NM - Navios Maritime

[Guest Schwab711]

http://phx.corporate-ir.net/phoenix.zhtml?c=187110&p=irol-SECText&TEXT=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTk1NTIwMjYmRFNFUT0wJlNFUT0wJlNRREVTQz1TRUNUSU9OX0VOVElSRSZzdWJzaWQ9NTc%3d#tx707934_9

 

A few folks seem interested in shippers so I figured I'd post NM. It has a confusing structure with NMM being extremely linked but I was always interested in NM for one reason. The CEO has an ~26% stake and a lot (all?) of NM's debt has covenants that prevent her stake from falling below 20% without triggering a default. This ends up saving the company money on interest and gives some safety in that she eats the same cooking as you (of course with stock options along the way). A recent example was a secondary offering where she purchased $10m of the $20m offering!

 

I'm no help on the valuation and I stopped following NM a long time ago but I really like the management/culture.