Added to YB: 2026-08-24
Pitch date: 2026-08-19
NCLH [neutral]
Norwegian Cruise Line Holdings Ltd.
Author Info
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Company Info
Norwegian Cruise Line Holdings Ltd., together with its subsidiaries, operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally.
Market Cap
$8.0B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
8.70
P/E
10.93
EV/Sales
2.34
Sector
Hotels, Restaurants and Leisure
Category
value
NCLH or her grandma Saga?
NCLH (pass): Cruise line at ~2/3 below pre-Covid peak. 32 ships, $10bn rev, 102.5% load, 33-34% EBITDA margin. But debt ballooned to $15bn (vs $6.8bn pre-Covid), interest $950m/yr, +114% dilution from Covid rights issue. $2.9bn capex 2026-27, +31.8% PBT est 2028. Author prefers Saga's deleveraging story; Black Swan risk. Pass.
Read full article (2 min)