Intrinsic value of Norwegian Cruise Line Holdings - NCLH

Previous Close

$51.89

  Intrinsic Value

$5.52

stock screener

  Rating & Target

str. sell

-89%

Previous close

$51.89

 
Intrinsic value

$5.52

 
Up/down potential

-89%

 
Rating

str. sell

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 2017), $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 11.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.45
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
  6.17
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
Revenue, $m
  5,973
  6,578
  7,211
  7,871
  8,559
  9,275
  10,020
  10,794
  11,599
  12,435
  13,304
  14,207
  15,146
  16,123
  17,139
  18,197
  19,299
  20,448
  21,645
  22,894
  24,197
  25,558
  26,979
  28,465
  30,017
  31,641
  33,340
  35,117
  36,978
  38,926
Variable operating expenses, $m
  4,534
  4,971
  5,428
  5,905
  6,401
  6,918
  7,456
  8,015
  8,596
  9,200
  9,607
  10,259
  10,937
  11,642
  12,376
  13,140
  13,936
  14,766
  15,630
  16,532
  17,473
  18,456
  19,482
  20,555
  21,676
  22,849
  24,075
  25,359
  26,702
  28,109
Fixed operating expenses, $m
  238
  243
  249
  254
  260
  265
  271
  277
  283
  290
  296
  303
  309
  316
  323
  330
  337
  345
  352
  360
  368
  376
  384
  393
  401
  410
  419
  429
  438
  448
Total operating expenses, $m
  4,772
  5,214
  5,677
  6,159
  6,661
  7,183
  7,727
  8,292
  8,879
  9,490
  9,903
  10,562
  11,246
  11,958
  12,699
  13,470
  14,273
  15,111
  15,982
  16,892
  17,841
  18,832
  19,866
  20,948
  22,077
  23,259
  24,494
  25,788
  27,140
  28,557
Operating income, $m
  1,201
  1,364
  1,535
  1,713
  1,898
  2,091
  2,292
  2,502
  2,719
  2,945
  3,401
  3,645
  3,900
  4,164
  4,440
  4,727
  5,026
  5,337
  5,662
  6,002
  6,356
  6,726
  7,113
  7,517
  7,940
  8,382
  8,845
  9,330
  9,837
  10,369
EBITDA, $m
  2,837
  3,143
  3,463
  3,798
  4,146
  4,509
  4,887
  5,279
  5,687
  6,112
  6,553
  7,011
  7,488
  7,984
  8,500
  9,038
  9,598
  10,181
  10,790
  11,425
  12,088
  12,781
  13,504
  14,260
  15,051
  15,878
  16,743
  17,649
  18,597
  19,591
Interest expense (income), $m
  303
  341
  389
  439
  492
  547
  604
  664
  726
  791
  858
  928
  1,000
  1,076
  1,154
  1,236
  1,321
  1,409
  1,501
  1,597
  1,697
  1,801
  1,910
  2,023
  2,142
  2,266
  2,395
  2,531
  2,673
  2,821
  2,976
Earnings before tax, $m
  861
  975
  1,095
  1,221
  1,351
  1,487
  1,628
  1,775
  1,928
  2,087
  2,473
  2,645
  2,824
  3,010
  3,204
  3,406
  3,617
  3,836
  4,066
  4,305
  4,555
  4,816
  5,089
  5,375
  5,674
  5,987
  6,314
  6,657
  7,016
  7,393
Tax expense, $m
  232
  263
  296
  330
  365
  401
  440
  479
  521
  564
  668
  714
  762
  813
  865
  920
  977
  1,036
  1,098
  1,162
  1,230
  1,300
  1,374
  1,451
  1,532
  1,616
  1,705
  1,797
  1,894
  1,996
Net income, $m
  628
  712
  800
  891
  986
  1,085
  1,189
  1,296
  1,408
  1,524
  1,805
  1,931
  2,061
  2,197
  2,339
  2,486
  2,640
  2,801
  2,968
  3,143
  3,325
  3,516
  3,715
  3,924
  4,142
  4,370
  4,609
  4,860
  5,122
  5,397

