Rafuma
01/09/19 17:05
Ha respondido al tema
Cobas AM: Nueva Gestora de Francisco García Paramés
Reforzando tu planteamiento. En Marzo de 2017 Evermore, David Marcus, entró en NMM vía ampliación a casi 2$, 30 $ de los de ahora. Evermore tiene ahora como el 10 % de NMM, 6 % en un fondo y 4% en otro.
En la carta d3 Q2 2017 David Marcus decia
Navios Maritime Partners (NMM)
Navios Maritime Partners is a Greek dry bulk and container vessel operator with a market cap of $280 million. It has a modern diverse fleet of 31 vessels comprised of 24 high-quality dry bulk vessels with an aggregate capacity of 2.7 million deadweight tons and 7 container vessels with a total capacity of approximately 50,400 twenty-foot equivalent units.
We participated in a $100 million equity offering in mid-March, the proceeds of which will be used to opportunistically buy second-hand dry bulk vessels. This placement was offered on a limited basis to existing shareholders and select new investors (including Evermore) that have an extensive knowledge base about the company and the dry bulk market. The underwriter’s book was oversubscribed and ultimately was not opened for broader market participation. The new shares were priced at a 16% discount to the previous closing price, or a 20% discount to the 52-week high that was reached two days prior to the announcement. We took advantage of this mispriced deal that implicitly “created” the company at approximately 0.8x Price/Net Asset Value, one of the cheapest dry bulk companies in the sector. NMM operates on a unique platform where the contracted revenues from their container vessels provide stable cash flow and substantially lowers the effective cash breakeven level. During 2016, the company successfully refinanced its balance sheet and has a solid financial footing with a liquidity runway through the second half of 2020. We took this opportunity to take advantage of a situation that to us is clearly mispriced and likely ignored or misunderstood by investors in general.
A lo que voy es que NMM hoy es una compañía mucho mejor que hace 2 años pero que vale la mitad.
Aunque suba el doble seguirá muy lejos de haber sido interesante para los accionistas de largo plazo. Esto no es para buy and hold y queda demostrado. Pero NMM a estos precios si es interesante actualmente.