The growth metrics the wide-moat retailer continues to capture are impressive for a relatively mature business.
The toymaker could be set to deliver modestly positive top-line growth again.
We think mispriced Norwegian Cruise Lines is poised to pivot nimbly to capitalize on evolving consumer trends.
Short-term attendance hiccups could alter long-term earnings power.
Cruise line still sails in a moat based on efficient scale, cost advantages, and intangible brand assets.
We're lowering our fair value estimate by a couple of dollars and expect shares to remain volatile short term.
We don't think the commentary surrounding demand for cruising warrants excessive worry, and we're maintaining our fair value estimate and narrow moat rating.
Taking a majority stake in Silversea should help Royal build more robust brand awareness, supporting its brand intangible asset and narrow moat rating.
Cost and creative efforts should begin to pay off in the second half.
Efforts to deliver right-sized product innovation are gaining traction.