Amongst Navios Group’s management team, Angeliki Frangou, who is the largest shareholder, stands out.
Ford’s free cash flow yield is increasing and is currently at 9.6. The free cash flow is increasing, while the market value per share of has been fairly stable.
Navios Partners has elected to be taxed as a corporation, even though it’s structured as a limited partnership.
Currently, Ford is trading at less than 15x enterprise value to consensus-estimate EBITDA.
For the first quarter of 2014, Navios Maritime Partners’ revenue rose 14.4% year-over-year to $57.5 million, led by vessel acquisitions.
Ford is generating free cash flow to pay for pensions, reduce debts, and build cash for future investments.
Ford’s EBITDA margin is falling due to significant changes in the company that should lead to improved earnings in the future.
Ford’s story in Asia Pacific is driven by China, where it sold almost one million vehicles in 2013, and has a 4% market share.
In 2013, Ford spent $6.5 billion on capital expenditures. It maintains 65 manufacturing facilities globally with approximately half of them in North America.
Ford is behind the industry trends with its 2013 units’ sales. Ford’s units in Latin America are roughly in line with industry sales at 8%.
Ford Motor Company designs, builds, and sells automobiles worldwide. It is the second largest U.S.-based automobile manufacturer and the sixth largest globally, based on units sold.
Along with GM’s report of market share gains, GM reported much stronger pricing due to new product introductions in the U.S.
The headlines and news buzz of 7 million recalls, including 2.6 million recalls for ignition switches and cylinders and 13 claimed deaths and lawsuits, precipitated a 15% decline in GM’s share price
GM is among the top three global automobile manufacturers. It also relies on its global volume to achieve adequate investment returns on its factories. However, GM has been losing share for decades.
In GM’s case, enterprise value declined due to expectations of increased costs with recalls and delays in achieving global profitability. The recent trading-down of GM to 3.2x EBITDA may indicate a buying opportunity.
GM was the first U.S. auto maker to unionize, and it shows an under-investment in automation. Although GM went through bankruptcy court, it couldn’t shake all its pension liabilities.
General Motor’s (GM) stated vision is to design, build, and sell the world’s best vehicles. In reality, it’s seeking to sell the most cars and gain economies of scale across its global footprint.
Free cash flow, defined as “cash from operations less capital expenditures,” is the lifeblood of a company. On this measure GM does well, generating nearly $5 billion of free cash flow in 2013.
GM’s revenues are driven by light trucks in the U.S. and cars in China. Earnings are pulled down by inefficient operations. Let’s see how they compare to the industry.
The chart below is from the first quarter 2013 earnings call slide deck. GM is in each of the top regions and has double-digit market shares in the top five markets, except for Japan and Germany.