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Content
Macro Environment
Competitive Strategy
Cheap Price
Analyst Recommendations
Macro Environment
• Improving Consumer Confidence
• Relatively Low Oil Prices
Macro Environment
Year 2016 2015 2014 2013 2012 2011 2010 2009 CAGR
Cruise Passengers 24.2m 23.2m 22.04m 21.3m 20.9m 20.5m 19.1m 17.8m 3.91%
Competitive Strategy
Revenue 2015 2014 2013 2012 2011 CAGR
NCL 4,345 3,126 2,570 2,276 2,219 14.38%
Royal Caribbean 8,299 8,074 7,960 7,688 7,537 1.94%
Carnival 15,714 15,884 15,456 15,382 15,793 -0.1%
Net Income 2015 2014 2013 2012 2011 CAGR
NCL 427 338 102 169 127 27.45%
Royal Caribbean 666 764 474 18 607 1.87%
Carnival 1,757 1,216 1,055 1,298 1,912 -1.7%
Rapid Fleet Expansion
 12 Ships in 2011, 23 Today
 28 by 2020
Youngest Fleet
 Capex Associated with New Revenues, Not Maintenance of Existing Revenues
New Markets
 China and Australia
 Chinese Cruise Passenger Numbers grew 79% annually from 2012 to 2014
Cheap Price
Firm
2017 PEG
Ratio (DB)
2016 Forward PE
Ratio EPS 2017
Target
Price
Forecasted
Gain
Royal Caribbean 1 13.89
Carnival 1.1 15.02
NCL 0.7 12.05 3.81 52.00 25.87%
Analyst Recommendations
Recommendations 1yr ago Latest
Buy 8 9
Outperform 7 4
Hold 3 6
Underperform 0 0
Sell 1 0
Summary
Why
Buy
Cheap Stock
High Growth
Potential
Highly
Recommend
ed
Favourable
Macro
Environment
Norwegian Cruise Line: Stock Pitch

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Norwegian Cruise Line: Stock Pitch