Intrinsic value of Navios Maritime Acquisition - NNA

Previous Close

$1.17

  Intrinsic Value

$1.07

stock screener

  Rating & Target

hold

-9%

  Value-price divergence*

-19%

Previous close

$1.17

 
Intrinsic value

$1.07

 
Up/down potential

-9%

 
Rating

hold

 
Value-price divergence*

-19%

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

We calculate the intrinsic value of NNA 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, %
  -7.35
  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
  290
  296
  303
  310
  319
  329
  339
  351
  363
  377
  391
  407
  423
  441
  460
  480
  501
  523
  546
  571
  597
  625
  654
  685
  717
  752
  788
  825
  865
  907
  951
Variable operating expenses, $m
 
  165
  169
  173
  178
  184
  190
  196
  203
  211
  219
  227
  236
  246
  257
  268
  279
  292
  305
  319
  334
  349
  365
  382
  401
  420
  440
  461
  483
  507
  531
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
  181
  165
  169
  173
  178
  184
  190
  196
  203
  211
  219
  227
  236
  246
  257
  268
  279
  292
  305
  319
  334
  349
  365
  382
  401
  420
  440
  461
  483
  507
  531
Operating income, $m
  109
  130
  133
  137
  141
  145
  150
  155
  160
  166
  173
  180
  187
  195
  203
  212
  221
  231
  241
  252
  264
  276
  289
  303
  317
  332
  348
  365
  382
  401
  420
EBITDA, $m
  167
  190
  194
  199
  205
  211
  218
  225
  233
  242
  251
  261
  272
  283
  295
  308
  321
  335
  351
  366
  383
  401
  420
  440
  460
  482
  505
  530
  555
  582
  610
Interest expense (income), $m
  72
  66
  67
  69
  71
  73
  75
  78
  80
  83
  87
  90
  94
  97
  102
  106
  111
  116
  121
  126
  132
  138
  145
  152
  159
  167
  175
  183
  192
  201
  211
Earnings before tax, $m
  63
  64
  66
  68
  70
  72
  74
  77
  80
  83
  86
  90
  93
  97
  101
  106
  110
  115
  120
  126
  132
  138
  144
  151
  158
  165
  173
  182
  190
  199
  209
Tax expense, $m
  0
  17
  18
  18
  19
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
Net income, $m
  63
  47
  48
  50
  51
  53
  54
  56
  58
  61
  63
  66
  68
  71
  74
  77
  81
  84
  88
  92
  96
  101
  105
  110
  115
  121
  126
  133
  139
  146
  153

