Added to YB: 2026-05-25
Pitch date: 2026-05-20
CCL [bullish]
Carnival Corporation Ltd.
Author Info
No bio for this author
Company Info
Carnival Corporation Ltd., a cruise company, provides leisure travel services in North America, Australia, Europe, and internationally.
Market Cap
$35.9B
Pitch Price
N/A
Price Target
N/A
Dividend
2.31%
EV/EBITDA
7.94
P/E
11.65
EV/Sales
2.27
Sector
Hotels, Restaurants and Leisure
Category
value
Carnival Corporation: This is not COVID 2.0
CCL: Sold off on unrelated hantavirus scare (MV Hondius, not a CCL ship). Q1 record: $6.165B rev, $1.267B EBITDA, $8B deposits (+10% YoY), fuel cost/berth -4.7%. 2026 bookings +double digits, 85% booked. PROPEL targets: >16% ROIC, >50% EPS growth by 2029, $14B shareholder returns, 2.75x net debt/EBITDA (from 3.3x). DLC unification complete 5/7, eliminating CCL/CUK arbitrage. Risks: unhedged fuel ($160M hit per $10 Brent above $90), $23.9B net debt. Trades 8.22x EV/EBITDA, 40% discount to RCL, 10% below 10yr median.
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