In the SBLK Q&A session, someone asked an asset valuation question, and SBLK mgmtran the numbers with "lower vessel value" than reported on the Balance Sheet, charters, newbuilds, etc.That would be a good exercise for NM, but a lot more complicated. Owned Fleet: 14 UltraHandys, 4 Panamaxes, 7 Capes,5 Cape newbuilds(14 * $24M) + (4 * $30M) + (12 * 65M) = $1236MNM stake in NMM has some daily fluctuation, but say $250MNM stake in NNA has some daily fluctuation, but say $125MNavios Logistics say $236M (75% of fixed assets)I don't know the proper way to capitalize the LT charters, but using only the Cape charters over thenext 5 years, EBITDA I get($85K * 355 * 3.5) + ($30K + $27K) * (355 * 5) + ($37K * 355 * 4) + ($27.5K * 355 * 5) + ($21K * 4 * 355 * 5) + ($16K * 355 * 5) + ($19K * 355 * 5) = $519.4M * .65 ( <= Total WAG) = $337.61MA few months back I dug up the Kleimar detailshttp://boards.fool.com/sep-2010-musing-nm-28756371.aspxI already included a Kleimar Panamax above, so that leaves 2 Cape purchase options + COA revenue.Value = ??? Another WAG - $65MThe charter-in newbuild vessels with purchase options, Value = ???Another WAG - $150MCash $370MDebt = $1.7B (NM says $1.5B, but Ship Mortgage Notes was a $700M separate line item on the Balance Sheet)Net: $1069.6MProbably some adjustment needed on the NM shares (convertible), but even with a 10%, I get $9.72/sh.A more reasonable 5%, I get $10.18/sh
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