Intrinsic value of Norwegian Cruise Line Holdings - NCLH

Previous Close

$56.18

  Intrinsic Value

$17.52

stock screener

  Rating & Target

str. sell

-69%

  Value-price divergence*

-93%

Previous close

$56.18

 
Intrinsic value

$17.52

 
Up/down potential

-69%

 
Rating

str. sell

 
Value-price divergence*

-93%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of NCLH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 12.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.17
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  4,874
  5,205
  5,550
  5,908
  6,281
  6,670
  7,074
  7,495
  7,935
  8,393
  8,871
  9,370
  9,892
  10,437
  11,006
  11,602
  12,225
  12,877
  13,559
  14,274
  15,023
  15,807
  16,628
  17,489
  18,391
  19,337
  20,329
  21,369
  22,460
  23,604
  24,804
Variable operating expenses, $m
 
  2,999
  3,189
  3,386
  3,591
  3,804
  4,026
  4,258
  4,499
  4,751
  5,014
  5,149
  5,436
  5,735
  6,048
  6,375
  6,718
  7,076
  7,451
  7,844
  8,255
  8,686
  9,137
  9,610
  10,106
  10,626
  11,171
  11,742
  12,342
  12,970
  13,630
Fixed operating expenses, $m
 
  1,187
  1,217
  1,247
  1,278
  1,310
  1,343
  1,376
  1,411
  1,446
  1,482
  1,519
  1,557
  1,596
  1,636
  1,677
  1,719
  1,762
  1,806
  1,851
  1,898
  1,945
  1,994
  2,043
  2,095
  2,147
  2,201
  2,256
  2,312
  2,370
  2,429
Total operating expenses, $m
  3,949
  4,186
  4,406
  4,633
  4,869
  5,114
  5,369
  5,634
  5,910
  6,197
  6,496
  6,668
  6,993
  7,331
  7,684
  8,052
  8,437
  8,838
  9,257
  9,695
  10,153
  10,631
  11,131
  11,653
  12,201
  12,773
  13,372
  13,998
  14,654
  15,340
  16,059
Operating income, $m
  925
  1,019
  1,145
  1,276
  1,413
  1,556
  1,705
  1,861
  2,025
  2,196
  2,375
  2,702
  2,899
  3,105
  3,322
  3,549
  3,788
  4,039
  4,302
  4,579
  4,870
  5,176
  5,497
  5,835
  6,191
  6,564
  6,958
  7,371
  7,806
  8,264
  8,745
EBITDA, $m
  1,371
  1,580
  1,733
  1,893
  2,061
  2,235
  2,417
  2,608
  2,807
  3,015
  3,233
  3,461
  3,700
  3,951
  4,214
  4,490
  4,779
  5,082
  5,401
  5,736
  6,087
  6,457
  6,845
  7,252
  7,681
  8,131
  8,605
  9,103
  9,626
  10,177
  10,755
Interest expense (income), $m
  303
  295
  322
  350
  378
  408
  439
  472
  506
  541
  578
  616
  656
  698
  742
  787
  835
  885
  937
  992
  1,050
  1,110
  1,172
  1,238
  1,307
  1,380
  1,456
  1,535
  1,619
  1,706
  1,798
Earnings before tax, $m
  640
  724
  823
  926
  1,034
  1,147
  1,266
  1,389
  1,519
  1,655
  1,798
  2,086
  2,243
  2,407
  2,580
  2,762
  2,953
  3,154
  3,365
  3,587
  3,821
  4,066
  4,325
  4,597
  4,883
  5,185
  5,502
  5,836
  6,187
  6,558
  6,947
Tax expense, $m
  7
  196
  222
  250
  279
  310
  342
  375
  410
  447
  485
  563
  606
  650
  697
  746
  797
  852
  909
  968
  1,032
  1,098
  1,168
  1,241
  1,318
  1,400
  1,486
  1,576
  1,671
  1,771
  1,876
Net income, $m
  633
  529
  601
  676
  755
  838
  924
  1,014
  1,109
  1,208
  1,312
  1,523
  1,637
  1,757
  1,884
  2,016
  2,156
  2,302
  2,456
  2,619
  2,789
  2,968
  3,157
  3,356
  3,565
  3,785
  4,016
  4,260
  4,517
  4,787
  5,071