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  49
  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
  1,704
  1,690
  1,729
  1,774
  1,823
  1,879
  1,939
  2,005
  2,077
  2,154
  2,237
  2,325
  2,419
  2,520
  2,627
  2,740
  2,860
  2,987
  3,122
  3,264
  3,414
  3,572
  3,739
  3,915
  4,100
  4,295
  4,501
  4,717
  4,945
  5,184
  5,436
Adjusted assets (=assets-cash), $m
  1,655
  1,690
  1,729
  1,774
  1,823
  1,879
  1,939
  2,005
  2,077
  2,154
  2,237
  2,325
  2,419
  2,520
  2,627
  2,740
  2,860
  2,987
  3,122
  3,264
  3,414
  3,572
  3,739
  3,915
  4,100
  4,295
  4,501
  4,717
  4,945
  5,184
  5,436
Revenue / Adjusted assets
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
Average production assets, $m
  1,374
  1,402
  1,434
  1,471
  1,512
  1,558
  1,608
  1,663
  1,722
  1,786
  1,855
  1,928
  2,006
  2,089
  2,178
  2,272
  2,371
  2,477
  2,588
  2,706
  2,830
  2,962
  3,100
  3,246
  3,399
  3,561
  3,732
  3,911
  4,100
  4,298
  4,507
Working capital, $m
  28
  35
  35
  36
  37
  38
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  101
  106
  111
Total debt, $m
  1,096
  1,071
  1,096
  1,125
  1,158
  1,194
  1,233
  1,277
  1,323
  1,374
  1,428
  1,485
  1,547
  1,613
  1,682
  1,756
  1,835
  1,918
  2,005
  2,098
  2,196
  2,299
  2,408
  2,523
  2,644
  2,772
  2,906
  3,047
  3,196
  3,352
  3,517
Total liabilities, $m
  1,128
  1,104
  1,129
  1,158
  1,191
  1,227
  1,266
  1,310
  1,356
  1,407
  1,461
  1,518
  1,580
  1,646
  1,715
  1,789
  1,868
  1,951
  2,038
  2,131
  2,229
  2,332
  2,441
  2,556
  2,677
  2,805
  2,939
  3,080
  3,229
  3,385
  3,550
Total equity, $m
  575
  587
  600
  615
  633
  652
  673
  696
  721
  747
  776
  807
  840
  874
  911
  951
  992
  1,037
  1,083
  1,132
  1,185
  1,239
  1,297
  1,358
  1,423
  1,490
  1,562
  1,637
  1,716
  1,799
  1,886
Total liabilities and equity, $m
  1,703
  1,691
  1,729
  1,773
  1,824
  1,879
  1,939
  2,006
  2,077
  2,154
  2,237
  2,325
  2,420
  2,520
  2,626
  2,740
  2,860
  2,988
  3,121
  3,263
  3,414
  3,571
  3,738
  3,914
  4,100
  4,295
  4,501
  4,717
  4,945
  5,184
  5,436
Debt-to-equity ratio
  1.906
  1.830
  1.830
  1.830
  1.830
  1.830
  1.830
  1.830
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.850
  1.850
  1.850
  1.850
  1.850
  1.850
  1.850
  1.860
  1.860
  1.860
  1.860
  1.860
  1.860
  1.860
  1.860
  1.860
  1.860
Adjusted equity ratio
  0.318
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  63
  47
  48
  50
  51
  53
  54
  56
  58
  61
  63
  66
  68
  71
  74
  77
  81
  84
  88
  92
  96
  101
  105
  110
  115
  121
  126
  133
  139
  146
  153
Depreciation, amort., depletion, $m
  58
  59
  61
  62
  64
  66
  68
  70
  73
  76
  78
  81
  85
  88
  92
  96
  100
  105
  109
  114
  119
  125
  131
  137
  143
  150
  157
  165
  173
  181
  190
Funds from operations, $m
  72
  106
  109
  112
  115
  119
  122
  127
  131
  136
  141
  147
  153
  159
  166
  173
  181
  189
  197
  206
  216
  226
  236
  247
  259
  271
  284
  298
  312
  327
  343
Change in working capital, $m
  -21
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
Cash from operations, $m
  93
  106
  108
  111
  114
  117
  121
  125
  130
  135
  140
  145
  151
  157
  164
  171
  178
  186
  194
  203
  212
  222
  233
  243
  255
  267
  280
  293
  307
  322
  338
Maintenance CAPEX, $m
  0
  -58
  -59
  -60
  -62
  -64
  -66
  -68
  -70
  -73
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -105
  -109
  -114
  -119
  -125
  -131
  -137
  -143
  -150
  -157
  -165
  -173
  -181
New CAPEX, $m
  0
  -28
  -32
  -37
  -41
  -46
  -50
  -55
  -59
  -64
  -69
  -73
  -78
  -83
  -89
  -94
  -100
  -105
  -111
  -118
  -124
  -131
  -138
  -146
  -154
  -162
  -170
  -179
  -189
  -199
  -209
Cash from investing activities, $m
  44
  -86
  -91
  -97
  -103
  -110
  -116
  -123
  -129
  -137
  -144
  -151
  -159
  -168
  -177
  -186
  -196
  -205
  -216
  -227
  -238
  -250
  -263
  -277
  -291
  -305
  -320
  -336
  -354
  -372
  -390
Free cash flow, $m
  137
  20
  17
  14
  11
  8
  5
  3
  0
  -2
  -4
  -7
  -9
  -11
  -13
  -15
  -17
  -19
  -22
  -24
  -26
  -28
  -31
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -53
Issuance/(repayment) of debt, $m
  -106
  24
  25
  29
  33
  36
  40
  43
  47
  50
  54
  58
  62
  66
  70
  74
  78
  83
  88
  93
  98
  103
  109
  115
  121
  127
  134
  141
  149
  156
  164
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -110
  24
  25
  29
  33
  36
  40
  43
  47
  50
  54
  58
  62
  66
  70
  74
  78
  83
  88
  93
  98
  103
  109
  115
  121
  127
  134
  141
  149
  156
  164
Total cash flow (excl. dividends), $m
  26
  44
  42
  43
  43
  44
  45
  46
  47
  48
  50
  51
  53
  55
  57
  59
  61
  64
  66
  69
  72
  75
  78
  82
  85
  89
  93
  98
  102
  107
  112
Retained Cash Flow (-), $m
  -28
  -12
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
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
 
