We are below consensus ahead of the Q4 results due on 21 Feb. However, we expect the company to report an EPU of USD 3.63, reflecting a run-rate P/E of ~2.0x, which emphasises how discounted NMM really is. We reiterate Buy and keep out TP unchanged at USD 50/unit vs a charter adj. NAV of 107/unit. NMM is trading way below its peers and while DPU reflects a low pay-out ratio, incoming use of the USD 100m buyback program should be a positive trigger.