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  15,596
  17,176
  18,828
  20,552
  22,348
  24,218
  26,162
  28,183
  30,284
  32,467
  34,736
  37,094
  39,546
  42,096
  44,750
  47,512
  50,390
  53,388
  56,514
  59,775
  63,178
  66,731
  70,442
  74,320
  78,374
  82,613
  87,048
  91,689
  96,547
  101,634
Adjusted assets (=assets-cash), $m
  15,596
  17,176
  18,828
  20,552
  22,348
  24,218
  26,162
  28,183
  30,284
  32,467
  34,736
  37,094
  39,546
  42,096
  44,750
  47,512
  50,390
  53,388
  56,514
  59,775
  63,178
  66,731
  70,442
  74,320
  78,374
  82,613
  87,048
  91,689
  96,547
  101,634
Revenue / Adjusted assets
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
Average production assets, $m
  14,151
  15,584
  17,083
  18,647
  20,277
  21,973
  23,737
  25,572
  27,478
  29,458
  31,517
  33,656
  35,881
  38,195
  40,602
  43,109
  45,720
  48,440
  51,277
  54,236
  57,323
  60,547
  63,914
  67,433
  71,111
  74,957
  78,981
  83,192
  87,600
  92,215
Working capital, $m
  30
  33
  36
  39
  43
  46
  50
  54
  58
  62
  67
  71
  76
  81
  86
  91
  96
  102
  108
  114
  121
  128
  135
  142
  150
  158
  167
  176
  185
  195
Total debt, $m
  7,196
  8,131
  9,109
  10,130
  11,193
  12,300
  13,451
  14,647
  15,891
  17,183
  18,526
  19,922
  21,374
  22,884
  24,455
  26,090
  27,794
  29,569
  31,419
  33,350
  35,364
  37,468
  39,665
  41,960
  44,360
  46,870
  49,496
  52,243
  55,119
  58,130
Total liabilities, $m
  9,233
  10,168
  11,146
  12,167
  13,230
  14,337
  15,488
  16,685
  17,928
  19,220
  20,563
  21,959
  23,411
  24,921
  26,492
  28,127
  29,831
  31,606
  33,456
  35,387
  37,401
  39,505
  41,702
  43,998
  46,397
  48,907
  51,533
  54,280
  57,156
  60,167
Total equity, $m
  6,363
  7,008
  7,682
  8,385
  9,118
  9,881
  10,674
  11,499
  12,356
  13,247
  14,172
  15,134
  16,135
  17,175
  18,258
  19,385
  20,559
  21,782
  23,058
  24,388
  25,777
  27,226
  28,740
  30,323
  31,977
  33,706
  35,516
  37,409
  39,391
  41,467
Total liabilities and equity, $m
  15,596
  17,176
  18,828
  20,552
  22,348
  24,218
  26,162
  28,184
  30,284
  32,467
  34,735
  37,093
  39,546
  42,096
  44,750
  47,512
  50,390
  53,388
  56,514
  59,775
  63,178
  66,731
  70,442
  74,321
  78,374
  82,613
  87,049
  91,689
  96,547
  101,634
Debt-to-equity ratio
  1.130
  1.160
  1.190
  1.210
  1.230
  1.240
  1.260
  1.270
  1.290
  1.300
  1.310
  1.320
  1.320
  1.330
  1.340
  1.350
  1.350
  1.360
  1.360
  1.370
  1.370
  1.380
  1.380
  1.380
  1.390
  1.390
  1.390
  1.400
  1.400
  1.400
Adjusted equity ratio
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  628
  712
  800
  891
  986
  1,085
  1,189
  1,296
  1,408
  1,524
  1,805
  1,931
  2,061
  2,197
  2,339
  2,486
  2,640
  2,801
  2,968
  3,143
  3,325
  3,516
  3,715
  3,924
  4,142
  4,370
  4,609
  4,860
  5,122
  5,397
Depreciation, amort., depletion, $m
  1,636
  1,779
  1,929
  2,085
  2,248
  2,418
  2,594
  2,778
  2,968
  3,166
  3,152
  3,366
  3,588
  3,819
  4,060
  4,311
  4,572
  4,844
  5,128
  5,424
  5,732
  6,055
  6,391
  6,743
  7,111
  7,496
  7,898
  8,319
  8,760
  9,222
Funds from operations, $m
  2,264
  2,491
  2,729
  2,976
  3,235
  3,503
  3,783
  4,074
  4,376
  4,690
  4,957
  5,296
  5,649
  6,017
  6,399
  6,797
  7,212
  7,645
  8,096
  8,566
  9,058
  9,571
  10,107
  10,667
  11,253
  11,866
  12,507
  13,179
  13,882
  14,618
Change in working capital, $m
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
Cash from operations, $m
  2,261
  2,488
  2,725
  2,973
  3,231
  3,500
  3,779
  4,070
  4,372
  4,686
  4,953
  5,292
  5,645
  6,012
  6,394
  6,792
  7,207
  7,639
  8,090
  8,560
  9,051
  9,564
  10,100
  10,660
  11,245
  11,858
  12,499
  13,170
  13,873
  14,609
Maintenance CAPEX, $m
  -1,279