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  128
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  12,974
  13,735
  14,644
  15,590
  16,574
  17,598
  18,665
  19,777
  20,936
  22,145
  23,407
  24,724
  26,100
  27,537
  29,040
  30,612
  32,256
  33,976
  35,777
  37,663
  39,637
  41,706
  43,873
  46,145
  48,526
  51,021
  53,638
  56,383
  59,261
  62,280
  65,447
Adjusted assets (=assets-cash), $m
  12,846
  13,735
  14,644
  15,590
  16,574
  17,598
  18,665
  19,777
  20,936
  22,145
  23,407
  24,724
  26,100
  27,537
  29,040
  30,612
  32,256
  33,976
  35,777
  37,663
  39,637
  41,706
  43,873
  46,145
  48,526
  51,021
  53,638
  56,383
  59,261
  62,280
  65,447
Revenue / Adjusted assets
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
Average production assets, $m
  10,703
  11,431
  12,188
  12,975
  13,794
  14,647
  15,535
  16,460
  17,425
  18,431
  19,481
  20,577
  21,722
  22,919
  24,170
  25,478
  26,846
  28,278
  29,777
  31,346
  32,989
  34,711
  36,515
  38,405
  40,387
  42,464
  44,642
  46,926
  49,322
  51,834
  54,470
Working capital, $m
  -1,902
  -521
  -555
  -591
  -628
  -667
  -707
  -750
  -793
  -839
  -887
  -937
  -989
  -1,044
  -1,101
  -1,160
  -1,222
  -1,288
  -1,356
  -1,427
  -1,502
  -1,581
  -1,663
  -1,749
  -1,839
  -1,934
  -2,033
  -2,137
  -2,246
  -2,360
  -2,480
Total debt, $m
  6,399
  6,849
  7,438
  8,049
  8,686
  9,349
  10,039
  10,759
  11,509
  12,291
  13,107
  13,959
  14,849
  15,780
  16,752
  17,769
  18,833
  19,946
  21,111
  22,331
  23,608
  24,947
  26,349
  27,819
  29,359
  30,974
  32,667
  34,443
  36,305
  38,258
  40,307
Total liabilities, $m
  8,436
  8,886
  9,475
  10,086
  10,723
  11,386
  12,076
  12,796
  13,546
  14,328
  15,144
  15,996
  16,886
  17,817
  18,789
  19,806
  20,870
  21,983
  23,148
  24,368
  25,645
  26,984
  28,386
  29,856
  31,396
  33,011
  34,704
  36,480
  38,342
  40,295
  42,344
Total equity, $m
  4,538
  4,848
  5,169
  5,503
  5,850
  6,212
  6,589
  6,981
  7,390
  7,817
  8,263
  8,728
  9,213
  9,721
  10,251
  10,806
  11,386
  11,994
  12,629
  13,295
  13,992
  14,722
  15,487
  16,289
  17,130
  18,011
  18,934
  19,903
  20,919
  21,985
  23,103
Total liabilities and equity, $m
  12,974
  13,734
  14,644
  15,589
  16,573
  17,598
  18,665
  19,777
  20,936
  22,145
  23,407
  24,724
  26,099
  27,538
  29,040
  30,612
  32,256
  33,977
  35,777
  37,663
  39,637
  41,706
  43,873
  46,145
  48,526
  51,022
  53,638
  56,383
  59,261
  62,280
  65,447
Debt-to-equity ratio
  1.410
  1.410
  1.440
  1.460
  1.480
  1.500
  1.520
  1.540
  1.560
  1.570
  1.590
  1.600
  1.610
  1.620
  1.630
  1.640
  1.650
  1.660
  1.670
  1.680
  1.690
  1.690
  1.700
  1.710
  1.710
  1.720
  1.730
  1.730
  1.740
  1.740
  1.740
Adjusted equity ratio
  0.343
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  633
  529
  601
  676
  755
  838
  924
  1,014
  1,109
  1,208
  1,312
  1,523
  1,637
  1,757
  1,884
  2,016
  2,156
  2,302
  2,456
  2,619
  2,789
  2,968
  3,157
  3,356
  3,565
  3,785
  4,016
  4,260
  4,517
  4,787
  5,071
Depreciation, amort., depletion, $m
  446
  561
  589
  618
  648
  679
  712
  746
  782
  819
  858
  759
  802
  846
  892
  940
