[View in browser]( [The Spill Logo] Proprietary Data Insights Financial Pros’ Top Cruiseline Stock Searches in the Last Month Rank Ticker Name Searches
#1 [CCL]( Carnival Corp. 90
#2 [NCLH]( Norwegian Cruise 17
#3 [RCL]( Royal Caribbean Cruises 16
#4 [LIND]( Lindblad Expd 1
#5 [OSW]( Onespaworld Holdings 1
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- Carnival Cruise Line
- Costa Cruises
- Cunard
- Holland America Line
- P&O Cruises (Australia)
- P&O Cruises (UK)
- Princess Cruises Each caters to a different consumer, such as Holland and Princess which are geared more towards adults and retirees while Carnival’s namesake is a vacation hub for families. The company’s revenues break down into ticketing (â
of sales) and onboard (â
of sales). Carnival’s done an exceptional job introducing new customers to cruise travel and increasing total onboard spend through presale offers. [Demand generation] [Wallets] [Source: Carnival Q4 2023 Investor Presentation]( All this has led to an occupancy percentage of greater than 101% which is expected to continue in 2024. Financials [Financials] Source: Stock Analysis Margins have rapidly improved as ship utilization increased. If not for the higher interest and depreciation, the company would be profitable. However, it does generate positive cash from operations, $4.3 billion to be exact, with a Capex of $3.3 billion, leaving them $1 billion to pay down debt. Capex is expected to grow to $4.2 billion in 2024, up from $3.3 billion in 2023, before falling to $2.8 billion in 2025 and $1.8 billion the following year. That decrease will free up $3-$5 billion per year to reduce debt, putting the company on firmer financial footing. Valuation [Valuation] Source: Seeking Alpha Of the three major cruise lines, Norwegian Holdings (NCLH) trades at the highest P/E multiple, as it also has a heavy amount of debt. However, Royal Caribbean (RCL), which is arguably in the best financial position, trades at 7.4x cash, nearly twice that of its peers. No matter which you look at, all are incredibly cheap by historical standards. Growth [Growth] Source: Seeking Alpha After a blockbuster year in 2023, all the cruise operators expect revenues to ease the incredible growth. Yet, they’re all still projecting near 30% revenue increases as customers spend more and more capacity comes online. Profitability [Profits] Source: Seeking Alpha Interestingly, Carnival runs the highest gross margins, though not the best EBIT or net income margins. While its operations are humming along, it still faces non-cash depreciation expenses and high interest payments. Our Opinion 10/10 We feel that Carnival offers a fantastic long-term opportunity here. The company has plans in place to pay off its debt while growing capacity. Sure, it may take a few years to get things back where they were. But the stock is down so much that you’re getting it at firesale prices. [-facebook-share]( [-twitter-share]( [-linkedin-share]( [-email-share](mailto:?body= %3Cbr+%2F%3E%0A%3Cb%3ENotice%3C%2Fb%3E%3A++Undefined+property%3A+stdClass%3A%3A%24previewText+in+%3Cb%3E%2Fvar%2Fwww%2Fhtml%2Fnl_forms%2Fsrc%2FICTheSpill%2Fautomate-ic-article.php%3C%2Fb%3E+on+line+%3Cb%3E102%3C%2Fb%3E%3Cbr+%2F%3E%0Ahttps%3A%2F%2Finvestingchannel.com%2F%3Fp%3D609934?utm_medium=ic-nl&utm_source=116939 ) News & Insights Just Spilled - [Is Now the Time to Buy Pfizer (PFE)?](
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