NMM - Navios Maritime Partners: Too Cheap To Ignore

• Navios Partners shares are likely to move higher after the conclusion of the persistent selling from the recent at-the-money offering programs.
• Dry bulk and boxship charter rates continue to make fresh decade highs with visibility for strong earnings through 2023-end solidifying.
• An enormous $1 billion valuation gap is now attracting activists and could encourage Navios management to increase capital return to shareholders.
• Navios Partners remains absurdly cheap at just 1.6x 2022 earnings and a third of current net asset value despite the higher share count.

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