Intrinsic value of Norwegian Cruise Line Holdings - NCLH

Previous Close

$47.14

  Intrinsic Value

$11.87

stock screener

  Rating & Target

str. sell

-75%

Previous close

$47.14

 
Intrinsic value

$11.87

 
Up/down potential

-75%

 
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 0001), $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 10.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  13.20
  12.38
  11.64
  10.98
  10.38
  9.84
  9.36
  8.92
  8.53
  8.18
  7.86
  7.57
  7.32
  7.08
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
  5.59
  5.53
  5.48
  5.43
  5.39
Revenue, $m
  6,108
  6,865
  7,664
  8,505
  9,388
  10,312
  11,277
  12,283
  13,331
  14,421
  15,554
  16,732
  17,956
  19,228
  20,551
  21,925
  23,354
  24,842
  26,389
  28,001
  29,680
  31,431
  33,256
  35,161
  37,149
  39,225
  41,394
  43,661
  46,031
  48,511
Variable operating expenses, $m
  4,638
  5,185
  5,762
  6,371
  7,009
  7,677
  8,375
  9,103
  9,860
  10,649
  11,247
  12,099
  12,984
  13,904
  14,860
  15,854
  16,888
  17,963
  19,082
  20,248
  21,462
  22,728
  24,048
  25,425
  26,863
  28,364
  29,932
  31,572
  33,286
  35,079
Fixed operating expenses, $m
  236
  241
  247
  252
  258
  263
  269
  275
  281
  287
  293
  300
  307
  313
  320
  327
  334
  342
  349
  357
  365
  373
  381
  389
  398
  407
  416
  425
  434
  444
Total operating expenses, $m
  4,874
  5,426
  6,009
  6,623
  7,267
  7,940
  8,644
  9,378
  10,141
  10,936
  11,540
  12,399
  13,291
  14,217
  15,180
  16,181
  17,222
  18,305
  19,431
  20,605
  21,827
  23,101
  24,429
  25,814
  27,261
  28,771
  30,348
  31,997
  33,720
  35,523
Operating income, $m
  1,235
  1,439
  1,655
  1,882
  2,121
  2,371
  2,633
  2,905
  3,190
  3,485
  4,013
  4,333
  4,665
  5,011
  5,370
  5,744
  6,132
  6,537
  6,958
  7,396
  7,853
  8,330
  8,827
  9,346
  9,888
  10,454
  11,046
  11,664
  12,311
  12,988
EBITDA, $m
  1,995
  2,266
  2,553
  2,855
  3,171
  3,503
  3,850
  4,212
  4,588
  4,980
  5,388
  5,812
  6,252
  6,710
  7,186
  7,681
  8,196
  8,732
  9,290
  9,871
  10,476
  11,107
  11,766
  12,453
  13,171
  13,920
  14,704
  15,523
  16,379
  17,275
Interest expense (income), $m
  303
  341
  400
  463
  530
  600
  674
  751
  831
  915
  1,003
  1,094
  1,188
  1,287
  1,389
  1,495
  1,605
  1,720
  1,839
  1,963
  2,093
  2,227
  2,367
  2,513
  2,666
  2,825
  2,991
  3,164
  3,345
  3,534
  3,732
Earnings before tax, $m
  894
  1,039
  1,192
  1,353
  1,521
  1,698
  1,882
  2,074
  2,274
  2,483
  2,920
  3,145
  3,379
  3,622
  3,875
  4,138
  4,412
  4,697
  4,994
  5,304
  5,626
  5,963
  6,314
  6,680
  7,063
  7,463
  7,882
  8,319
  8,777
  9,256
Tax expense, $m
  241
  281
  322
  365
  411
  458
  508
  560
  614
  670
  788
  849
  912
  978
  1,046
  1,117
  1,191
  1,268
  1,348
  1,432
  1,519
  1,610
  1,705
  1,804
  1,907
  2,015
  2,128
  2,246
  2,370
  2,499
Net income, $m
  653
  758
  870
  987
  1,111
  1,239
  1,374
  1,514
  1,660
  1,812
  2,131
  2,296
  2,467
  2,644
  2,829
  3,021
  3,221
  3,429
  3,646
  3,872
  4,107
  4,353
  4,609
  4,877
  5,156
  5,448
  5,754
  6,073
  6,407
  6,757

