We’ve recently updated our valuation analysis.

Carnival Corporation & 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/Revenue3.7x
Enterprise Value/EBITDA-27.3x
PEG Ration/a

Price to Sales Ratio vs Peers

How does CCL's PS Ratio compare to its 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 Average4.2x
RCL Royal Caribbean Cruises
2.3x16.1%US$16.3b
NCLH Norwegian Cruise Line Holdings
1.7x18.9%US$6.5b
TCOM Trip.com Group
8.9x23.1%US$25.5b
H Hyatt Hotels
4x10.5%US$12.0b
CCL Carnival Corporation &
1.1x17.4%US$13.5b

Price-To-Sales vs Peers: CCL is good value based on its Price-To-Sales Ratio (1.1x) compared to the peer average (4.2x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a25.5%
n/an/an/a

Price-To-Sales vs Industry: CCL is good value based on its Price-To-Sales Ratio (1.1x) compared to the US Hospitality industry average (1.8x)


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 Ratio1.1x
Fair PS Ratio2.7x

Price-To-Sales vs Fair Ratio: CCL is good value based on its Price-To-Sales Ratio (1.1x) compared to the estimated Fair Price-To-Sales Ratio (2.7x).


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 ($10.63) is trading below our estimate of fair value ($22.06)

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?

The above table shows the analyst CCL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$10.63
US$11.11
+4.5%
34.3%US$22.00US$6.00n/a19
Jan ’24US$8.06
US$11.26
+39.6%
36.8%US$22.00US$6.00n/a18
Dec ’23US$9.97
US$12.56
+25.9%
55.7%US$36.00US$6.00n/a20
Nov ’23US$9.05
US$12.30
+35.9%
60.0%US$36.00US$6.00n/a18
Oct ’23US$7.03
US$14.58
+107.4%
52.3%US$36.00US$6.80n/a18
Sep ’23US$9.35
US$15.03
+60.7%
49.9%US$36.00US$6.80n/a19
Aug ’23US$8.92
US$15.34
+71.9%
48.4%US$36.00US$7.00n/a19
Jul ’23US$8.82
US$17.16
+94.5%
41.2%US$36.00US$7.00n/a20
Jun ’23US$13.47
US$23.03
+71.0%
25.7%US$38.00US$15.00n/a18
May ’23US$17.30
US$23.37
+35.1%
24.2%US$38.00US$17.00n/a18
Apr ’23US$20.05
US$24.66
+23.0%
24.0%US$38.00US$17.00n/a17
Mar ’23US$18.86
US$27.07
+43.5%
23.2%US$39.00US$18.00n/a17
Feb ’23US$20.93
US$26.81
+28.1%
23.9%US$39.00US$18.00n/a17
Jan ’23US$20.12
US$27.39
+36.1%
23.6%US$39.00US$18.00US$8.0615
Dec ’22US$16.38
US$28.24
+72.4%
25.4%US$41.00US$18.00US$9.9716
Nov ’22US$23.07
US$28.12
+21.9%
23.1%US$41.00US$18.00US$9.0515
Oct ’22US$26.09
US$28.59
+9.6%
24.2%US$40.00US$18.00US$7.0314
Sep ’22US$23.51
US$28.09
+19.5%
25.1%US$40.00US$18.00US$9.3515
Aug ’22US$21.65
US$28.42
+31.3%
26.5%US$40.00US$14.70US$8.9216
Jul ’22US$26.36
US$28.67
+8.8%
27.7%US$41.00US$14.70US$8.8216
Jun ’22US$30.15
US$28.11
-6.8%
28.1%US$41.00US$14.70US$13.4715
May ’22US$27.96
US$28.74
+2.8%
26.0%US$41.00US$15.30US$17.3014
Apr ’22US$26.86
US$24.10
-10.3%
37.4%US$42.00US$14.00US$20.0513
Mar ’22US$26.31
US$18.87
-28.3%
24.1%US$30.00US$14.00US$18.8613
Feb ’22US$18.80
US$18.88
+0.4%
26.5%US$30.00US$10.00US$20.9314
Jan ’22US$21.66
US$18.86
-12.9%
33.8%US$32.00US$10.00US$20.1214

Analyst Forecast: Target price is less than 20% higher than the current share price.


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