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CCL

Carnival Corporation & NYSE:CCL Stock Report

Last Price

US$7.03

Market Cap

US$8.8b

7D

-21.5%

1Y

-73.1%

Updated

02 Oct, 2022

Data

Company Financials +
CCL fundamental analysis
Snowflake Score
Valuation5/6
Future Growth6/6
Past Performance0/6
Financial Health1/6
Dividends0/6

CCL Stock Overview

Carnival Corporation & plc operates as a leisure travel company.

Carnival Corporation & Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Carnival Corporation &
Historical stock prices
Current Share PriceUS$7.03
52 Week HighUS$26.42
52 Week LowUS$7.01
Beta2.04
1 Month Change-24.97%
3 Month Change-20.29%
1 Year Change-73.06%
3 Year Change-82.91%
5 Year Change-89.29%
Change since IPO40.60%

Recent News & Updates

Oct 03

Carnival: Sailing Into The Unknown

Summary Shares of the British-American cruise giant have once again experienced strong selling pressure after yet another troublesome earnings release. Investors in the company now have a chance to acquire shares of Carnival for below pandemic prices at a 30-year low of $7.03 per share. Operational results for the quarter represented a great improvement over the last quarter but failed to properly pour over to the financial results. The current cash-generating potential of Carnival still fails to even cover the interest expenses on the $35 billion in debt the company incurred. CCL appears to be heading into rough seas as the situation for the common stockholder continues to slowly deteriorate. I have long held a bearish stance on the British-American entertainment cruise giant, Carnival Corporation (CCL)(CUK), and have first outlined my thoughts on the matter in an article written in December last year titled: "Simply Running Out Of Time". The reasoning behind this has largely stayed the same. The cornerstone of the bear thesis could be summed up as the company taking out a tremendous amount of debt in order to finance its pandemic operations, shareholders being diluted out of the company ownership due to the effect of equity financing, and in the end, the ability of management turning the boat around being proven much more difficult than many have initially foreseen. The company reported its long-awaited third-quarter earnings results last Friday, once again disappointing investors and opening room for more than a 20% price drop in a single day which left the share price close to the 30-year low. While I believe that Monday's opening bell will allow for some optimism in the company to be restored, there is no doubt that Carnival Corporation has been going on a clear path from bad to worse since the onset of the pandemic, as shareholders take yet another painful punch to the gut. Still, not everything is that bad this time around. Carnival Q3 2022 earnings report News headlines over the weekend were less than favorable for the British-American cruise operator, which reported its third quarter results on Friday, the 30th of September. In fact, shares of Carnival fell by 23% and are once again trading below their pandemic lows after the stock market struggled to process the earnings results. However, for the first time in a while, we have several positives to discuss concerning the CCL earnings release. Revenues for the quarter came at $4.3 billion, more than the $4.0 billion in revenues for the combined first two-quarters of the year. However, the company still posted a quarterly loss of $279 million, which takes the tally to slightly more than a billion this year. To start on a more positive note, operational results for the quarter were an extraordinary improvement when compared to the last quarter and even came close to record-breaking quarters of late 2019. The company served more passengers as PCDs rose to 17.7 million, which represents an increase of almost 54.8% from the second quarter and only slightly falls behind the record-breaking Q3 of '19 by 28.24%. Additionally, total customer deposits were $4.8 billion in the third quarter of 2022, even approaching the record third quarter of $4.9 billion in 2019. New bookings for the quarter even offset most of the historical seasonal decline in customer deposits, suggesting there is still significant demand cruises in the quarters to follow. Occupancy rates at the time were 113%, with current third-quarter rates being set at 84%. However, it is important to note that management pointed out August rates were as high as 90%. This came as cruise companies largely began dropping most vaccine mandates and pandemic protocols in early August. This means there is still a lot of room for improvement operational-wise, which CCL will likely capitalize on over the next couple of quarters. Interestingly enough, we can observe the impact of soaring fuel prices as the company spent $487 on fuel per metric ton back in 2019, and more than $869 on fuel per metric ton back in the same period of this year. Statistical Information (CCL Q3 2022 Business Update) Our business continues on a positive trajectory. We've been closing the gap to 2019 as we put a stake in the ground internally and shifted from return to service to a relentless focus on return to strong