DDM Analysis: NMM

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
Upside	515.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-14.31%	-26.81%	0.21	0.21	0.20	0.15	0.26	0.45	0.35	0.00	0.00	4.49
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	52.55	32.84	19.70
Cash Retained (M)	256.63	256.63	256.63
(-) Cash Required (M)	-52.55	-32.84	-19.70
(=) Excess Retained (M)	204.09	223.79	236.93
(/) Shares Outstanding (M)	29.48	29.48	29.48
(=) Excess Retained per Share	6.92	7.59	8.04
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	6.92	7.59	8.04
(=) Adjusted Dividend	7.13	7.80	8.24
WACC / Discount Rate	8.61%	8.61%	8.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$242.19	$394.41	$801.63
Upside / Downside	437.59%	775.50%	1,679.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	262.73	279.81	297.99	317.36	337.99	359.96	370.76
Payout Ratio	2.32%	19.86%	37.39%	54.93%	72.46%	90.00%	92.50%
Projected Dividends (M)	6.10	55.56	111.43	174.32	244.92	323.97	342.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.61%	8.61%	8.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	50.68	51.16	51.64
Year 2 PV (M)	92.70	94.47	96.25
Year 3 PV (M)	132.28	136.08	139.95
Year 4 PV (M)	169.53	176.05	182.75
Year 5 PV (M)	204.53	214.41	224.67
PV of Terminal Value (M)	3,862.72	4,049.29	4,243.00
Equity Value (M)	4,512.43	4,721.45	4,938.25
Shares Outstanding (M)	29.48	29.48	29.48
Fair Value	$153.04	$160.13	$167.49
Upside / Downside	239.72%	255.46%	271.78%

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Navios Maritime Partners L.P. (NMM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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