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
  15,949
  17,923
  20,010
  22,207
  24,512
  26,924
  29,444
  32,071
  34,806
  37,653
  40,612
  43,687
  46,883
  50,205
  53,657
  57,246
  60,978
  64,861
  68,902
  73,110
  77,495
  82,065
  86,830
  91,803
  96,994
  102,414
  108,078
  113,997
  120,186
  126,659
Adjusted assets (=assets-cash), $m
  15,949
  17,923
  20,010
  22,207
  24,512
  26,924
  29,444
  32,071
  34,806
  37,653
  40,612
  43,687
  46,883
  50,205
  53,657
  57,246
  60,978
  64,861
  68,902
  73,110
  77,495
  82,065
  86,830
  91,803
  96,994
  102,414
  108,078
  113,997
  120,186
  126,659
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
  13,225
  14,862
  16,592
  18,414
  20,325
  22,326
  24,415
  26,593
  28,861
  31,221
  33,675
  36,225
  38,876
  41,630
  44,492
  47,468
  50,562
  53,782
  57,133
  60,623
  64,258
  68,048
  71,999
  76,123
  80,427
  84,921
  89,617
  94,526
  99,658
  105,025
Working capital, $m
  -1,729
  -1,943
  -2,169
  -2,407
  -2,657
  -2,918
  -3,191
  -3,476
  -3,773
  -4,081
  -4,402
  -4,735
  -5,082
  -5,442
  -5,816
  -6,205
  -6,609
  -7,030
  -7,468
  -7,924
  -8,400
  -8,895
  -9,411
  -9,950
  -10,513
  -11,101
  -11,714
  -12,356
  -13,027
  -13,728
Total debt, $m
  7,404
  8,573
  9,809
  11,109
  12,474
  13,902
  15,393
  16,949
  18,568
  20,253
  22,005
  23,826
  25,718
  27,684
  29,728
  31,852
  34,061
  36,360
  38,753
  41,244
  43,839
  46,545
  49,366
  52,310
  55,383
  58,592
  61,945
  65,449
  69,113
  72,945
Total liabilities, $m
  9,442
  10,611
  11,846
  13,146
  14,511
  15,939
  17,431
  18,986
  20,605
  22,290
  24,042
  25,863
  27,755
  29,721
  31,765
  33,889
  36,099
  38,397
  40,790
  43,281
  45,877
  48,582
  51,404
  54,347
  57,420
  60,629
  63,982
  67,486
  71,150
  74,982
Total equity, $m
  6,507
  7,313
  8,164
  9,060
  10,001
  10,985
  12,013
  13,085
  14,201
  15,362
  16,570
  17,824
  19,128
  20,484
  21,892
  23,356
  24,879
  26,463
  28,112
  29,829
  31,618
  33,482
  35,427
  37,456
  39,573
  41,785
  44,096
  46,511
  49,036
  51,677
Total liabilities and equity, $m
  15,949
  17,924
  20,010
  22,206
  24,512
  26,924
  29,444
  32,071
  34,806
  37,652
  40,612
  43,687
  46,883
  50,205
  53,657
  57,245
  60,978
  64,860
  68,902
  73,110
  77,495
  82,064
  86,831
  91,803
  96,993
  102,414
  108,078
  113,997
  120,186
  126,659
Debt-to-equity ratio
  1.140
  1.170
  1.200
  1.230
  1.250
  1.270
  1.280
  1.300
  1.310
  1.320
  1.330
  1.340
  1.340
  1.350
  1.360
  1.360
  1.370
  1.370
  1.380
  1.380
  1.390
  1.390
  1.390
  1.400
  1.400
  1.400
  1.400
  1.410
  1.410
  1.410
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
  653
  758
  870
  987
  1,111
  1,239
  1,374
  1,514
  1,660
  1,812
  2,131
  2,296
  2,467
  2,644
  2,829
  3,021
  3,221
  3,429
  3,646
  3,872
  4,107
  4,353
  4,609
  4,877
  5,156
  5,448
  5,754
  6,073
  6,407
  6,757
Depreciation, amort., depletion, $m
  760
  827
  898
  972
  1,050
  1,132
  1,217
  1,306
  1,399
  1,495
  1,374
  1,479
  1,587
  1,699
  1,816
  1,937
  2,064
  2,195
  2,332
  2,474
  2,623
  2,777
  2,939
  3,107
  3,283
  3,466
  3,658
  3,858
  4,068
  4,287
Funds from operations, $m
  1,413
  1,586
  1,768
  1,960
  2,161
  2,371
  2,591
  2,820
  3,059
  3,307
  3,506
  3,774
  4,053
  4,343
  4,645
  4,958
  5,285
  5,624
  5,978
  6,346