profitability. The occupancy gap to 2019 has reduced from over 50 points in Q1 to less than 30 points in Q3. At the same time, our capacity in service has gone from approximately 60% in Q1 to over 90% in Q3. In fact, in the month of August, we achieved almost 90% occupancy at higher constant dollar revenue per diem despite the impact of future cruise credits. And the differential in adjusted cruise costs, excluding fuel per ALBD, has reduced from over $25 in Q1 down to $10 in Q3. As a result, we were able to generate over $300 million of adjusted EBITDA in the third quarter, overcoming a near doubling in fuel prices. Josh Weinstein, President, CEO - Q3 '22 Earnings Release Another positive that is worth pointing out is that management has doubled down on attempting to limit capital expenditures, with spending on shipbuilding expected to decrease at roughly 30% per year until 2025. This would see some desperately needed free cash flow finally freed up. Capital Expenditure Forecast (CCL Q3 2022 Business Update) This in fact means that we had the first quarter of positive EBITDA in a little over 4 years. The company ended the third quarter with $7.4 billion of liquidity, which involves their current cash and some $2.4 billion in a revolving credit facility. It effectively sums up most of the positive financial updates for the quarter, the rest is much less impressive. Quarterly EBITDA (TIKR Terminal) Ultimately, the main issue remains the same. Carnival is still burning through significantly more cash than it generates. The positive here is that it no longer burns approximately $2 billion per quarter, as was the case during the pandemic, but there is still nowhere near enough generated cash to be able to turn the boat around for the company. As of the third quarter, CCL generated a negative $344 million in cash from operations and a negative $822 million in free cash flow. The quarterly interest expense alone is parked at $422.00 million. How bad things actually look can be seen when we compare the numbers to pre-pandemic Q3 of 2019, when the company generated $1.24 billion in cash from operations and $818 million in free cash flow. Pre-pandemic quarterly interest expenses were only $52 million. CFO, FCF, and Interest Expense (TIKR Terminal) The guidance for the full year and 2023 remains bleak at best. Management made it clear they expect another tough quarter given the seasonality of their business. Henceforth, Carnival is expected to post another net loss next quarter. Fourth-quarter EBITDA is expected to be negative as well, however, management noted that overall the second half of the year should have a positive EBITDA. This would in theory limit negative EBITDA to up $200 million in the fourth quarter. They didn't feel comfortable providing guidance for 2023 other than to note that the company anticipated continued improvement in adjusted EBITDA and occupancy throughout the following year. Decay of CCL's balance sheet It is not really possible to discuss Carnival Corporation without addressing the two main issues the company faces, debt and dilution. CCL is simply not the same company it was in early 2019, with the balance sheet having significantly deteriorated due to the amount of debt and equity financing the company was forced to take on to stay afloat. The main issue at hand is one concerning the outstanding debt the company has incurred in the period over the last three years. As per the latest quarterly filing, the company had $35.28 billion in total debt and $28.21 billion in net debt. In the third quarter of 2019, prior to the pandemic, the company reported $35.28 billion in total debt and $28.21 billion in net debt Total Debt and Net Debt (TIKR Terminal) If we annualized the positive third-quarter EBITDA, the company would generate $1.2 billion in EBITDA. That would land the Net Debt/EBITDA ratio at 24.3x, while the Total Debt/EBITDA ratio would be 29.4x. It is worth keeping in mind that this figure is with management already telling us that fourth-quarter EBITDA is likely to be negative. Even if CCL could generate between $5-6 billion in EBITDA next year, which seems quite optimistic from where we stand today, that would still place the company at Net Debt/EBITDA at 4.70-5.64x and a Total Debt/EBITDA at 5.88-7.05x. Carnival was able to generate between $4.5-5.5 billion in EBITDA during the best years leading up to the pandemic outbreak. Another issue in this aspect is the structure of the debt. Close to 40% or $13.82 billion of debt was taken out at a floating rate, which is going to cause additional issues for the cruise operator down the road given the current macroeconomic environment. Structure of Debt (CCL Q3 2022 10-Q) Management once again doubled down on its efforts in kicking as much of the debt as possible down the road, which helps the company stay afloat, for now at least. Instead of having $2.89 billion of debt maturing next year, due to refinancing efforts during this quarter, that principal has been lowered by $520 million to $2.37 billion. From that point on, management will have to scrape the barrel in order to find $4.93 billion in 2024, $4.25 billion in 2025, and $4.38 billion in 2026.

