Norwegian Cruise Line Holdings Ltd (NCLH) is undervalued and Viking Holdings Ltd (VIK) is slightly overvalued.
Against our estimates of intrinsic value, NCLH trades at the wider discount: a margin of safety of +71%, against -11% for VIK.
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 10.5% (average of 3 methods) values the shares at $73.00; the price of $81.02 is 11% above that value, and 73% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
| Metric | NCLH | VIK |
|---|---|---|
| Verdict | Undervalued | Slightly overvalued |
| Price | $14.22 | $81.02 |
| Intrinsic value | $48.28 | $73.00 |
| Margin of safety | +71% | -11% |
| Leak Score | 41/100 (3/12) | 59/100 (3/12) |
| Market cap | $6.5B | $36.1B |
| Revenue growth, 5 years | 50.3% | 79.6% |
| Operating margin | 15.8% | 23.3% |
| Net margin | 7.5% | 19.3% |
| Return on equity | 36.7% | 139.5% |
| Debt to equity | 6.21 | 3.75 |
| P/E | 9.0x | 26.9x |
| Forward P/E | 8.4x | 18.4x |
| P/B | 2.5x | 33.5x |