Morningstar

Morningstar, Inc.

Equity Bottom-Up

On June 4, the Trump administration imposed travel restrictions on visits to Cuba by U.S. citizens, stripping people-to-people travel to the island, prohibiting educational and cultural trips to the island. Given that the constraints were effective June 5, the narrow-moat cruise lines, Carnival, Royal Caribbean, and Norwegian have scramble to shuffle their high-yielding Cuba itineraries to alternate ports, offering customers compensation for the altered redeployments. For Norwegian, the company…

Norwegian Cruise Line's capacity has risen to more than 54,000 berths from around 30,000 prior to the acquisition of Prestige (2014), making it an increasingly relevant competitor in the cruise industry. Capitalizing on decades of consumer analytics and best practices across brands, the firm can nimbly cater to changing trends, in our view. Additionally, we view Norwegian's freestyle cruising as a differentiated product, catering well to an older demographic, who may want to take their families…

Narrow-moat Norwegian Cruise Line's first-quarter adjusted earnings per share result of $0.83 outpaced our estimate by about $0.15, with as-reported yield growth of 3.2% pacing 100 basis points ahead of our outlook and net cruise costs excluding fuel higher than we anticipated at 2.9%, also about 100 basis points higher than our estimate (the company forecast included 2% growth for yields and costs ex-fuel on an as-reported basis). This shouldn’t significantly change our 2019 outlook, however…

United States

Norwegian Cruise Line Holdings Ltd. operates a fleet of passenger cruise ships. The Company offers an array of cruise itineraries as well as theme cruises, while markets its services through various distribution channels including retail and travel agents, consumer direct, international sales, as well as incentive sales. Norwegian Cruise extends its services worldwide.

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