570
  598
  627
Variable operating expenses, $m
 
  131
  134
  137
  141
  145
  150
  155
  160
  166
  173
  180
  187
  195
  203
  212
  221
  231
  241
  252
  264
  276
  289
  302
  317
  332
  348
  364
  382
  400
  420
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
  131
  134
  137
  141
  145
  150
  155
  160
  166
  173
  180
  187
  195
  203
  212
  221
  231
  241
  252
  264
  276
  289
  302
  317
  332
  348
  364
  382
  400
  420
Operating income, $m
  -2
  64
  66
  67
  69
  71
  74
  76
  79
  82
  85
  88
  92
  96
  100
  104
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  188
  197
  207
EBITDA, $m
  90
  158
  162
  166
  171
  176
  182
  188
  195
  202
  209
  218
  227
  236
  246
  257
  268
  280
  292
  306
  320
  335
  350
  367
  384
  402
  421
  442
  463
  485
  509
Interest expense (income), $m
  27
  24
  25
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  37
  39
  40
  42
  44
  46
  48
  51
  53
  56
  59
  62
  65
  68
  71
  75
  79
  83
Earnings before tax, $m
  -53
  40
  41
  42
  43
  44
  46
  47
  49
  51
  53
  55
  57
  59
  61
  64
  67
  69
  72
  76
  79
  83
  86
  90
  94
  99
  103
  108
  113
  119
  124
Tax expense, $m
  0
  11
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
Net income, $m
  -53
  29
  30
  31
  32
  32
  33
  35
  36
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91

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
  1,273
  1,303
  1,336
  1,374
  1,415
  1,461
  1,511
  1,565
  1,623
  1,685
  1,752
  1,823
  1,898
  1,979
  2,064
  2,155
  2,250
  2,352
  2,459
  2,572
  2,691
  2,816
  2,949
  3,089
  3,236
  3,390
  3,553
  3,725
  3,905
  4,095
Adjusted assets (=assets-cash), $m
  1,252
  1,273
  1,303
  1,336
  1,374
  1,415
  1,461
  1,511
  1,565
  1,623
  1,685
  1,752
  1,823
  1,898
  1,979
  2,064
  2,155
  2,250
  2,352
  2,459
  2,572
  2,691
  2,816
  2,949
  3,089
  3,236
  3,390
  3,553
  3,725
  3,905
  4,095
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
  1,194
  1,221
  1,253
  1,288
  1,327
  1,370
  1,416
  1,467
  1,521
  1,580
  1,642
  1,709
  1,780
  1,855
  1,935
  2,020
  2,110
  2,205
  2,305
  2,411
  2,523
  2,641
  2,765
  2,896
  3,034
  3,179
  3,332
  3,492
  3,661
  3,839
Working capital, $m
  -43
  14
  15
  15
  15
  16
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  40
  42
  44
  46
Total debt, $m
  524
  517
  530
  546
  563
  582
  603
  625
  650
  677
  705
  735
  768
  803
  839
  878
  920
  963
  1,010
  1,059
  1,110
  1,165
  1,222
  1,283
  1,346
  1,414
  1,484
  1,559
  1,637
  1,720
  1,806
Total liabilities, $m
  588
  582
  595
  611
  628
  647
  668
  690
  715
  742
  770
  800
  833
  868
  904
  943
  985
  1,028
  1,075
  1,124
  1,175
  1,230
  1,287
  1,348
  1,411
  1,479
  1,549
  1,624
  1,702
  1,785
  1,871
Total equity, $m
  680
  691
  707
  726
  746
  769
  793
  820
  850
  881
  915
  951
  990
  1,031
  1,074
  1,121
  1,170
  1,222
  1,277
  1,335
  1,396
  1,461
  1,529
  1,601
  1,677
  1,757
  1,841
  1,929
  2,023
  2,121
  2,224
Total liabilities and equity, $m
  1,268
  1,273
  1,302
  1,337
  1,374
  1,416
  1,461
  1,510
  1,565
  1,623
  1,685
  1,751
  1,823
  1,899
  1,978
  2,064
  2,155
  2,250
  2,352
  2,459
  2,571
  2,691
  2,816
  2,949
  3,088
  3,236
  3,390
  3,553
  3,725
  3,906
  4,095
Debt-to-equity ratio
  0.771
  0.750
  0.750
  0.750
  0.750
  0.760
  0.760
  0.760
  0.770
  0.770
  0.770
  0.770
  0.780
  0.780
  0.780
  0.780
  0.790
  0.790
  0.790
  0.790
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.810
  0.810
  0.810
  0.810
  0.810
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
  29
  30
  31
  32
  32
  33
  35
  36
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91
Depreciation, amort., depletion, $m
  92
  94
  96
  99
  101
  104
  108
  112
  116
  120
  124
  129
  135
  140
  146
  152
  159
  166
  174
  182
  190
  199
  208
  218
  228
  239
  250
  262
  275
  288
  302
Funds from operations, $m
  19
  123
  126
  129
  133
  137
  141
  146
  151
  157
  163
  169
  176
  183
  191
  199
  208
  217
  227
  237
  248
  259
  271
  284
  297
  311
  326
  341
  358
  375
  393
Change in working capital, $m
  -38
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  57
  123
  126
  129
  133
  136
  141
  146
  151
  156
  162
  168
  175
  182
  190
  198
  207
  216
  225
  236
  246
  258
  270
  282
  295
  309
  324
  339
  356
  373
  391
Maintenance CAPEX, $m
  0
  -92
  -94
  -96
  -99
  -101
  -104
  -108
  -112
  -116
  -120
  -124
  -129
  -135
  -140
  -146
  -152
  -159
  -166
  -174
  -182
  -190
  -199
  -208
  -218
  -228
  -239
  -250
  -262
  -275
  -288
New CAPEX, $m
  -15
  -23
  -27
  -31
  -35
  -39
  -43
  -47
  -50
  -54
  -58
  -62
  -67
  -71
  -75
  -80
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -153
  -161
  -169
  -178
Cash from investing activities, $m
  5
  -115
  -121
  -127
  -134
  -140
  -147
  -155
  -162
  -170
  -178
  -186
  -196
  -206
  -215
  -226
  -237
  -249
  -261
  -274
  -288
  -302
  -317
  -332
  -349
  -366
  -384
  -403
  -423
  -444
  -466
Free cash flow, $m
  62
  7
  4
  1
  -1
  -4
  -7
  -9
  -11
  -14
  -16
  -18
  -21
  -23
  -26
  -28
  -31
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -53
  -57
  -60
  -64
  -67
  -71
  -75
Issuance/(repayment) of debt, $m
  -76
  10
  13
  15
  17
  19
  21
  23
  25
  27
  28
  30
  32
  35
  37
  39
  41
  44
  46
  49
  52
  54
  57
  61
  64
  67
  71
  74
  78
  82
  87
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  2
  3
  4
  4
  5
  6
  7
  8
  9
  10
  10
  11
  12
Cash from financing (excl. dividends), $m  
  -71
  10
  13
  15
  17
  19
  21
  23
  25
  27
  28
  30
  32
  35
  37
  39
  41
  45
  48
  52
  56
  58
  62
  67
  71
  75
  80
  84
  88
  93
  99
Total cash flow (excl. dividends), $m
  -9
  17
  18
  17
  16
  15
  14
  14
  13
  13
  12
  12
  12
  11
  11
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  23
  24
Retained Cash Flow (-), $m
  52
  -11
  -16
  -18
  -20
  -23
  -25
  -27
  -29
  -32
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -98
  -103
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
 
