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Carnival Corp CCL

Morningstar Rating
$14.28 +0.16 (1.13%)
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Company Report

Consumer Interest in Sailing Carnival Brands Buoyed Beyond Pent-Up Pandemic Demand

Carnival remains the largest company in the cruise industry, with nine global brands and 92 ships at the end of fiscal 2023. The global cruise market has historically been underpenetrated, offering cruise companies a long-term demand opportunity. Additionally, 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 prior to the pandemic, a factor which the firm can again utilize to help optimize forward pricing. With an European demand profile that has recently returned to normalized levels, we believe there is ample support for improving economic performance at Carnival.

Price vs Fair Value

CCL is trading at a 50% discount.
Price
$14.12
Fair Value
$71.00
Uncertainty
High
1-Star Price
$97.90
5-Star Price
$26.80
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

As Carnival continues to optimize occupancy, passenger counts and yields could rise at a faster pace than we currently anticipate.

Bears

The media accessing negative experience commentary regarding cruise incidents could weigh on Carnival's brand image and pricing leverage, making new cruisers hesitant to try cruising. A decrease in new cruisers leads to fewer repeat cruisers.

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News

Trading Information

Previous Close Price
$14.12
Day Range
$14.0714.41
52-Week Range
$8.7019.74
Bid/Ask
$14.27 / $14.34
Market Cap
$18.71 Bil
Volume/Avg
24.3 Mil / 32.1 Mil

Key Statistics

Price/Earnings (Normalized)
42.11
Price/Sales
0.79
Dividend Yield (Trailing)
Dividend Yield (Forward)
Total Yield

Company Profile

Carnival is the largest global cruise company, with 92 ships in service at the end of fiscal 2023. Its portfolio of brands includes Carnival Cruise Lines, Holland America, Princess Cruises, and Seabourn in North America; P&O Cruises and Cunard Line in the United Kingdom; Aida in Germany; Costa Cruises in Southern Europe; and P&O Cruises in Australia. Carnival also owns Holland America Princess Alaska Tours in Alaska and the Canadian Yukon. Carnival's brands attracted nearly 13 million guests in 2019, prior to covid-19, a level it reached again in 2023.
Sector
Consumer Cyclical
Industry
Travel Services
Stock Style Box
Mid Core
Total Number of Employees
106,000

Competitors

Valuation

Metric
CCL
NCLH
WH
Price/Earnings (Normalized)
42.1130.1117.44
Price/Book Value
2.6924.717.63
Price/Sales
0.790.874.25
Price/Cash Flow
5.446.2417.56
Price/Earnings
CCL
NCLH
WH

Financial Strength

Metric
CCL
NCLH
WH
Quick Ratio
0.230.110.67
Current Ratio
0.360.220.81
Interest Coverage
1.101.224.63
Quick Ratio
CCL
NCLH
WH

Profitability

Metric
CCL
NCLH
WH
Return on Assets (Normalized)
1.19%1.58%8.05%
Return on Equity (Normalized)
9.22%205.86%37.47%
Return on Invested Capital (Normalized)
5.88%7.41%13.44%
Return on Assets
CCL
NCLH
WH
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Travel Services Industry Comparables

Ticker
Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
BKNG
Booking Holdings IncWtmmxcghBwjbdf$116.8 Bil
ABNB
Airbnb Inc Ordinary Shares - Class APprnlhnkGnzvhr$98.5 Bil
RCL
Royal Caribbean GroupDgnlrpqdNfcvbg$32.8 Bil
TRPCF
Trip.com Group LtdGbnzbq$31.8 Bil
TCOM
Trip.com Group Ltd ADRRmvnlbxskMnsqrk$31.3 Bil
EXPE
Expedia Group IncCdksjyvsPmhqkh$17.6 Bil
NCLH
Norwegian Cruise Line Holdings LtdDhxzfzvflNlbmxh$7.7 Bil
TRIP
Tripadvisor IncLprtmfvyzMzhs$3.5 Bil
SABR
Sabre CorpXytfnqpsTshjlhl$975.3 Mil

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