Booking Holdings Inc (BKNG) is undervalued and Carnival Corp Ltd (CCL) is undervalued.
Against our estimates of intrinsic value, CCL trades at the wider discount: a margin of safety of +52%, against +39% for BKNG.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.8% (average of 3 methods) values the shares at $268.01; the price of $164.22 is 39% below that value, and 75% of that value comes from beyond year five.
Leak Score 97/100 on 8 of 12 signals
Discounting its cash flows at 11.1% (average of 3 methods) values the shares at $46.74; the price of $22.28 is 52% below that value, and 70% of that value comes from beyond year five.
Leak Score 58/100 on 10 of 12 signals
| Metric | BKNG | CCL |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $164.22 | $22.28 |
| Intrinsic value | $268.01 | $46.74 |
| Margin of safety | +39% | +52% |
| Leak Score | 97/100 (8/12) | 58/100 (10/12) |
| Market cap | $123.4B | $30.5B |
| Revenue growth, 5 years | 31.7% | 36.6% |
| Operating margin | 35.2% | 16.3% |
| Net margin | 25.5% | 11.2% |
| Return on equity | — | 26.7% |
| Debt to equity | — | 2.02 |
| P/E | 18.2x | 10.0x |
| Forward P/E | 13.3x | 8.5x |
| P/B | — | 2.4x |
| Dividend yield | 0.9% | 2.5% |