  6,730
  7,130
  7,548
  7,984
  8,439
  8,915
  9,412
  9,931
  10,475
  11,044
Change in working capital, $m
  -202
  -214
  -226
  -238
  -250
  -261
  -273
  -285
  -297
  -308
  -321
  -333
  -346
  -360
  -374
  -389
  -405
  -421
  -438
  -456
  -475
  -495
  -517
  -539
  -563
  -588
  -614
  -642
  -671
  -702
Cash from operations, $m
  1,615
  1,800
  1,994
  2,198
  2,411
  2,633
  2,864
  3,105
  3,355
  3,616
  3,827
  4,108
  4,400
  4,703
  5,019
  5,347
  5,689
  6,045
  6,416
  6,802
  7,205
  7,626
  8,064
  8,523
  9,002
  9,502
  10,025
  10,573
  11,146
  11,745
Maintenance CAPEX, $m
  -477
  -540
  -607
  -677
  -752
  -830
  -911
  -997
  -1,085
  -1,178
  -1,274
  -1,374
  -1,479
  -1,587
  -1,699
  -1,816
  -1,937
  -2,064
  -2,195
  -2,332
  -2,474
  -2,623
  -2,777
  -2,939
  -3,107
  -3,283
  -3,466
  -3,658
  -3,858
  -4,068
New CAPEX, $m
  -1,543
  -1,637
  -1,730
  -1,821
  -1,911
  -2,000
  -2,089
  -2,178
  -2,268
  -2,360
  -2,454
  -2,550
  -2,650
  -2,754
  -2,862
  -2,976
  -3,095
  -3,220
  -3,351
  -3,490
  -3,635
  -3,789
  -3,952
  -4,123
  -4,304
  -4,495
  -4,696
  -4,908
  -5,132
  -5,368
Cash from investing activities, $m
  -2,020
  -2,177
  -2,337
  -2,498
  -2,663
  -2,830
  -3,000
  -3,175
  -3,353
  -3,538
  -3,728
  -3,924
  -4,129
  -4,341
  -4,561
  -4,792
  -5,032
  -5,284
  -5,546
  -5,822
  -6,109
  -6,412
  -6,729
  -7,062
  -7,411
  -7,778
  -8,162
  -8,566
  -8,990
  -9,436
Free cash flow, $m
  -405
  -377
  -343
  -301
  -252
  -197
  -136
  -70
  2
  78
  99
  183
  271
  362
  457
  556
  657
  762
  870
  981
  1,095
  1,213
  1,335
  1,461
  1,590
  1,725
  1,863
  2,007
  2,156
  2,310
Issuance/(repayment) of debt, $m
  1,097
  1,169
  1,235
  1,300
  1,365
  1,428
  1,492
  1,555
  1,619
  1,685
  1,752
  1,821
  1,892
  1,966
  2,044
  2,125
  2,209
  2,299
  2,392
  2,491
  2,596
  2,705
  2,821
  2,944
  3,073
  3,209
  3,353
  3,504
  3,664
  3,832
Issuance/(repurchase) of shares, $m
  105
  47
  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  
  1,202
  1,216
  1,235
  1,300
  1,365
  1,428
  1,492
  1,555
  1,619
  1,685
  1,752
  1,821
  1,892
  1,966
  2,044
  2,125
  2,209
  2,299
  2,392
  2,491
  2,596
  2,705
  2,821
  2,944
  3,073
  3,209
  3,353
  3,504
  3,664
  3,832
Total cash flow (excl. dividends), $m
  797
  839
  893
  1,000
  1,112
  1,231
  1,355
  1,485
  1,621
  1,763
  1,850
  2,004
  2,163
  2,329
  2,501
  2,680
  2,866
  3,060
  3,262
  3,472
  3,691
  3,919
  4,156
  4,404
  4,663
  4,934
  5,216
  5,511
  5,820
  6,142
Retained Cash Flow (-), $m
  -757
  -806
  -851
  -896
  -940
  -984
  -1,028
  -1,072
  -1,116
  -1,161
  -1,207
  -1,255
  -1,304
  -1,355
  -1,408
  -1,464
  -1,523
  -1,584
  -1,649
  -1,717
  -1,789
  -1,865
  -1,944
  -2,029
  -2,118
  -2,212
  -2,311
  -2,415
  -2,525
  -2,641
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
  39
  33
  41
  103
  172
  247
  327
  414
  505
  601
  643
  749
  859
  974
  1,093
  1,216
  1,344
  1,476
  1,613
  1,755
  1,902
  2,054
  2,212
  2,376
  2,546
  2,722
  2,905
  3,096
  3,294
  3,501
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
  37
  29
  33
  75
  112
  145
  170
  189
  201
  206
  187
  182
  173
  160
  144
  127
  109
  91
  75
  59
  46
  35
  26
  18
  13
  9
  6
  4
  2
  1
Current shareholders' claim on cash, %
  99.0
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6

