Carnival Corp Ltd (CCL) 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 +52% for CCL.
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 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 | CCL | NCLH |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $22.28 | $14.22 |
| Intrinsic value | $46.74 | $48.28 |
| Margin of safety | +52% | +71% |
| Leak Score | 58/100 (10/12) | 41/100 (3/12) |
| Market cap | $30.5B | $6.5B |
| Revenue growth, 5 years | 36.6% | 50.3% |
| Operating margin | 16.3% | 15.8% |
| Net margin | 11.2% | 7.5% |
| Return on equity | 26.7% | 36.7% |
| Debt to equity | 2.02 | 6.21 |
| P/E | 10.0x | 9.0x |
| Forward P/E | 8.5x | 8.4x |
| P/B | 2.4x | 2.5x |
| Dividend yield | 2.5% | — |