CHART DU JOUR: CRUISE VALUATION SPREAD

06/04/12 02:02PM EDT
  • CCL’s P/E valuation premium over RCL has widened to its highest level since Carnival’s acquisition of Princess in 2002.
  • Historically, CCL has a 2-3x premium over RCL on P/E valuation.  That spread has risen sharply in the past few months after narrowing in the midst of the Costa Concordia tragedy.
  • We expect the spread to narrow in the intermediate term due to RCL’s pricing outperformance for the rest of CY 2012.   

CHART DU JOUR: CRUISE VALUATION SPREAD - CCL

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