  6
  2
  -2
  -5
  -8
  -10
  -13
  -16
  -19
  -21
  -24
  -27
  -30
  -32
  -35
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -55
  -58
  -61
  -65
  -68
  -72
  -75
  -79
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
 
  5
  2
  -1
  -3
  -5
  -6
  -7
  -7
  -7
  -7
  -7
  -6
  -6
  -5
  -4
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.8
  99.5
  99.2
  98.8
  98.4
  97.9
  97.3
  96.7
  96.1
  95.4
  94.7
  94.0
  93.3
  92.5

Navios Maritime Partners L.P. owns and operates dry cargo vessels in Europe, Asia, North America, and Australia. It provides seaborne transportation services for a range of dry cargo commodities that include iron ore, coal, grain, and fertilizers, as well as charters its vessels under medium to long-term charters. The company’s fleet comprises 12 Panamax vessels, 8 Capesize vessels, 3 Ultra-Handymax vessels, and 8 container vessels. Navios GP L.L.C. serves as the general partner of Navios Maritime Partners L.P. The company was founded in 2007 and is based in Monaco.

FINANCIAL RATIOS  of  Navios Maritime Partners (NMM)

Valuation Ratios
P/E Ratio -3
Price to Sales 0.8
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 2.7
Price to Free Cash Flow 3.7
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 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 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 82.189 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 $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
NM Navios Maritim 1.23 1.13  hold
NNA Navios Maritim 1.14 1.07  sell
NAP Navios Maritim 7.11 3.63  str.sell
SALT Scorpio Bulker 7.65 3.18  str.sell
SB Safe Bulkers 2.77 1.46  sell

COMPANY NEWS

▶ 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]
▶ Navios reports 1Q loss   [May-24-17 07:54AM  Associated Press]
▶ Bunker Fuel Prices Rose in Week 19   [May-16-17 10:39AM  Market Realist]
▶ 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]
▶ Why Did Bunker Fuel Prices Fall in Week 10?   [Mar-16-17 09:31AM  Market Realist]
▶ Bunker Fuel Prices Rose in Week 8   [Mar-01-17 09:06AM  Market Realist]
▶ Why Navios Maritime Holdings Stock Just Sank 11%   [Feb-22-17 01:30PM  at Motley Fool]
▶ Why Navios Maritime Holdings Stock Gained 39% in January   [Feb-07-17 03:13PM  at Motley Fool]
Stock chart of NMM 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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