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Carnival PLC

CCL: XLON (GBR)
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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation
GBX 9,476.00NdmmsYvtlfqkc

Carnival's Return to Profitability Evidence That Its Brand Still Resonates With Consumers

Business Strategy and Outlook

Carnival remains the largest company in the cruise industry, with nine global brands and more than 90 ships at the end of fiscal 2022. The global cruise market has historically been underpenetrated, offering cruise companies a long-term demand opportunity. Additionally, prior to the pandemic, the repositioning and deployment of ships to faster-growing and underrepresented regions like Asia-Pacific had helped balance the supply in high-capacity regions like the Caribbean and Mediterranean, aiding pricing. However, international demand has lagged domestic demand since cruising has resumed, a trend that could take some time to normalize and could challenge the economic performance of Carnival over the medium term.

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