| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| NMM | SB | GNK | SITI.F | ESEA | | CMRE | |
| NYSE:NMM | NYSE:SB | NYSE:GNK | OTCPK:SITI.F | NasdaqCM:ESEA | | NYSE:CMRE | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 43.5% | 9.2% | 1.7% | 14.5% | 39.7% | | 34.2% | |
| 3Y CAGR | 23.2% | -2.2% | -8.2% | 0.5% | 31.4% | | 38.0% | |
| Latest Twelve Months | 2.1% | 8.2% | 10.2% | 25.9% | 12.4% | | 37.9% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 30.9% | 35.6% | 18.3% | 29.8% | 41.3% | | 38.0% | |
| Prior Fiscal Year | 33.1% | 33.0% | 9.3% | 19.9% | 57.8% | | 23.6% | |
| Latest Fiscal Year | 32.9% | 36.4% | 18.2% | 32.6% | 53.7% | | 22.3% | |
| Latest Twelve Months | 32.9% | 36.4% | 18.2% | 32.6% | 53.7% | | 22.3% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 2.24x | 2.62x | 1.46x | 2.19x | 1.64x | | 1.26x | |
| EV / LTM EBIT | 6.8x | 7.2x | 8.0x | 6.7x | 3.0x | | 5.7x | |
| Price / LTM Sales | 0.88x | 1.28x | 1.35x | 2.33x | 1.02x | | 0.57x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.46x | 2.19x | 2.62x | | | | | |
| Historical EV / LTM Revenue | 1.26x | 2.73x | 6.04x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.39x | 1.47x | 1.54x | | | | | |
| (x) LTM Revenue | 2,084 | 2,084 | 2,084 | | | | | |
| (=) Implied Enterprise Value | 2,901 | 3,053 | 3,206 | | | | | |
| (-) Non-shareholder Claims * | (1,432) | (1,432) | (1,432) | | | | | |
| (=) Equity Value | 1,468 | 1,621 | 1,774 | | | | | |
| (/) Shares Outstanding | 120.0 | 120.0 | 120.0 | | | | | |
| Implied Value Range | 12.24 | 13.51 | 14.78 | | | | | |
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 12.24 | 13.51 | 14.78 | | 9.96 | | | |
| Upside / (Downside) | 22.9% | 35.7% | 48.4% | | | | | |