  991
  1,043
  1,099
  1,157
  1,217
  1,281
  1,347
  1,417
  1,490
  1,567
  1,647
  1,732
  1,820
  1,913
  2,010
Funds from operations, $m
  1,314
  1,090
  1,189
  1,294
  1,403
  1,517
  1,636
  1,761
  1,891
  2,027
  2,170
  2,282
  2,439
  2,603
  2,776
  2,957
  3,146
  3,346
  3,555
  3,775
  4,006
  4,249
  4,505
  4,773
  5,055
  5,352
  5,664
  5,992
  6,337
  6,700
  7,081
Change in working capital, $m
  74
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -60
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -120
Cash from operations, $m
  1,240
  1,123
  1,224
  1,330
  1,440
  1,556
  1,676
  1,803
  1,935
  2,073
  2,218
  2,332
  2,491
  2,658
  2,833
  3,016
  3,209
  3,411
  3,623
  3,847
  4,081
  4,328
  4,587
  4,859
  5,145
  5,446
  5,763
  6,096
  6,446
  6,814
  7,201
Maintenance CAPEX, $m
  0
  -395
  -422
  -450
  -479
  -509
  -540
  -573
  -607
  -643
  -680
  -719
  -759
  -802
  -846
  -892
  -940
  -991
  -1,043
  -1,099
  -1,157
  -1,217
  -1,281
  -1,347
  -1,417
  -1,490
  -1,567
  -1,647
  -1,732
  -1,820
  -1,913
New CAPEX, $m
  -1,092
  -728
  -757
  -787
  -819
  -853
  -888
  -925
  -965
  -1,006
  -1,050
  -1,096
  -1,145
  -1,197
  -1,251
  -1,308
  -1,368
  -1,432
  -1,499
  -1,569
  -1,644
  -1,722
  -1,804
  -1,890
  -1,982
  -2,077
  -2,178
  -2,284
  -2,395
  -2,513
  -2,636
Cash from investing activities, $m
  -1,129
  -1,123
  -1,179
  -1,237
  -1,298
  -1,362
  -1,428
  -1,498
  -1,572
  -1,649
  -1,730
  -1,815
  -1,904
  -1,999
  -2,097
  -2,200
  -2,308
  -2,423
  -2,542
  -2,668
  -2,801
  -2,939
  -3,085
  -3,237
  -3,399
  -3,567
  -3,745
  -3,931
  -4,127
  -4,333
  -4,549
Free cash flow, $m
  111
  0
  45
  93
  142
  194
  248
  304
  363
  424
  488
  517
  587
  660
  736
  816
  900
  989
  1,081
  1,179
  1,281
  1,389
  1,502
  1,621
  1,747
  1,879
  2,018
  2,164
  2,319
  2,482
  2,653
Issuance/(repayment) of debt, $m
  10
  578
  588
  612
  637
  663
  690
  719
  750
  782
  816
  852
  890
  930
  972
  1,017
  1,064
  1,113
  1,165
  1,220
  1,278
  1,338
  1,402
  1,470
  1,540
  1,615
  1,693
  1,776
  1,862
  1,953
  2,049
Issuance/(repurchase) of shares, $m
  -43
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -98
  578
  588
  612
  637
  663
  690
  719
  750
  782
  816
  852
  890
  930
  972
  1,017
  1,064
  1,113
  1,165
  1,220
  1,278
  1,338
  1,402
  1,470
  1,540
  1,615
  1,693
  1,776
  1,862
  1,953
  2,049
Total cash flow (excl. dividends), $m
  12
  578
  633
  705
  779
  857
  938
  1,023
  1,113
  1,206
  1,304
  1,369
  1,477
  1,590
  1,708
  1,833
  1,964
  2,102
  2,246
  2,399
  2,559
  2,727
  2,904
  3,091
  3,287
  3,494
  3,711
  3,940
  4,181
  4,435
  4,702
Retained Cash Flow (-), $m
  -757
  -310
  -321
  -334
  -347
  -362
  -377
  -392
  -409
  -427
  -445
  -465
  -486
  -507
  -531
  -555
  -580
  -607
  -636
  -666
  -697
  -730
  -765
  -802
  -840
  -881
  -924
  -969
  -1,016
  -1,066
  -1,118
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  268
  313
  371
  432
  495
  562
  631
  703
  779
  859
  904
  991
  1,082
  1,178
  1,278
  1,384
  1,494
  1,611
  1,733
  1,862
  1,997
  2,139
  2,289
  2,447
  2,612
  2,787
  2,971
  3,165
  3,369
  3,584
Discount rate, %
 
