NAP - Navios Maritime Partners: Update On Valuation
Background
After a seven-month hiatus from publishing articles on SA, I thought it would be interesting to revisit Navios Maritime Midstream Partners LP (NAP) and provide an updated analysis, reflecting its impending merger with its parent, Navios Maritime Acquisition Corp. (NYSE:NNA).
NAP is a 59% owned subsidiary of NNA (through GP, subordinated, and common units), which in turn is a 41.6% subsidiary of Navios Maritime Holdings, Inc. (NM). It is an affiliate of the NM subsidiary Navios Maritime Partners LP (NMM) and other NM subsidiaries. I have