Arctic: Navios Maritime Partners - Dry bulk exposure at a too wide discount to peers

Research evidence excerpt

Arctic: Navios Maritime Partners - Dry bulk exposure at a too wide discount to peers

Navios Maritime Partners Buy Hold

NMM US | Bulk | Equity Company Update | 11 May 2026 | 09:19 Sell

Dry bulk exposure at a too wide discount to peers Financials and estimates changes Target $ 100.00 (72.00)

We reiterate our Buy recommendation, while lifting our recommendation to USD 100/unit. Key Figures (USDm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e Highlights

Capesize rates have had a solid start to the year, with rates up 84% y-o-y. With 55% of the Recommendation Buy

Revenue 1,187.6 1,216.4 1,558.1 1,735.8 1,804.3 Target Price $ 100.00 (72.00)

dry bulk days being open in ’26, while tankers and container days are more fixed, NMM

EBITDA 676.1 740.0 1,070.6 1,207.6 1,245.0 Share Price 74.97

stands out as a good way to play the dry bulk upcycle. While investors tend to focus on EBIT 486.1 419.6 761.0 860.3 879.7 Upside (%) 33.4

dividends at this point of the cycle, NMM is offering a low cash yield with a 6 cents quarterly EPS 11.97 9.59 22.10 26.28 28.32 Market cap (USDm) 2,211

pay-out. The annual buyback of USD 40m on top helps, but the real repricing lies in the P/ Adj. EBITDA 676.1 740.0 1,070.6 1,207.6 1,245.0 Enterprise Value (m) 3,967

E which is 3.4x. Adj. EBITDA margin (%) 56.9 60.8 68.7 69.6 69.0 Number of shares (m) 29

Adj. EPS 11.11 9.01 21.75 26.28 28.32

Q1 report coming soon and we expect a beat 12 months share price performance: Revenue growth (%) 3.6 2.4 28.1 11.4 3.9

We estimate Q1 EBITDA of USD 203.9m, 6% above consensus, or USD 196.6m on the company's EPS growth (%) (15.0) (19.9) 130.5 18.9 7.8 Performance (%) 3M 6M 1Y

100 NMM US 20.3% 47.2% 103.5%

OSEBX 20.2% 46.9% 102.7%adjusted definition. Our adj. EPU estimate of USD 3.33 sits 25% above the Street. Since our last