Sep 26

Carnival: 3 Reasons We're Bullish Into Q3 Earnings

Summary Carnival Corp. is set to report its Q3 earnings on Friday, September 30th. Solid trends in cruise bookings during the summer travel season along with the pullback in energy prices may support a strong report. We like the stock amid low expectations, with the recent selloff providing an attractive buying opportunity for a long-term turnaround story. It's been a painful year for Carnival Corporation & plc (CCL) with shares down more than 50%. Compared to some optimism last year that the cruise giant was set to sail away from pandemic disruptions, the latest storm is the threat of a looming recession, sending the stock back to near its Covid crash low. The story has been the impact of record fuel prices hitting margins, pushing back further any timetable for a return to sustainable profitability. A high debt position has also weighed on sentiment. That being said, we like the stock heading into this week's Q3 earnings. With expectations particularly low, there are a couple of reasons Carnival can deliver a strong report that sends shares higher. First, this quarter represented the peak of the summer cruise season which by all indications was exceptionally strong, capturing pent-up demand for leisure and entertainment. It's also notable that this year did not feature any major gulf or Caribbean hurricanes during the summer months that historically lead to cancellations and earnings variability. We'll highlight how falling energy prices during the quarter may likely provide some relief against the more significant cost headwinds in Q2. Finally, we also believe the booking trends remain strong despite the challenging macro environment. Pricing initiatives along with the impact of new ship launches may have added a boost to financial momentum. CCL Q3 Earnings Preview CCL is scheduled to report its Q3 earnings this Friday, September 30th. The consensus estimate for revenue at $4.9 billion represents an increase of 800% from Q3 2021 in the context of the period last year defined by the early post-pandemic startup with significant capacity constraints. For reference, even with more improving operating trends this year, Covid restrictions have still been in place, which explains some of the spread compared to peak sales in Q3 2019 of $6.1 billion as a pre-pandemic benchmark. In other words, the theme with Carnival and other cruise lines is still an ongoing recovery with more gradual normalization compared to other industries. The result has been depressed financials, with large losses in the recent quarter. This is expected to continue with the upcoming Q3 result as the forecast is looking for a loss of -$0.15. Again, an improvement compared to -$1.46 in Q3 2021 but still far off from positive earnings of $2.54 in Q3 2019. Seeking Alpha The other important theme here for the company has been its increasing debt load, along with stock issuances utilized over the past year to support operations coming out of the pandemic. The company ended Q2 with $36 billion in total debt, a level nearly 3x more than the $11.5 billion at the end of fiscal 19. In July, Carnival issued $1 billion in stock at an offering price of $9.95 which further explains some of the weakness in the stock over the period. While Carnival's balance sheet is indeed a weakness in the company's investment profile, the understanding is that the debt level is manageable, at least with an outlook for more sustainable profitability going forward. According to consensus estimates, the forecast is that next year benefits from a full year of more normalized operations. The market revenue of $13.5 billion this year climbed to $22 billion for fiscal 2023, which would be a new company top-line record. The market also expected earnings to turn positive in 2023 with EPS of $0.96 reversing the loss of -$3.78 expected for the full year 2022 result. We see room for Carnival to outperform through higher margins. Seeking Alpha CCL Stock Price Forecast As mentioned, the setup heading into this Q3 earnings report is deep pessimism against the difficult economic conditions. The combination of stubbornly high inflation and climbing interest rates means that consumers are getting pressured, which could translate into a slowdown of demand for cruises, hitting Carnival's operating outlook. As it relates to the stock, the question is how much of these factors have already been priced in, considering shares are already off nearly 20% from their September high of $11.19 just a few weeks ago. Seeking Alpha The good news is that all the real-time updates from the cruise industry have been positive. During the last Q2 earnings conference call, CCL management noted occupancy rates have been climbing sequentially by month all year, with bookings into 2023 at the higher end of historical ranges. The other important development in recent weeks is the news that Carnival is ending pre-cruise Covid testing requirements. For anyone potential customer that was avoiding booking a trip based on inconvenient restrictions, the "back to normal" protocols also remove a layer of extra expenses at the operating level. These are industry-wide trends, with a sense that cruises are in high demand given their relative affordability compared to other travel alternatives. It's worth noting that with the launch of the cruise line's newest flagship "Mardi Gras" and the upcoming "Celebration" vessels, Carnival system capacity across all brands is on track to be 8% higher by next year compared to 2019. What's interesting about these two ships as it relates to Carnival's long-term outlook is that they represent a strategic shift toward a more premium product that is expected to support margins higher, with the impact possibly already having an effect in this upcoming Q3 earnings report.

