Added to YB: 2026-05-27
Pitch date: 2026-03-23
LIND [bearish]
Lindblad Expeditions Holdings, Inc.
-19.85%
current return
Author Info
No bio for this author
Company Info
Lindblad Expeditions Holdings, Inc. provides marine expedition adventures and travel experience worldwide.
Market Cap
$1.3B
Pitch Price
$17.83
Price Target
10.00 (-50%)
Dividend
N/A
EV/EBITDA
14.16
P/E
-39.87
EV/Sales
2.23
Sector
Hotels, Restaurants and Leisure
Category
value
Lindblad Expeditions Holdings, Inc. - $LIND
LIND (short): Expedition cruise biz trading 29x 2026E EBIT vs VIK 18x, RCL 16x despite worse economics. Structurally inferior: higher capex/berth, lower utilization, transactional bucket-list customers (not repeat). Net yield +21% vs 2019 trails VIK/RCL +40-50%. Intensifying competition from Viking/Silversea/Seabourn. Expanded Disney/NatGeo partnerships diluting yields. Unhedged fuel exposure vs 7% EBIT margin. Land experiences (25% rev) commoditized, low-quality. 40%+ downside to $10 on earnings miss & de-rating.
Read full article (7 min)