Norwegian Cruise Line Holdings Ltd (NCLH) is undervalued and Trip.com Group Ltd ADR (TCOM) is undervalued.
Against our estimates of intrinsic value, NCLH trades at the wider discount: a margin of safety of +71%, against +57% for TCOM.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 8.5% (average of 3 methods) values the shares at $94.77; the price of $40.85 is 57% below that value, and 79% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | NCLH | TCOM |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $14.22 | $40.85 |
| Intrinsic value | $48.28 | $94.77 |
| Margin of safety | +71% | +57% |
| Leak Score | 41/100 (3/12) | 100/100 (3/12) |
| Market cap | $6.5B | $26.5B |
| Revenue growth, 5 years | 50.3% | 26.8% |
| Operating margin | 15.8% | 15.9% |
| Net margin | 7.5% | 36.1% |
| Return on equity | 36.7% | 15.3% |
| Debt to equity | 6.21 | 0.17 |
| P/E | 9.0x | 8.5x |
| Forward P/E | 8.4x | 10.2x |
| P/B | 2.5x | 1.2x |
| Dividend yield | — | 0.2% |