Aug 30

Carnival Corporation: For Risk-Tolerant Investors Only

Summary Carnival Corporation’s stock price rose by almost 9% from the end of July to Aug. 26, making it an excellent time to assess if it has more upside. Its financials have improved quite a bit in the first six months of its current financial year. Both the company and analysts expect its numbers to improve further going forward. Its valuations look favorable compared to other cruise providers as well. However, it's overvalued compared to the travel industry in general. Its debt has risen 3x since 2019, and with the U.S. economy in a technical recession now, the outlook for cyclical stocks like Carnival is riskier than usual. Editor's note: Seeking Alpha is proud to welcome Manika Premsingh as a new contributor. It's easy to become a Seeking Alpha contributor and earn money for your best investment ideas. Active contributors also get free access to SA Premium. Click here to find out more » Shares of Carnival Corporation (CCL)(CUK) have seen an impressive rise of almost 9% up to Aug. 26, compared to where it was at the end of July. This appears to be a good sign for the hotels, holidays and cruise lines company, whose share price, unsurprisingly, took a big hit during the pandemic. With the worst quite likely over for COVID-19, it appears tempting to buy the stock while it is still way below its pre-pandemic levels. On balance, the following analysis reveals that the risks are too high to make it a sure investment bet. Improving revenues, shrinking losses The company is not without merit, though. For the six months ending May 31, 2022, Carnival reported revenues of $4,042 million, which is an over 54x increase over the $75 million reported during the same period of 2021. Its net loss has declined too, albeit moderately, by 7.9% to $3,726 million from $4,045 million for the six months ended May 31, 2021. The improvement in its financials is driven by the normalization of conditions post-pandemic, with 86% of its cruise fleet back in operation at the end of the said period. Continued growth expected Looking ahead, Seeking Alpha's analyst projections show that its numbers for the full year ending Nov. 30, 2022, are expected to improve further. Revenues are expected to be at $13.5 billion, a 7.1% growth over the $1.91 billion revenues seen in 2021. By 2023, at least in terms of revenues, the company expects to finally put the pandemic impact behind it. In its latest results statement, Carnival said it expects revenues in the year on a per-passenger basis to increase from 2019, the last pre-pandemic year. This is corroborated by analysts' views as well. Seeking Alpha's projections expect a 5.5% increase in revenues in 2023 to almost $22 billion from 2019 levels. Favorable market valuations In terms of its market valuations, there are positives to the Carnival Corporation stock as well. The popular price-to-earnings (P/E) ratio is not applicable in this case because it is loss-making right now. Instead, the alternative price-to-sales (P/S) ratio is considered instead against the company's peers. Two peer categories have been considered here. The first is its direct peers, which looks at other cruise providers. The second is a more broad comparison across companies in the travel industry. It has a P/S ratio of 1.6x, which makes it quite attractive. It is the lowest among its direct peers - Norwegian Cruise Line Holdings (NYSE:NCLH) and Royal Caribbean Cruises (NYSE:RCL). Even among travel industry peers, its P/S is higher only than online travel stock Expedia (NASDAQ:EXPE), which stands at 1.5x. Its low P/S is most stark compared with Hotel group H World Group (NASDAQ:HTHT), which is at 6.3x. This indicates that the stock can continue to rise further, as it is relatively undervalued. Comparison of market valuations across peers Direct Peers - Cruise providers Stock P/S EV/R Carnival Corporation 1.67 6.63 Norwegian Cruise Line Holdings 2.37 7.33 Royal Caribbean Cruises 2.12 6.77 Travel Industry Peers H World Group 6.29 1.37 Intercontinental Hotels Group 3.11 3.51 Hyatt Hotels Corporation 2.13 2.60 Expedia Group 1.50 1.66 Sources: Seeking Alpha, Yahoo Finance. Note: All figures are as of the close on Aug. 26, 2022. Consider alternative valuations as well But this is only one side of the story. Another way to look at the company's valuation is by comparing the enterprise value-to-revenue (EV/R) ratio with peers. EV gives a more comprehensive picture, which indicates the value a company would be sold at if it comes to that. It is not an entirely farfetched idea. Companies that suffered setbacks because of the pandemic are vulnerable because of their debt situation. For instance, Cineworld (CNNWF) is considering filing for bankruptcy because of its huge debts. While it is in a different sector, cinemas, it is still under the bigger ambit of recreation and entertainment, of which Carnival is also a part. It too suffered a big setback because of the lockdown effect, which has resulted in its current state of financial difficulties.