  -1,415
  -1,558
  -1,708
  -1,865
  -2,028
  -2,197
  -2,374
  -2,557
  -2,748
  -2,946
  -3,152
  -3,366
  -3,588
  -3,819
  -4,060
  -4,311
  -4,572
  -4,844
  -5,128
  -5,424
  -5,732
  -6,055
  -6,391
  -6,743
  -7,111
  -7,496
  -7,898
  -8,319
  -8,760
New CAPEX, $m
  -1,365
  -1,433
  -1,499
  -1,564
  -1,630
  -1,696
  -1,764
  -1,834
  -1,906
  -1,981
  -2,058
  -2,140
  -2,225
  -2,314
  -2,408
  -2,507
  -2,611
  -2,721
  -2,836
  -2,959
  -3,088
  -3,224
  -3,367
  -3,519
  -3,678
  -3,847
  -4,024
  -4,211
  -4,408
  -4,615
Cash from investing activities, $m
  -2,644
  -2,848
  -3,057
  -3,272
  -3,495
  -3,724
  -3,961
  -4,208
  -4,463
  -4,729
  -5,004
  -5,292
  -5,591
  -5,902
  -6,227
  -6,567
  -6,922
  -7,293
  -7,680
  -8,087
  -8,512
  -8,956
  -9,422
  -9,910
  -10,421
  -10,958
  -11,520
  -12,109
  -12,727
  -13,375
Free cash flow, $m
  -383
  -360
  -332
  -299
  -263
  -224
  -182
  -138
  -91
  -43
  -52
  1
  55
  110
  167
  225
  285
  346
  409
  474
  540
  608
  678
  750
  824
  900
  979
  1,061
  1,146
  1,233
Issuance/(repayment) of debt, $m
  888
  935
  978
  1,020
  1,063
  1,107
  1,151
  1,197
  1,244
  1,292
  1,343
  1,396
  1,451
  1,510
  1,571
  1,635
  1,703
  1,775
  1,851
  1,930
  2,015
  2,103
  2,197
  2,296
  2,400
  2,510
  2,625
  2,747
  2,876
  3,011
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  888
  935
  978
  1,020
  1,063
  1,107
  1,151
  1,197
  1,244
  1,292
  1,343
  1,396
  1,451
  1,510
  1,571
  1,635
  1,703
  1,775
  1,851
  1,930
  2,015
  2,103
  2,197
  2,296
  2,400
  2,510
  2,625
  2,747
  2,876
  3,011
Total cash flow (excl. dividends), $m
  505
  575
  646
  721
  800
  883
  969
  1,059
  1,152
  1,250
  1,291
  1,397
  1,506
  1,620
  1,738
  1,861
  1,988
  2,121
  2,260
  2,404
  2,554
  2,711
  2,875
  3,045
  3,224
  3,410
  3,605
  3,808
  4,022
  4,245
Retained Cash Flow (-), $m
  -613
  -645
  -674
  -703
  -733
  -763
  -793
  -825
  -857
  -891
  -926
  -962
  -1,000
  -1,040
  -1,083
  -1,127
  -1,174
  -1,223
  -1,275
  -1,330
  -1,388
  -1,450
  -1,514
  -1,582
  -1,654
  -1,730
  -1,809
  -1,894
  -1,982
  -2,075
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
  86
  96
  105
  115
  126
  137
  148
  160
  173
  186
  199
  213
  227
  242
  258
  274
  291
  309
  327
  346
  366
  387
  409
  432
  455
  480
  506
  533
  562
  592
Cash available for distribution, $m
  -108
  -70
  -28
  18
  67
  120
  175
  234
  295
  359
  366
  435
  506
  579
  655
  734
  814
  898
  984
  1,074
  1,166
  1,262
  1,361
  1,463
  1,570
  1,680
  1,795
  1,915
  2,039
  2,169
Discount rate, %
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
  -101
  -60
  -22
  13
  44
  70
  91
  107
  117
  123
  106
  106
  102
  95
  86
  76
  66
  55
  45
  36
  28
  21
  16
  11
  8
  5
  4
  2
  1
  1
Current shareholders' claim on cash, %
  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. (NCLH) is a global cruise company. The Company operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. The Company had 25 ships with approximately 50,400 Berths, as of May 1, 2017. The Company's brands offer itineraries to various destinations around the world, including Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, Caribbean, Alaska and Hawaii. The Company's brands offer various features, amenities, and activities, including various accommodations, multiple dining venues, bars and lounges, spa, casino and retail shopping areas and various entertainment choices. All the brands offer a selection of shore excursions at each port of call, as well as hotel packages for stays before or after a voyage. As of December 31, 2016, its Norwegian offered 14 ships that were purpose-built to deliver the Freestyle Cruising product, which offered freedom, flexibility and choice to its guests.

