Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Navios Maritime Partners L.P. (NMM)

Company Dividend Discount ModelIndustry: Marine ShippingSector: Industrials

Valuation Snapshot

Stable Growth$242.19 - $801.63$394.41
Multi-Stage$153.04 - $167.49$160.13
Blended Fair Value$277.27
Current Price$45.05
Upside515.48%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-14.31%-26.81%0.210.210.200.150.260.450.350.000.004.49
YoY Growth---0.45%2.00%33.55%-41.36%-41.91%29.36%0.00%0.00%-100.00%-4.81%
Dividend Yield--0.53%0.49%0.85%0.44%1.11%8.46%2.47%0.00%0.00%24.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)262.73
(-) Cash Dividends Paid (M)6.10
(=) Cash Retained (M)256.63
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)52.5532.8419.70
Cash Retained (M)256.63256.63256.63
(-) Cash Required (M)-52.55-32.84-19.70
(=) Excess Retained (M)204.09223.79236.93
(/) Shares Outstanding (M)29.4829.4829.48
(=) Excess Retained per Share6.927.598.04
LTM Dividend per Share0.210.210.21
(+) Excess Retained per Share6.927.598.04
(=) Adjusted Dividend7.137.808.24
WACC / Discount Rate8.61%8.61%8.61%
Growth Rate5.50%6.50%7.50%
Fair Value$242.19$394.41$801.63
Upside / Downside437.59%775.50%1,679.42%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)262.73279.81297.99317.36337.99359.96370.76
Payout Ratio2.32%19.86%37.39%54.93%72.46%90.00%92.50%
Projected Dividends (M)6.1055.56111.43174.32244.92323.97342.95

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.61%8.61%8.61%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)50.6851.1651.64
Year 2 PV (M)92.7094.4796.25
Year 3 PV (M)132.28136.08139.95
Year 4 PV (M)169.53176.05182.75
Year 5 PV (M)204.53214.41224.67
PV of Terminal Value (M)3,862.724,049.294,243.00
Equity Value (M)4,512.434,721.454,938.25
Shares Outstanding (M)29.4829.4829.48
Fair Value$153.04$160.13$167.49
Upside / Downside239.72%255.46%271.78%

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