Shareholder Returns

CCLUS HospitalityUS Market
7D-21.5%-0.2%-2.5%
1Y-73.1%-34.1%-23.2%

Return vs Industry: CCL underperformed the US Hospitality industry which returned -34.1% over the past year.

Return vs Market: CCL underperformed the US Market which returned -23.2% over the past year.

Price Volatility

Is CCL's price volatile compared to industry and market?
CCL volatility
CCL Average Weekly Movement12.2%
Hospitality Industry Average Movement7.3%
Market Average Movement6.8%
10% most volatile stocks in US Market15.5%
10% least volatile stocks in US Market2.8%

Stable Share Price: CCL is more volatile than 75% of US stocks over the past 3 months, typically moving +/- 12% a week.

Volatility Over Time: CCL's weekly volatility (12%) has been stable over the past year, but is still higher than 75% of US stocks.

About the Company

FoundedEmployeesCEOWebsite
197240,000Josh Weinsteinhttps://www.carnivalcorp.com

Carnival Corporation & plc operates as a leisure travel company. Its ships visit approximately 700 ports under the Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises (UK), and Cunard brand names. The company also provides port destinations and other services, as well as owns and owns and operates hotels, lodges, glass-domed railcars, and motor coaches.

Carnival Corporation & Fundamentals Summary

How do Carnival Corporation &'s earnings and revenue compare to its market cap?
CCL fundamental statistics
Market CapUS$8.77b
Earnings (TTM)-US$7.11b
Revenue (TTM)US$9.62b

0.9x

P/S Ratio

-1.2x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CCL income statement (TTM)
RevenueUS$9.62b
Cost of RevenueUS$7.16b
Gross ProfitUS$2.46b
Other ExpensesUS$9.57b
Earnings-US$7.11b

Last Reported Earnings

Aug 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)-5.65
Gross Margin25.55%
Net Profit Margin-73.98%
Debt/Equity Ratio406.6%

How did CCL perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

CCL key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue3.8x
Enterprise Value/EBITDA-14.3x
PEG Ration/a

Price to Sales Ratio vs Peers

How does CCL's PS Ratio compare to its peers?

CCL PS Ratio vs Peers
The above table shows the PS ratio for CCL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average3.6x
RCL Royal Caribbean Cruises
2.1x18.7%US$9.7b
NCLH Norwegian Cruise Line Holdings
2x23.5%US$4.8b
H Hyatt Hotels
3.5x8.7%US$8.8b
TCOM Trip.com Group
6.9x24.6%US$17.5b
CCL Carnival Corporation &
0.9x21.3%US$8.8b

Price-To-Sales vs Peers: CCL is good value based on its Price-To-Sales Ratio (0.9x) compared to the peer average (3.6x).


Price to Earnings Ratio vs Industry

How does CCL's PE Ratio compare vs other companies in the US Hospitality Industry?

Price-To-Sales vs Industry: CCL is good value based on its Price-To-Sales Ratio (0.9x) compared to the US Hospitality industry average (1.5x)


Price to Sales Ratio vs Fair Ratio

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

CCL PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.9x
Fair PS Ratio3.8x

Price-To-Sales vs Fair Ratio: CCL is good value based on its Price-To-Sales Ratio (0.9x) compared to the estimated Fair Price-To-Sales Ratio (3.8x).