  32
  29
  27
  26
  25
  24
  23
  22
  22
  21
  21
  20
  20
  20
  20
  20
  20
  20
  20
  20
  20
  20
  21
  21
  21
  22
  22
  23
  24
  24
Discount rate, %
 
  10.00
  10.50
  11.03
  11.58
  12.16
  12.76
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.07
  25.27
  26.53
  27.86
  29.25
  30.72
  32.25
  33.86
  35.56
  37.33
  39.20
  41.16
PV of cash for distribution, $m
 
  30
  23
  20
  17
  14
  12
  9
  8
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  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
  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

Navios Maritime Acquisition Corporation provides marine transportation services worldwide. It owns a fleet of crude oil, refined petroleum product, and chemical tankers. The company charters its vessels to oil companies, refiners, and large vessel operators under long, medium, and short term charters. As of March 17, 2016, its fleet consisted of 38 double-hulled tanker vessels aggregating approximately 4.0 million deadweight tons, including 8 VLCC tankers, 8 long range 1 product tankers, 18 medium range 2 product tankers, and 4 chemical tankers. The company was founded in 2008 and is based in Monaco.

FINANCIAL RATIOS  of  Navios Maritime Acquisition (NNA)

Valuation Ratios
P/E Ratio 2.8
Price to Sales 0.6
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 1.9
Price to Free Cash Flow 1.9
Growth Rates
Sales Growth Rate -7.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 181%
Total Debt to Equity 190.6%
Interest Coverage 2
Management Effectiveness
Return On Assets 7.8%
Ret/ On Assets - 3 Yr. Avg. 7.3%
Return On Total Capital 3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 10.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 97.2%
Gross Margin - 3 Yr. Avg. 97.6%
EBITDA Margin 66.6%
EBITDA Margin - 3 Yr. Avg. 64.3%
Operating Margin 37.6%
Oper. Margin - 3 Yr. Avg. 35.7%
Pre-Tax Margin 21.7%
Pre-Tax Margin - 3 Yr. Avg. 18.5%
Net Profit Margin 21.7%
Net Profit Margin - 3 Yr. Avg. 18.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 50.8%

NNA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NNA stock intrinsic value calculation we used $290 million for the last fiscal year's total revenue generated by Navios Maritime Acquisition. The default revenue input number comes from 2016 income statement of Navios Maritime Acquisition. 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 NNA 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 10%, whose default value for NNA is calculated based on our internal credit rating of Navios Maritime Acquisition, 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 Acquisition.
    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 NNA stock the variable cost ratio is equal to 55.9%.

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 NNA 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 6.3% for Navios Maritime Acquisition.

Corporate tax rate of 27% is the nominal tax rate for Navios Maritime Acquisition. 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 NNA 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 NNA are equal to 473.8%.

Life of production assets of 23.7 years is the average useful life of capital assets used in Navios Maritime Acquisition 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 NNA is equal to 11.7%. 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 - $575 million for Navios Maritime Acquisition - 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 148.963 million for Navios Maritime Acquisition 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 Acquisition at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
NAP Navios Maritim 8.21 3.63  str.sell
NMM Navios Maritim 1.88 2.07  buy
NM Navios Maritim 1.31 1.13  hold
STNG Scorpio Tanker 3.51 1.95  sell
GLOG GasLog 16.10 2.86  str.sell
DLNG Dynagas LNG Pa 14.06 4.54  str.sell
TNP Tsakos Energy 4.39 4.17  hold
TOPS TOP Ships 1.27 100.59  str.buy
FRO Frontline 5.02 22.54  str.buy

COMPANY NEWS

▶ 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   [May-16-17 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]
▶ Reasons to Own This MLP for the Long Term   [Feb-17-17 03:55PM  GuruFocus.com]
▶ What Makes Navios Maritime (NNA) a Strong Sell?   [Feb-10-17 08:41AM  Zacks]
▶ Why Navios Maritime Holdings Stock Gained 39% in January   [Feb-07-17 03:13PM  at Motley Fool]
Stock chart of NNA Financial statements of NNA
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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