FINANCIAL RATIOS  of  Norwegian Cruise Line Holdings (NCLH)

Valuation Ratios
P/E Ratio 18.6
Price to Sales 2.4
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 9.5
Price to Free Cash Flow 79.7
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 $5396 million for the last fiscal year's total revenue generated by Norwegian Cruise Line Holdings. The default revenue input number comes from 2017 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 10.7% 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 7.3%, 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 76.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $233 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 5.4% 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 1.6%.

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 236.9%.

Life of production assets of 10 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 0.5%. 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 - $5750 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 228 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 $11.8 billion.

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COMPANY NEWS

▶ The Big Ship Called Norwegian Cruise Line Is Turning Higher   [Aug-14-18 01:31PM  TheStreet.com]
▶ 15 Stocks to Buy Ahead of the Fall Season   [Aug-09-18 03:12PM  InvestorPlace]
▶ Earnings pops & drops in the trader blitz   [01:52PM  CNBC Videos]
▶ Norwegian Cruise Line: 2Q Earnings Snapshot   [07:43AM  Associated Press]
▶ Norwegian Cruise Line Makes Waves Ahead of Earnings   [Jul-18-18 02:56PM  Barrons.com]
▶ Norwegian Cruise Line orders two ships   [Jul-12-18 12:28PM  American City Business Journals]
▶ MSC Cruises inks pact with county to build terminal at PortMiami   [Jul-11-18 06:41PM  American City Business Journals]
▶ How PortMiami will keep its title as the Cruise Capital of the World   [02:09PM  American City Business Journals]
▶ Why Cruise Ship Stocks Are Sinking   [Jun-08-18 11:53AM  Investopedia]
▶ Cruise Stocks Recover From Cabin Fever   [Jun-06-18 10:41AM  Barrons.com]
▶ Will Cruise Stocks Sink Your Portfolio in 2018?   [May-09-18 09:30AM  Insider Monkey]
▶ Norwegian Cruise Line: 1Q Earnings Snapshot   [08:16AM  Associated Press]
▶ Cuba handing over reigns to non-Castro for first time in decades   [Apr-19-18 10:23AM  Yahoo Finance Video]
▶ Cubas Raul Castro handing over power   [Apr-18-18 10:23AM  Yahoo Finance Video]
▶ How dry docking could ruin your $10,000 cruise vacation   [Apr-14-18 08:31AM  MarketWatch]
▶ Norwegian Cruise Line terminal at PortMiami approved   [Apr-11-18 12:59PM  American City Business Journals]
▶ Norwegian Cruise Line Holdings to Host 2018 Investor Day   [Apr-05-18 04:30PM  GlobeNewswire]
▶ Norwegian Cruise Lines Aims to Attract Millennial Cruisers   [Mar-29-18 06:34AM  TheStreet.com]
▶ Full Steam Ahead for Norwegian   [Mar-14-18 07:00AM  Morningstar]
▶ Norwegian proposes new terminal at PortMiami   [Mar-07-18 02:03PM  American City Business Journals]
▶ Sizing Up Royal Caribbean and Norwegian for Investors   [Feb-25-18 02:14PM  Motley Fool]
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