Overview of Navios Maritime Holding (NM) earnings release for the 3rd quarter of their 2021 fiscal year
Category: Navios Maritime Holdings (NM)
Date: 20 December 2021 Stock Price of Navios Maritime (NM): $3.44 Market Capital of Navious Maritime: $86.7 million We take a look at the 3rd quarter earnings release of their 2021 fiscal year of Navios Maritime a global seaborne shipping and logistics company. For the quarter the group reported revenues of $168.5 million and net income of $58.5 million.
|
Navios announced plans for addressing about $770 million in upcoming note maturities. The announced refinancing addresses the imminent maturity of $614.3 million of Ship Mortgage Notes and provides liquidity and sufficient runway for Navios Holdings to satisfy $155.0 million of Senior Secured Notes maturing in August of 2022 -Angeliki Frangou, Chairwoman and Chief Executive Officer"
More About Navios Maritime Holdings
Navios Maritime Holdings Inc. (NYSE: NM) is a global seaborne shipping and logistics company focused on the transport and transshipment of dry bulk commodities including iron ore, coal and grain.
Overview of Navios Maritime 3rd quarter 2021 earnings report
- $664.3 million Note Retirement
- Extinguishment of $614.3 million Ship Mortgage Notes due January 15, 2022
- Redemption of $50.0 million of Senior Secured Notes due August 15, 2022
- $550 million Debt Financing
- $287.0 million of Commercial Bank facilities and Sale-Leaseback Agreements
- $262.6 million PIK Loan facilities with NSM
- Net Income
- $59.8 million in Q3 2021
- $84.9 million in 9M 2021
- Revenue
- 33.5% increase to $168.4 million in Q3 2021
- 36.5% increase to $429.0 million in 9M 2021
- Cash from operating activities
- $33.0 million in Q3 2021
- $31.7 million in 9M 2021
- Adjusted EBITDA
- 94.0% increase to $116.1 million in Q3 2021
- 117.0% increase to $251.3 million in 9M 2021
- Time Charter Equivalent
- $30,146 per day in Q3 2021 compared to $14,056 per day in Q3 2020
- $21,470 per day in 9M 2021 compared to $9,673 per day in 9M 2020
- Navios Partners’ Merger
- NM owns 10.3% post merger with Navios Acquisition
Navios Maritime management commentary on their 3rd quarter 2021 earnings
GRAND CAYMAN, Cayman Islands, Dec. 16, 2021 (GLOBE NEWSWIRE) -- Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”) (NYSE: NM), a global seaborne shipping and logistics company, today reported financial results for the third quarter and nine months ended September 30, 2021.
Angeliki Frangou, Chairwoman and Chief Executive Officer, stated, “I am pleased with the results for the third quarter of 2021. In the third quarter, Navios Holdings reported revenue of $168.4 million, EBITDA of $116.1 million and Net Income of $59.8 million. For the first nine months 2021, we reported revenue of $429.0 million, Adjusted EBITDA of $251.3 million and Adjusted Net income of $84.9 million.”
Angeliki Frangou, continued, “Navios announced plans for addressing about $770 million in upcoming note maturities. The announced refinancing addresses the imminent maturity of $614.3 million of Ship Mortgage Notes and provides liquidity and sufficient runway for Navios Holdings to satisfy $155.0 million of Senior Secured Notes maturing in August of 2022. Importantly, for about half of the new debt financing package, we achieved an 18-month period during which there would be no cash requirement for interest or amortization, and overall we extended and staggered the maturity date of our new debt facilities.”
Angeliki Frangou, Chairwoman and Chief Executive Officer, stated, “I am pleased with the results for the third quarter of 2021. In the third quarter, Navios Holdings reported revenue of $168.4 million, EBITDA of $116.1 million and Net Income of $59.8 million. For the first nine months 2021, we reported revenue of $429.0 million, Adjusted EBITDA of $251.3 million and Adjusted Net income of $84.9 million.”
Angeliki Frangou, continued, “Navios announced plans for addressing about $770 million in upcoming note maturities. The announced refinancing addresses the imminent maturity of $614.3 million of Ship Mortgage Notes and provides liquidity and sufficient runway for Navios Holdings to satisfy $155.0 million of Senior Secured Notes maturing in August of 2022. Importantly, for about half of the new debt financing package, we achieved an 18-month period during which there would be no cash requirement for interest or amortization, and overall we extended and staggered the maturity date of our new debt facilities.”
Navios Maritime (NM) stock price chart over the last 3 years
The image below shows the stock price history of Navios Maritime over the last 5 year. And it's not been a good time for Navios stockholders. Over the last 3 years the stock of Navios has returned only 7.6% provided to stockholders
The stock of Navios is trading at a lot closer to its 52 week low than it is to its 52 week high which to us is a clear indication that the short term sentiment and momentum of the stock is very negative.
The stock of Navios is trading at a lot closer to its 52 week low than it is to its 52 week high which to us is a clear indication that the short term sentiment and momentum of the stock is very negative.
Navios Maritime (NM) latest stock valuation
So based on the earnings report of Navios Maritime (NM) what do we value Navios stock at? Based on their latest earnings report our target (full value) price for AutoZone at $5.60 a stock. We therefore believe the stock of Navios is undervalued at its current price
We usually suggest long term fundamental and value investors look to enter the stock at least 10% below our target price, which in this case is $5.60 Therefore we believe the a good entry point into the stock is below $5.00.
Since the stock of Navios is trading at well below our suggested entry point we rate the stock of Navios as a BUY
We usually suggest long term fundamental and value investors look to enter the stock at least 10% below our target price, which in this case is $5.60 Therefore we believe the a good entry point into the stock is below $5.00.
Since the stock of Navios is trading at well below our suggested entry point we rate the stock of Navios as a BUY
Next earnings release of Navios Maritime
It is expected that Navios Maritime will release their 4th quarter 2021 earnings report in late March 2022