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Takeaway: Higher synergy target and better Wave commentary show why NCLH may outperform in 2015


There was much to like from NCL’s 2015 guidance. We had believed that the Prestige impact was underestimated by the Street (see our note: NCL/PRESTIGE: 3 TOPICS TO CHEW ON (9/4/2014). Indeed it was on both yield growth and synergy targets as outlined by management. Management’s commentary on an improving outlook for Wave 2015 corroborates our thesis that Norwegian is the best positioned cruiser for 2015.  NCL remains our top (and only right now) long idea in the cruise space. 

Please see our detailed note: