Norwegian Cruise Line Holdings Ltd Stock Research

Market Summary

USD13.45+0.18

Market Closed

1.36%

NCLH Alerts

Big jump in Revenue (Y/Y)
Big jump in Earnings (Y/Y)
Losses in recent quarter

NCLH Stock Price

NCLH RSI Chart

NCLH Valuation

Market Cap

5.7B

Price/Earnings (Trailing)

-2.5

Price/Sales (Trailing)

1.17

EV/EBITDA

-11.36

Price/Free Cashflow

-3.6

NCLH Price/Sales (Trailing)

NCLH Profitability

EBT Margin

-47.00%

Return on Equity

-3.3K%

Return on Assets

-12.23%

Free Cashflow Yield

-27.77%

NCLH Fundamentals

NCLH Revenue

Revenue (TTM)

4.8B

Revenue Y/Y

211.66%

Revenue Q/Q

-5.97%

NCLH Earnings

Earnings (TTM)

-2.3B

Earnings Y/Y

69.32%

Earnings Q/Q

-63.33%

Price Action

52 Week Range

10.3123.43

(Low)(High)

Last 7 days

7.4%

Last 30 days

-11.2%

Last 90 days

9.9%

Trailing 12 Months

-38.5%

NCLH Financial Health

Current Ratio

0.37

Debt/Equity

184.14

Debt/Cashflow

0.02

NCLH Investor Care

Shares Dilution (1Y)

1.08%

Diluted EPS (TTM)

-5.41

Peers (Alternatives to Norwegian Cruise Line Holdings)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
MCD	205.5B	23.2B	6.43%	15.63%	33.26	8.86	-0.17%	-18.13%
SBUX	119.6B	32.9B	2.66%	17.86%	36.01	3.63	8.41%	-24.41%
RCL	16.7B	8.8B	-8.67%	-22.06%	-7.73	1.88	477.01%	59.02%
CCL	10.5B	12.2B	-4.15%	-49.80%	-1.47	1.09	537.74%	35.87%
MID-CAP
ARMK	9.3B	17.0B	-3.58%	-3.93%	41.24	0.55	27.66%	584.49%
TXRH	7.2B	4.0B	6.07%	29.06%	26.82	1.8	15.91%	10.00%
VAC	5.8B	4.7B	-11.38%	-14.48%	21.79	1.32	19.69%	697.96%
NCLH	5.7B	4.8B	-11.16%	-38.53%	-2.5	1.17	278.11%	49.63%
WEN	4.6B	2.1B	-1.89%	-0.86%	26.17	2.21	10.46%	-11.49%
SMALL-CAP
PLAY	1.8B	1.7B	-7.84%	-25.07%	14.36	1.02	61.79%	371.82%
DIN	1.1B	909.4M	-6.35%	-12.58%	13.01	1.16	1.47%	-17.12%
BJRI	679.1M	1.3B	-9.47%	2.97%	166.6	0.53	18.11%	213.03%
CHUY	645.2M	422.2M	-2.32%	32.78%	30.94	1.53	6.49%	-30.89%
DENN	633.1M	456.4M	-5.34%	-22.01%	8.47	1.39	14.63%	-4.30%

Financials for Norwegian Cruise Line Holdings

Income Statement (Last 12 Months)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	27.1%	4,843,760,000	3,812,068,000	2,349,639,000	1,549,944,000	1,281,036,000
Operating Expenses	6.2%	2,128,431,000	2,004,402,000	1,844,991,000	1,694,069,000	1,592,297,000
S&GA Expenses	8.2%	1,379,105,000	1,274,210,000	1,128,061,000	984,464,000	891,452,000
EBITDA	42.0%	-1,527,377,000	-2,634,819,000	-3,187,573,000	-1,313,338,000	-
EBITDA Margin	54.4%	-0.32	-0.69	-1.28	-0.85	-
Earnings Before Taxes	32.3%	-2,276,703,000	-3,365,011,000	-3,904,503,000	-4,111,177,000	-4,501,320,000
EBT Margin	46.8%	-0.47	-0.88	-1.57	-2.65	-
Net Income	32.4%	-2,269,909,000	-3,360,150,000	-3,910,641,000	-4,119,109,000	-4,506,587,000
Net Income Margin	46.8%	-0.47	-0.88	-1.58	-2.66	-
Free Cahsflow	27.9%	-1,573,837,000	-2,183,993,000	-1,864,444,000	-2,768,786,000	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-2.1%	18,558	18,951	19,113	19,255	18,730
Current Assets	-13.2%	1,873	2,157	3,132	3,215	3,302
Cash Equivalents	-20.2%	947	1,187	1,900	2,137	1,507
Inventory	-4.6%	149	156	154	142	118
Net PPE	0.0%	14,516	14,512	13,641	13,532	13,529
Goodwill	0%	98.00	98.00	98.00	98.00	98.00
Liabilities	-0.3%	18,489	18,551	18,211	17,748	16,297
Current Liabilities	8.4%	5,055	4,663	5,033	4,177	3,730
Long Term Debt	-2.0%	12,630	12,893	12,239	12,564	11,570
Shareholder's Equity	-82.8%	69.00	400	902	1,508	2,433
Retained Earnings	-7.3%	-7,066	-6,583	-6,288	-5,779	-4,796
Additional Paid-In Capital	0.3%	7,612	7,588	7,567	7,537	7,514
Accumulated Depreciation	-	5,065	-	-	-	-
Shares Outstanding	0.0%	421	421	419	419	417

