Is Navios Maritime Partners LP overvalued or undervalued?

As of 2 November 2023, the valuation grade for Navios Maritime Partners LP has moved from very attractive to attractive. The company appears to be undervalued, given its low P/E ratio of 3, significantly below the industry average, and an EV to EBITDA ratio of 4.06. Additionally, the Price to Book Value stands at 0.37, indicating that the market is valuing the company at a fraction of its book value.
In comparison to its peers, ZIM Integrated Shipping Services Ltd. has a P/E of 0.89 and an EV to EBITDA of 0.28, while Costamare, Inc. shows a P/E of 3.25 and an EV to EBITDA of 4.07. This suggests that Navios Maritime Partners LP is trading at a discount relative to its peers, reinforcing the undervaluation thesis. Despite recent stock performance trailing the S&P 500 over the past year, the long-term returns of 322.74% over five years indicate strong potential for recovery and growth.