Research Firm with a Qualitative Overlay, Pearl Gray Equity and Research

Pearl Gray Equity and Research

Research Firm with a Qualitative Overlay

Quantitative fund & research firm with a qualitative overlay. 

Our coverage: General U.S. with a skew towards the primary sector. 

Methods: Smart Beta/Factor Pricing, Neural Networks, Street Gossip, and Common Sense.

Equity Bottom-Up

iShares High Yield Bond Factor ETF / Equity Bottom-Up

<ul><li>We might get a reasonable amount of flak for this article, as many investors <a href="https://www.reuters.com/markets/us/new-fed-research-flags-rising-risk-us-recession-2022-12-30/" target="_blank" rel="noopener">fear a recession</a>, and concurrently are staying away from high-yield bonds.</li><li>However, credit spreads are narrowing, and the equity market is receiving substantial support.</li><li>Thus, we believe the time is right to "risk it" on cyclical, high-yield corporate bonds with favorable interest rate sensitivity.</li></ul>

We might get a reasonable amount of flak for this article, as many investors fear a recession, and concurrently are staying away from high-yield bonds.However, credit spreads are narrowing, and the equity market is receiving substantial support.Thus, we believe the time is right to "risk it" on cyclical, high-yield corporate bonds with favorable interest rate sensitivity.

HYDB: Optimistically Backing High-Yield Corporate Bonds

<ul>
<li>The company's year-over-year revenue has surged by more than 1.98x.</li>
<li>Carnival remains far adrift from its midpoint profit margins and has a sizeable corporate bond to service.</li>
<li>A residual income valuation model places a fair value of $9.91 on the stock, placing it in fair value territory.</li>
</ul>


The company's year-over-year revenue has surged by more than 1.98x.
Carnival remains far adrift from its midpoint profit margins and has a sizeable corporate bond to service.
A residual income valuation model places a fair value of $9.91 on the stock, placing it in fair value territory.


Carnival: Its Recovery Program Is Already Priced In

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Carnival Corp has continued its string of disappointing results and the company failed to meet Wall Street expectations in terms of revenues as well as earnings in the last quarter as well.</li><li>Given the resumption of the guest cruise operations, the company saw its adjusted EBITDA being positive for the first time.</li><li>The revenue of the last quarter increased by around 80% in comparison to the previous quarter.</li></ul>

Carnival Corp has continued its string of disappointing results and the company failed to meet Wall Street expectations in terms of revenues as well as earnings in the last quarter as well.Given the resumption of the guest cruise operations, the company saw its adjusted EBITDA being positive for the first time.The revenue of the last quarter increased by around 80% in comparison to the previous quarter.

Carnival Corp: New Cruise Ship Additions & Other Drivers

<ul><li>Carnival Corporation continued its recovery story from the pandemic and delivered a decent quarterly result by restarting 20 more ships, using 74% of its fleet's capacity for guest cruise operations throughout the entire period.</li><li>The company currently operates guest cruises with 91% of its fleet's capacity which is a very positive sign.</li><li>Regarding the ships in operation, occupancy for the second quarter was 69%, a significant improvement over the first quarter's 54%.</li></ul>

Carnival Corporation continued its recovery story from the pandemic and delivered a decent quarterly result by restarting 20 more ships, using 74% of its fleet's capacity for guest cruise operations throughout the entire period.The company currently operates guest cruises with 91% of its fleet's capacity which is a very positive sign.Regarding the ships in operation, occupancy for the second quarter was 69%, a significant improvement over the first quarter's 54%.

Equity Capital Markets

<ul><li>Carnival Corp had a decent 2021 and is well on its path to recovery after the impact of the Covid-19.</li><li>The company restarted 10 additional ships in the first quarter of 2022, putting 60% of its fleet capacity in guest cruise operations for the entire quarter.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Carnival Corp had a decent 2021 and is well on its path to recovery after the impact of the Covid-19.The company restarted 10 additional ships in the first quarter of 2022, putting 60% of its fleet capacity in guest cruise operations for the entire quarter.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Carnival Corp.: Financial & Price Forecasts

United States

Carnival Corporation owns and operates cruise ships offering cruises to all major vacation destinations including North America, the United Kingdom, Germany, Southern  Europe, South America and Asia/Pacific. The Company, through a subsidiary also owns and operates hotels and lodges.  Dually-listed company with CCL LN.

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Carnival Corp (CCL US)

HYDB: Optimistically Backing High-Yield Corporate Bonds

We might get a reasonable amount of flak for this article, as many investors fear a recession, and concurrently are staying away from high-yield...

Pearl Gray Equity and Research

Carnival: Its Recovery Program Is Already Priced In

The company's year-over-year revenue has surged by more than 1.98x. Carnival remains far adrift from its midpoint profit margins and has a sizeable...

Pearl Gray Equity and Research

Carnival Corp: New Cruise Ship Additions & Other Drivers

Carnival Corp has continued its string of disappointing results and the company failed to meet Wall Street expectations in terms of revenues as...

Baptista Research

Carnival Corporation: Market Position

Carnival Corporation continued its recovery story from the pandemic and delivered a decent quarterly result by restarting 20 more ships, using 74%...

Baptista Research

Carnival Corp.: Financial & Price Forecasts

Carnival Corp had a decent 2021 and is well on its path to recovery after the impact of the Covid-19. The company restarted 10 additional ships in...

Baptista Research

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