We initiate coverage of Navios Maritime Partners (NMM) with a Buy recommendation and a TP of USD 50. Through the 2021 mergers with Navios Maritime Containers and Navios Maritime Acquisition, NMM has become a diversified shipping giant, and due to its USD ~2.8bn backlog, earnings are highly resilient. On our estimates, NMM is trading at 2022-24 P/E of ~1.1-1.3x, while the current ~71% discount to charter-adjusted NAV is unwarranted in our view.
