Carnival Corp


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SKU: CCL-1 Category:


Carnival Corp had a decent 2021 and is well on its path to recovery after the impact of the Covid-19. The company restarted 10 additional ships in the first quarter of 2022, putting 60% of its fleet capacity in guest cruise operations for the entire quarter. This was a significant increase from 47% in the fourth quarter of 2021. During the pandemic, their ability to adapt to the ever-changing landscape has been one of their greatest assets. The company’s liquidity position has also been improving. With the full fleet back in service throughout the year, 8% more capacity than in 2019, and an improved fleet profile with nearly a quarter of Carnival’s capacity made up of newly delivered ships, the company is looking forward to growing its revenues and serving nearly 14 million guests in the coming fiscal and also generating higher profitability. We give Carnival a ‘Hold’ rating with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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