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
 
  246
  262
  282
  294
  300
  299
  292
  279
  262
  242
  210
  188
  164
  140
  118
  97
  78
  61
  47
  35
  25
  18
  12
  8
  5
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Norwegian Cruise Line Holdings Ltd. operates as a cruise company. It provides cruise itineraries ranging from 1 to 180-days calling on worldwide locations. The company offers its products through independent travel agents, wholesalers, and tour operators. It operates 24 ships under the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands with approximately 46,500 Berths. The company was founded in 1966 and is headquartered in Miami, Florida.

FINANCIAL RATIOS  of  Norwegian Cruise Line Holdings (NCLH)

Valuation Ratios
P/E Ratio 20.2
Price to Sales 2.6
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow 86.3
Growth Rates
Sales Growth Rate 12.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2.7%
Cap. Spend. - 3 Yr. Gr. Rate 4.5%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 128.7%
Total Debt to Equity 141%
Interest Coverage 3
Management Effectiveness
Return On Assets 7.4%
Ret/ On Assets - 3 Yr. Avg. 6.4%
Return On Total Capital 6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 15.2%
Return On Equity - 3 Yr. Avg. 12.6%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 41.5%
Gross Margin - 3 Yr. Avg. 39.4%
EBITDA Margin 28.5%
EBITDA Margin - 3 Yr. Avg. 27.3%
Operating Margin 19%
Oper. Margin - 3 Yr. Avg. 17.1%
Pre-Tax Margin 13.1%
Pre-Tax Margin - 3 Yr. Avg. 11.3%
Net Profit Margin 13%
Net Profit Margin - 3 Yr. Avg. 11.2%
Effective Tax Rate 1.1%
Eff/ Tax Rate - 3 Yr. Avg. 0.6%
Payout Ratio 0%

NCLH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NCLH stock intrinsic value calculation we used $4874 million for the last fiscal year's total revenue generated by Norwegian Cruise Line Holdings. The default revenue input number comes from 2016 income statement of Norwegian Cruise Line Holdings. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NCLH stock valuation model: a) initial revenue growth rate of 6.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.7%, whose default value for NCLH is calculated based on our internal credit rating of Norwegian Cruise Line Holdings, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Norwegian Cruise Line Holdings.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NCLH stock the variable cost ratio is equal to 57.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1158 million in the base year in the intrinsic value calculation for NCLH stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.7% for Norwegian Cruise Line Holdings.

Corporate tax rate of 27% is the nominal tax rate for Norwegian Cruise Line Holdings. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NCLH stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NCLH are equal to 219.6%.

Life of production assets of 27.1 years is the average useful life of capital assets used in Norwegian Cruise Line Holdings operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NCLH is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4538 million for Norwegian Cruise Line Holdings - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 226.836 million for Norwegian Cruise Line Holdings is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Norwegian Cruise Line Holdings at the current share price and the inputted number of shares is $12.7 billion.

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COMPANY NEWS

▶ Bulls sail with Norwegian Cruise Line & a trade update   [Aug-11-17 01:48PM  CNBC Videos]
▶ Norwegian Cruise Line beats Street 2Q forecasts   [Aug-08-17 05:22PM  Associated Press]
▶ [$$] Why Royal Caribbean Tops Carnival, Norwegian   [Jul-21-17 02:04PM  Barrons.com]
▶ Come See the Value Opportunities I Saw on the High Seas   [Jun-26-17 12:00PM  TheStreet.com]
▶ Smooth sailing for cruise industry   [Jun-22-17 02:25PM  CNBC Videos]
▶ Alipay Payment Solution Introduced on Norwegian Joy   [Jun-21-17 11:00PM  PR Newswire]
▶ Cramer: This red-hot sector may cruise higher   [May-31-17 06:50PM  CNBC Videos]
▶ Is Royal Caribbean Too Expensive Now?   [May-10-17 04:36PM  Investopedia]
▶ Norwegian Cruise Line tops Street 1Q forecasts   [07:14AM  Associated Press]
▶ Norwegian Cruise Line announces 33 Miami-to-Cuba trips for 2018 cruise season   [Apr-04-17 12:45PM  American City Business Journals]
▶ What's Your Stock's Price Target?   [Mar-28-17 06:16PM  Zacks]
▶ Norwegian CEO: Business has been 'on fire' post-election   [Mar-14-17 01:47PM  CNBC Videos]
▶ [$$] Norwegian Cruise Line Stock Could Rise 25%   [Mar-11-17 12:36AM  Barrons.com]
▶ [$$] Norwegian Cruise Line Revenue Helped by Fleet Additions   [03:06PM  at The Wall Street Journal]
Stock chart of NCLH Financial statements of NCLH
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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