Share Price vs Fair Value

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

Below Fair Value: CCL ($7.03) is trading below our estimate of fair value ($29.26)

Significantly Below Fair Value: CCL is trading below fair value by more than 20%.


Analyst Price Targets

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

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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Future Growth

How is Carnival Corporation & forecast to perform in the next 1 to 3 years based on estimates from 20 analysts?

Future Growth Score

6/6

Future Growth Score 6/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


48.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CCL is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.9%).

Earnings vs Market: CCL is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: CCL is expected to become profitable in the next 3 years.

Revenue vs Market: CCL's revenue (21.3% per year) is forecast to grow faster than the US market (7.7% per year).

High Growth Revenue: CCL's revenue (21.3% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CCL's Return on Equity is forecast to be high in 3 years time (22.9%)


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Past Performance

How has Carnival Corporation & performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-60.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CCL is currently unprofitable.

Growing Profit Margin: CCL is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: CCL is unprofitable, and losses have increased over the past 5 years at a rate of 60.5% per year.

Accelerating Growth: Unable to compare CCL's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: CCL is unprofitable, making it difficult to compare its past year earnings growth to the Hospitality industry (36.2%).


Return on Equity

High ROE: CCL has a negative Return on Equity (-84.91%), as it is currently unprofitable.


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Financial Health

How is Carnival Corporation &'s financial position?

Financial Health Score

1/6

Financial Health Score 1/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: CCL's short term assets ($8.4B) do not cover its short term liabilities ($13.0B).

Long Term Liabilities: CCL's short term assets ($8.4B) do not cover its long term liabilities ($30.6B).


Debt to Equity History and Analysis

Debt Level: CCL's net debt to equity ratio (322.2%) is considered high.

Reducing Debt: CCL's debt to equity ratio has increased from 38.1% to 406.6% over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: CCL has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if CCL has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.


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Dividend

What is Carnival Corporation & current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


0.80%

Forecast Dividend Yield

Dividend Yield vs Market

Carnival Corporation & Dividend Yield vs Market
How does Carnival Corporation & dividend yield compare to the market?
SegmentDividend Yield
Company (Carnival Corporation &)0%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Hospitality)2.0%
Analyst forecast in 3 Years (Carnival Corporation &)0.8%

Notable Dividend: Unable to evaluate CCL's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate CCL's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if CCL's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if CCL's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: CCL is not paying a notable dividend for the US market.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as CCL has not reported any payouts.


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Management

How experienced are the management team and are they aligned to shareholders interests?

7.6yrs

Average management tenure


CEO

Josh Weinstein (48 yo)

0.17yr

Tenure

Mr. Josh Weinstein serves as Chief Operations Officer at Carnival Corporation since 2020. He has been President, Chief Executive Officer, Director of Carnival Corporation & Plc since August 1, 2022 and ser...


Leadership Team

Experienced Management: CCL's management team is seasoned and experienced (7.6 years average tenure).


Board Members

Experienced Board: CCL's board of directors are seasoned and experienced ( 14.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NYSE:CCL Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
25 May 22BuyUS$1,175,500Randall WeisenburgerIndividual100,000US$11.76
28 Jan 22SellUS$1,827,970Arnold DonaldIndividual95,796US$19.08
20 Jan 22SellUS$164,018David BernsteinIndividual7,670US$21.38

Ownership Breakdown

What is the ownership structure of CCL?
Owner TypeNumber of SharesOwnership Percentage
Private Companies58,3780.005%
Public Companies111,1870.009%
State or Government440,8060.04%
Individual Insiders123,898,95510.0%
General Public497,968,70240.1%
Institutions620,583,09949.9%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 10.9%.