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	161.4%	210	-342	-1,094	-1,987	-2,468
Share Based Compensation	-8.4%	114	124	138	130	124
Cashflow From Investing	-18.0%	-1,755	-1,487	-384	-581	-1,004
Cashflow From Financing	-40.1%	986	1,647	1,018	1,402	1,678

Risks for NCLH

What is the probability of a big loss on NCLH?

89.6%

Probability that Norwegian Cruise Line Holdings stock will be more than 20% underwater in next one year

56.1%

Probability that Norwegian Cruise Line Holdings stock will be more than 30% underwater in next one year.

46.9%

Probability that Norwegian Cruise Line Holdings stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does NCLH drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Norwegian Cruise Line Holdings was unfortunately bought at previous high price.

Drawdowns

Returns for NCLH

Cumulative Returns on NCLH

-7.7%

10-Year Cumulative Returns

-18.1%

7-Year Cumulative Returns

-24.0%

5-Year Cumulative Returns

7.1%

3-Year Cumulative Returns

What are the long-term rolling returns for NCLH?

FIve years rolling returns for Norwegian Cruise Line Holdings.

Annualized Returns

Which funds bought or sold NCLH recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-28	Acrisure Capital Management, LLC	new	-	180,418	180,418	0.20%
2023-03-27	Neo Ivy Capital Management	added	196	471,000	686,000	0.46%
2023-03-23	ETF MANAGERS GROUP, LLC	sold off	-100	-548,000	-	-%
2023-03-17	American Portfolios Advisors	added	0.87	5,311	179,795	0.01%
2023-03-15	B. Riley Wealth Advisors, Inc.	added	4.17	29,533	278,533	0.01%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	20.61	2,840,010	12,326,000	0.01%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-25.45	-54,000	222,000	-%
2023-03-02	OLIVER LAGORE VANVALIN INVESTMENT GROUP	unchanged	-	448	2,448	-%
2023-02-28	Voya Investment Management LLC	added	2.94	188,956	1,923,960	-%
2023-02-27	Parallax Volatility Advisers, L.P.	added	363	6,963,630	8,707,630	0.01%

Latest Funds Activity

Are funds buying NCLH calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own NCLH

No. of Funds

Norwegian Cruise Line Holdings News

Schedule 13G FIlings of Norwegian Cruise Line Holdings

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 13, 2023	capital international investors	8.8%	37,290,345	SC 13G
Feb 09, 2023	blackrock inc.	5.8%	24,401,708	SC 13G/A
Feb 09, 2023	vanguard group inc	11.27%	47,475,416	SC 13G/A
Apr 08, 2022	vanguard group inc	10.83%	45,160,452	SC 13G/A
Feb 08, 2022	blackrock inc.	5.1%	21,203,397	SC 13G
Dec 10, 2021	blackrock inc.	4.96%	20,669,199	SC 13G/A
Mar 09, 2021	lc9 skipper, l.p.	0%	0	SC 13D/A
Feb 16, 2021	price t rowe associates inc /md/	0.1%	537,495	SC 13G/A
Feb 11, 2021	janus henderson group plc	0.0%	61,403	SC 13G/A
Feb 10, 2021	vanguard group inc	10.29%	32,488,699	SC 13G/A

NCLH Fair Value

Norwegian Cruise Line Holdings fair value in different scenarios

The table shows the Fair Value estimates for Norwegian Cruise Line Holdings for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	2.09 -84.46%	4.32 -67.88%	12.44 -7.51%	19.39 44.16%	23.87 77.47%
Current Inflation	1.80 -86.62%	3.85 -71.38%	10.77 -19.93%	16.70 24.16%	20.49 52.34%
Very High Inflation	1.42 -89.44%	3.25 -75.84%	8.76 -34.87%	13.54 0.67%	16.54 22.97%

Historical Norwegian Cruise Line Holdings Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Norwegian Cruise Line Holdings

View All Filings

Date Filed	Form Type	Document
Mar 20, 2023	8-K	Current Report
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Feb 28, 2023	10-K	Annual Report

