Booking Holdings Inc (BKNG) is undervalued and Norwegian Cruise Line Holdings Ltd (NCLH) is undervalued.
Against our estimates of intrinsic value, NCLH trades at the wider discount: a margin of safety of +71%, 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 7.7% (average of 3 methods) values the shares at $48.28; the price of $14.22 is 71% below that value, and 82% of that value comes from beyond year five.
Leak Score 41/100 on 3 of 12 signals
| Metric | BKNG | NCLH |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $164.22 | $14.22 |
| Intrinsic value | $268.01 | $48.28 |
| Margin of safety | +39% | +71% |
| Leak Score | 97/100 (8/12) | 41/100 (3/12) |
| Market cap | $123.4B | $6.5B |
| Revenue growth, 5 years | 31.7% | 50.3% |
| Operating margin | 35.2% | 15.8% |
| Net margin | 25.5% | 7.5% |
| Return on equity | — | 36.7% |
| Debt to equity | — | 6.21 |
| P/E | 18.2x | 9.0x |
| Forward P/E | 13.3x | 8.4x |
| P/B | — | 2.5x |
| Dividend yield | 0.9% | — |