Top Shareholders

Top 25 shareholders own 44.37% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
9.74%
Micky Arison
121,136,034$851.6m0%no data
7.91%
The Vanguard Group, Inc.
98,351,818$691.4m1.34%0.02%
4.58%
BlackRock, Inc.
56,979,958$400.6m1.9%0.01%
4.09%
The Public Investment Fund of The Kingdom of Saudi Arabia
50,830,926$357.3m0%0.17%
2.95%
BB&T Trust
36,685,269$257.9m-0.01%0.74%
2.53%
State Street Global Advisors, Inc.
31,504,735$221.5m-2.42%0.02%
1.29%
Geode Capital Management, LLC
16,018,601$112.6m-0.01%0.02%
1.18%
UBS Asset Management
14,674,681$103.2m7.76%0.02%
1.16%
PRIMECAP Management Company
14,396,424$101.2m-0.36%0.12%
1.06%
Northern Trust Global Investments
13,233,115$93.0m-0.21%0.02%
0.8%
Aristeia Capital, LLC
9,995,459$70.3m-1.43%1.41%
0.67%
Barclays Bank PLC, Securities Investments
8,340,507$58.6m303.5%0.18%
0.67%
Norges Bank Investment Management
8,294,053$58.3m0%0.01%
0.64%
Sprucegrove Investment Management Ltd
7,981,642$56.1m-8.87%0.9%
0.62%
Legal & General Investment Management Limited
7,702,690$54.1m1.72%0.02%
0.57%
Susquehanna International Group, LLP, Asset Management Arm
7,127,473$50.1m-4.42%0.15%
0.55%
Invesco Capital Management LLC
6,878,320$48.4m39.41%0.05%
0.5%
Morgan Stanley, Investment Banking and Brokerage Investments
6,229,280$43.8m6.63%0.01%
0.49%
BMO Asset Management Corp.
6,077,713$42.7m-35.87%0.03%
0.47%
BNY Mellon Asset Management
5,786,299$40.7m5.6%0.01%
0.44%
Charles Schwab Investment Management, Inc.
5,447,378$38.3m9.54%0.01%
0.39%
Dimensional Fund Advisors LP
4,906,284$34.5m-2.03%0.01%
0.37%
HSBC Global Asset Management (UK) Limited
4,538,741$31.9m-10.55%0.03%
0.34%
EARNEST Partners, LLC
4,271,867$30.0m-1.34%0.26%
0.34%
Two Sigma Investments, LP
4,203,831$29.6m-52.95%0.14%

Company Information

Carnival Corporation & plc's employee growth, exchange listings and data sources


Key Information

  • Name: Carnival Corporation & plc
  • Ticker: CCL
  • Exchange: NYSE
  • Founded: 1972
  • Industry: Hotels, Resorts and Cruise Lines
  • Sector: Consumer Services
  • Implied Market Cap: US$8.771b
  • Shares outstanding: 1.26b
  • Website: https://www.carnivalcorp.com

Number of Employees


Location

  • Carnival Corporation & plc
  • Carnival Place
  • 3655 N.W. 87th Avenue
  • Miami
  • Florida
  • 33178-2428
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CCLNYSE (New York Stock Exchange)YesCorporation Common StockUSUSDJul 1987
CVC1DB (Deutsche Boerse AG)YesCorporation Common StockDEEURJul 1987
0EV1LSE (London Stock Exchange)YesCorporation Common StockGBUSDJul 1987
CCL1 NBMV (Bolsa Mexicana de Valores)YesCorporation Common StockMXMXNJul 1987
CCLBVL (Bolsa de Valores de Lima)YesCorporation Common StockPEUSDJul 1987
CVC1BUL (Bulgaria Stock Exchange)YesCorporation Common StockBGEURJul 1987
CUKP.FOTCPK (Pink Sheets LLC)PLC Ordinary SharesUSUSDJan 2003
CCLLSE (London Stock Exchange)PLC Ordinary SharesGBGBPJan 2003
POH1DB (Deutsche Boerse AG)PLC Ordinary SharesDEEURJan 2003
CCLLBATS-CHIXE (BATS 'Chi-X Europe')PLC Ordinary SharesGBGBPJan 2003
CCL NBMV (Bolsa Mexicana de Valores)PLC Ordinary SharesMXMXNJan 2003
CUKNYSE (New York Stock Exchange)ADS EACH REP 1 ORD USD1.66USUSDJan 2003
POH3DB (Deutsche Boerse AG)ADS EACH REP 1 ORD USD1.66DEEURJan 2003
CUK NBMV (Bolsa Mexicana de Valores)ADS EACH REP 1 ORD USD1.66MXMXNJan 2003
C1CL34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EA REP 1 UNIT(1 COM CARN & 1 TR P&O)BRBRLDec 2019

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/02 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/08/31
Annual Earnings2021/11/30


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 here.