Carnival Corp Ltd (CCL) is undervalued and Expedia Group Inc (EXPE) is fairly valued.
Against our estimates of intrinsic value, CCL trades at the wider discount: a margin of safety of +52%, against -2% for EXPE.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 10.8% (average of 3 methods) values the shares at $274.56; the price of $280.70 is 2% above that value, and 70% of that value comes from beyond year five.
Leak Score 65/100 on 10 of 12 signals
| Metric | CCL | EXPE |
|---|---|---|
| Verdict | Undervalued | Fairly valued |
| Price | $22.28 | $280.70 |
| Intrinsic value | $46.74 | $274.56 |
| Margin of safety | +52% | -2% |
| Leak Score | 58/100 (10/12) | 65/100 (10/12) |
| Market cap | $30.5B | $33.7B |
| Revenue growth, 5 years | 36.6% | 23.2% |
| Operating margin | 16.3% | 16.6% |
| Net margin | 11.2% | 13.0% |
| Return on equity | 26.7% | 199.1% |
| Debt to equity | 2.02 | 4.70 |
| P/E | 10.0x | 17.5x |
| Forward P/E | 8.5x | 11.5x |
| P/B | 2.4x | 27.9x |
| Dividend yield | 2.5% | 0.5% |