Latest Insider Trading transactions for NCLH

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-01	Ashby Faye L.	sold (taxes)	-69,144	15.14	-4,567	svp & chief accounting officer
2023-03-01	Del Rio Frank J	sold (taxes)	-1,785,200	15.14	-117,913	pres. & ceo
2023-03-01	Farkas Daniel S	acquired	-	-	66,050	evp gen. counsel & asst. sec'y
2023-03-01	DeMarco Andrea	sold (taxes)	-61,619	15.14	-4,070	pres. rssc
2023-03-01	Lindsay T. Robin	sold (taxes)	-272,217	15.14	-17,980	evp, vessel operations
2023-03-01	Sommer Harry	sold (taxes)	-272,217	15.14	-17,980	pres. & ceo of ncl
2023-03-01	Farkas Daniel S	sold (taxes)	-226,328	15.14	-14,949	evp gen. counsel & asst. sec'y
2023-03-01	Kempa Mark	acquired	-	-	66,050	evp & cfo
2023-03-01	Kempa Mark	sold (taxes)	-272,217	15.14	-17,980	evp & cfo
2023-03-01	Sommer Harry	acquired	-	-	66,050	pres. & ceo of ncl

About Norwegian Cruise Line Holdings

Frank Jose Del Rio

www.nclhltdinvestor.com

34700

Norwegian Cruise Line Holdings Ltd., together with its subsidiaries, operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally. The company operates the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands. It offers itineraries ranging from three days to a 180-days calling on various locations, including destinations in Scandinavia, Russia, the Mediterranean, the Greek Isles, Alaska, Canada and New England, Hawaii, Asia, Tahiti and the South Pacific, Australia and New Zealand, Africa, India, South America, the Panama Canal, and the Caribbean. As of December 31, 2021, the company had 28 ships with approximately 59,150 berths. It distributes its products through retail/travel advisor and onboard cruise sales channels, as well as meetings, incentives, and charters. Norwegian Cruise Line Holdings Ltd. was founded in 1966 and is based in Miami, Florida.

NCLH Income Statement

2022-12-31

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue
Total revenue	$ 4,843,760	$ 647,986	$ 1,279,908
Cruise operating expense
Total cruise operating expense	4,267,086	1,608,037	1,693,061
Other operating expense
Marketing, general and administrative	1,379,105	891,452	745,345
Depreciation and amortization	749,326	700,845	717,840
Impairment loss			1,607,797
Total other operating expense	2,128,431	1,592,297	3,070,982
Operating loss	(1,551,757)	(2,552,348)	(3,484,135)
Non-operating income (expense)
Interest expense, net	(801,512)	(2,072,925)	(482,313)
Other income (expense), net	76,566	123,953	(33,599)
Total non-operating income (expense)	(724,946)	(1,948,972)	(515,912)
Net loss before income taxes	(2,276,703)	(4,501,320)	(4,000,047)
Income tax benefit (expense)	6,794	(5,267)	(12,467)
Net loss	$ (2,269,909)	$ (4,506,587)	$ (4,012,514)
Weighted-average shares outstanding
Basic (in shares)	419,773,195	365,449,967	254,728,932
Diluted (in shares)	419,773,195	365,449,967	254,728,932
Loss per share
Basic (in dollars per share)	$ (5.41)	$ (12.33)	$ (15.75)
Diluted (in dollars per share)	$ (5.41)	$ (12.33)	$ (15.75)
Passenger ticket
Revenue
Total revenue	$ 3,253,799	$ 392,752	$ 867,110
Commissions, transportation and other
Cruise operating expense
Total cruise operating expense	1,034,629	143,524	380,710
Onboard and other
Revenue
Total revenue	1,589,961	255,234	412,798
Cruise operating expense
Total cruise operating expense	357,932	54,037	85,678
Payroll and related
Cruise operating expense
Total cruise operating expense	1,088,639	537,439	521,301
Fuel
Cruise operating expense
Total cruise operating expense	686,825	301,852	264,712
Food
Cruise operating expense
Total cruise operating expense	263,807	62,999	65,369
Other
Cruise operating expense
Total cruise operating expense	$ 835,254	$ 508,186	$ 375,291

NCLH Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 946,987	$ 1,506,647
Short-term investments		240,000
Accounts receivable, net	326,272	1,167,473
Inventories	148,717	118,205
Prepaid expenses and other assets	450,893	269,243
Total current assets	1,872,869	3,301,568
Property and equipment, net	14,516,366	13,528,806
Goodwill	98,134	98,134
Trade names	500,525	500,525
Other long-term assets	1,569,800	1,300,804
Total assets	18,557,694	18,729,837
Current liabilities:
Current portion of long-term debt	991,128	876,890
Accounts payable	228,742	233,172
Accrued expenses and other liabilities	1,318,460	1,059,034
Advance ticket sales	2,516,521	1,561,336
Total current liabilities	5,054,851	3,730,432
Long-term debt	12,630,402	11,569,700
Other long-term liabilities	803,850	997,055
Total liabilities	18,489,103	16,297,187
Commitments and contingencies (Note 13)
Shareholders' equity:
Ordinary shares, $0.001 par value; 980,000,000 shares authorized; and 421,413,565 shares issued and outstanding at December 31, 2022 and 416,891,915 shares issued and outstanding at December 31, 2021	421	417
Additional paid-in capital	7,611,564	7,513,725
Accumulated other comprehensive income (loss)	(477,079)	(285,086)
Accumulated deficit	(7,066,315)	(4,796,406)
Total shareholders' equity	68,591	2,432,650
Total liabilities and shareholders' equity	$ 18,557,694	$ 18,729,837