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 16.9
Price to Sales 2.2
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 8.6
Price to Free Cash Flow 72.4
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 $5396.175 million for the last fiscal year's total revenue generated by Norwegian Cruise Line Holdings. The default revenue input number comes from 0001 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 13.2% 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 76.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $231 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 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 216.5%.

Life of production assets of 24.5 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 -28.3%. 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 - $5749.766 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 221.468 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 $10.4 billion.

RELATED COMPANIES Price Int.Val. Rating
CCL Carnival 56.34 9.45  str.sell
RCL Royal Caribbea 106.35 88.79  sell
LIND Lindblad Exped 13.24 22.60  buy
CKH SEACOR Holding 38.73 745.62  str.buy

COMPANY NEWS

▶ Frank Del Rio, Norwegian Cruise Line CEO, talks Q3 earnings   [Dec-13-18 05:06PM  Yahoo Finance Video]
▶ Norwegian appoints president for international operations   [Dec-10-18 02:48PM  American City Business Journals]
▶ Why Norwegian Cruise Line Has Turnaround Potential   [Dec-07-18 02:33PM  GuruFocus.com]
▶ Why Norwegian Cruise Line Stock Gained 17% in November   [Dec-06-18 11:08AM  Motley Fool]
▶ Port of Seattle seeks private partner to build $200 million cruise ship terminal   [Nov-30-18 02:47PM  American City Business Journals]
▶ BRIEF-Genting Hong Kong Update On Trading Halt   [Nov-28-18 08:18PM  Reuters]
▶ Jim Cramer: The Market Undervalues These Great Companies   [Nov-09-18 07:01PM  TheStreet.com]
▶ Norwegian Cruise Line: 3Q Earnings Snapshot   [07:32AM  Associated Press]
▶ Is It Time to Invest in Cuba?   [Nov-05-18 08:52AM  Investopedia]
▶ It's Time to Set Sail on Cruise Ship Stocks   [Oct-29-18 02:32PM  Motley Fool]
▶ Titanic II to set sail in 2022   [Oct-24-18 01:30PM  Yahoo Finance Video]
▶ Norwegian and Royal Caribbean add Seattle mega-cruise ship sailings to Alaska   [Oct-12-18 05:53PM  American City Business Journals]
▶ Prudential books Norwegian Cruise Line retirement business   [Oct-04-18 10:13AM  American City Business Journals]
▶ 6 Stocks Trading Below Peter Lynch Value   [Oct-01-18 03:31PM  GuruFocus.com]
▶ Port Canaveral's $150M new cruise terminal inches closer to construction   [Sep-25-18 02:38PM  American City Business Journals]
▶ 5 Low PE Stocks   [Sep-11-18 05:09PM  GuruFocus.com]
▶ Norwegian Cruise Line names new CFO   [12:00PM  American City Business Journals]
▶ Port Manatee in active discussions to capture cruise, ferry business   [06:38AM  American City Business Journals]
▶ 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]

CONTACT US       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.