Norwegian Cruise Line Holdings Ltd.

WBAG:NCLH Stock Report

Market Cap: €8.2b

Norwegian Cruise Line Holdings Valuation

Is NCLH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of NCLH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: NCLH (€18.28) is trading below our estimate of future cash flow value (€52.01)

Significantly Below Future Cash Flow Value: NCLH is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NCLH?

Key metric: As NCLH is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NCLH. This is calculated by dividing NCLH's market cap by their current earnings.
What is NCLH's PE Ratio?
PE Ratio14.7x
EarningsUS$663.53m
Market CapUS$9.78b

Price to Earnings Ratio vs Peers

How does NCLH's PE Ratio compare to its peers?

The above table shows the PE ratio for NCLH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average74.8x
500850 Indian Hotels
49.7x14.14%₹996.8b
VPL Vinpearl
135.8xn/a₫153.5t
AC Accor
19.7x9.17%€11.6b
MMYT MakeMyTrip
94x48.45%US$5.3b
NCLH Norwegian Cruise Line Holdings
14.7x32.79%€9.8b

Price-To-Earnings vs Peers: NCLH is good value based on its Price-To-Earnings Ratio (14.7x) compared to the peer average (74.8x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does NCLH's PE Ratio compare vs other companies in the European Hospitality Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NCLH 14.7xIndustry Avg. 17.8xNo. of Companies20PE01224364860+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NCLH is good value based on its Price-To-Earnings Ratio (14.7x) compared to the European Hospitality industry average (17.8x).

Price to Earnings Ratio vs Fair Ratio

What is NCLH's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NCLH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.7x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate NCLH's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst NCLH forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€18.28
€22.96
+25.56%
20.07%€33.70€16.01n/a22
Feb ’27€18.33
€23.44
+27.82%
19.04%€33.84€16.07n/a22
Jan ’27€18.97
€23.32
+22.93%
21.67%€34.07€16.18n/a22
Dec ’26€15.89
€24.26
+52.61%
19.03%€34.46€18.09n/a22
Nov ’26€19.39
€26.87
+38.60%
14.85%€37.01€21.52n/a21
Oct ’26€20.71
€26.51
+27.99%
14.84%€36.63€21.30n/a21
Sep ’26€21.25
€26.15
+23.04%
13.63%€34.24€21.40n/a21
Aug ’26€21.01
€26.19
+24.65%
14.36%€34.54€19.86n/a20
Jul ’26€17.51
€21.03
+20.07%
19.91%€30.56€15.28n/a22
Jun ’26€15.51
€21.92
+41.29%
20.38%€31.79€15.01n/a23
May ’26€14.08
€22.71
+61.33%
22.02%€31.89€15.06n/a22
Apr ’26€17.53
€27.68
+57.94%
14.88%€35.22€19.46n/a22
Mar ’26€22.26
€29.64
+33.15%
11.00%€36.64€24.11n/a19
Feb ’26€28.00
€29.58
+5.65%
9.60%€34.57€23.05€18.3320
Jan ’26€24.36
€29.18
+19.79%
9.54%€34.33€22.88€18.9720
Dec ’25€25.55
€28.32
+10.87%
9.20%€34.57€23.05€15.8920
Nov ’25€22.92
€24.79
+8.17%
14.91%€29.53€17.53€19.3920
Oct ’25€18.18
€20.66
+13.66%
16.81%€28.63€15.66€20.7120
Sep ’25€16.06
€20.89
+30.03%
17.05%€29.28€16.01€21.2519
Aug ’25€16.55
€21.10
+27.46%
17.13%€29.65€15.29€21.0118
Jul ’25€16.45
€20.13
+22.40%
17.33%€29.43€15.17€17.5120
Jun ’25€15.03
€20.09
+33.62%
17.63%€29.50€15.21€15.5120
May ’25€17.80
€19.94
+12.05%
18.15%€29.93€14.96€14.0819
Apr ’25€19.50
€19.65
+0.78%
17.78%€29.52€13.84€17.5321
Mar ’25€17.80
€19.39
+8.99%
20.16%€29.53€12.92€22.2618
Feb ’25€16.04
€18.70
+16.64%
21.44%€29.51€12.91€28.0019
€23.18
Fair Value
21.1% undervalued intrinsic discount
22
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/02/15 10:14
End of Day Share Price 2026/02/13 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Norwegian Cruise Line Holdings Ltd. is covered by 38 analysts. 21 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
John StaszakArgus Research Company
Brandt MontourBarclays
Felicia Kantor HendrixBarclays