Carnival PLC

Carnival is a leisure travel and cruise company. Co. operates over 100 cruise ships within a portfolio of global, regional and national cruise brands that sell tailored cruise products, services and vacation experiences. Co.'s North America cruise brands include Carnival Cruise Line, Princess Cruises, Holland America Line, and Seabourn. Co. also has a Cruise Support segment that represents its portfolio of port destinations and private islands, which are operated for the benefit of its cruise brands. In addition to its cruise operations, Co. owns Holland America Princess Alaska Tours, the tour company in Alaska and the Canadian Yukon, which complements Co.'s Alaska cruise operations.
  • TickerCCL
  • ISINGB0031215220
  • ExchangeLondon Stock Exchange
  • SectorTravel & Leisure
  • CountryUnited Kingdom

Carnival Corporation: Covenant Quality Post-Sale Snapshot: Second-Priority Senior Secured Notes $775m 10.5% due 2026/ €425m 10.125% due 2026

Carnival Corporation’s covenant package offers moderate protection (2.84)

Carnival Corporation: Update to credit analysis following ratings being placed on review for downgrade

Carnival, and the cruise industry in general, faces unprecedented pressure as US sailing operations are suspended.

Carnival Corporation: Carnival's upsized term loan benefits liquidity, no impact to ratings

Carnival's planned term loan B issuance will benefit liquidity during this crisis caused by COVID-19.

Carnival Corporation: Update to credit analysis following downgrade of senior unsecured rating to Ba2; negative outlook

Carnival's near term risks include fallout from the global spread of the coronavirus (COVID-19) and the disruptions to the cruise industry including suspended operations.

Moody's assigns Carnival's proposed secured term loan a Baa3 rating, downgrades unsecured rating to Ba2

Rating Action: Moody's assigns Carnival's proposed secured term loan a Baa3 rating, downgrades unsecured rating to Ba2. Global Credit Research- 23 Jun 2020. New York, June 23, 2020-- Moody's Investors Service, assigned a Baa3 rating to Carnival Corporation's planned senior secured term loan B. At the same time, Moody's downgraded the company's senior unsecured rating to Ba2 from Ba1.

Jérôme VINERIER

Analyse court terme - CARNIVAL PLC : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 4 170,00 p. La tendance de fond serait remise en cause en cas de franchissement de 4 579,80 p.

Jérôme VINERIER

Short term view - CARNIVAL PLC : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at 4,170.00 p. The background trend would be questioned should prices rise above 4,579.80 p.

Jérôme VINERIER

Analyse court terme - CARNIVAL PLC : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 4 170,00 p, puis 4 060,00 p. Le franchissement de 4 579,80 p remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - CARNIVAL PLC : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at 4,170.00 p, then 4,060.00 p. Passing 4,579.80 p would question the continuation of the fall.

Jérôme VINERIER

Medium term view - CARNIVAL PLC : Falling prices.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

Anthony Dick ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Johanna Jourdain
  • Michael Foundoukidis

ODDO BHF Small & MIDCAP MORNING NEWS - 06/19/2020

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Alfred Glaser ...
  • Anthony Dick
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/19/2020

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Fehmi Ben Naamane ...
  • Johanna Jourdain

ODDO : RevPAR en baisse de 91% pour l’hôtellerie européenne en mai

>Revenus en baisse de 93% en moyenne - Les revenus moyens de l’hôtellerie de chaine sont en baisse de 93% yoy sur le mois de mai, soit une performance comparable à celle d’avril. Concernant les RevPAR, ils reculent de 91% (-93% en avril). Cette chute est tirée par la forte érosion des taux d’occupation à -86% (rappelons que les taux d’occupation se calculent en référence aux hôtels en opérations), et une baisse massive des prix moyens à -39%, soit des chiffres quasim...

Fehmi Ben Naamane ...
  • Johanna Jourdain

ODDO : RevPAR down 91% for European hotels in May

>Revenues down 93% on average - Average revenues for chain hotels saw a decline of 93% y-o-y in May, which is along the same lines as in April. RevPAR saw a fall of 91% (-93% in April). This slump was driven by a marked erosion in occupancy rates of -86% (note that occupancy rates are calculated in reference to hotels in operation), and a massive drop in average daily rates of -39%, which is broadly on a par with the figures for April. The occupancy rate...

Anthony Dick ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Johanna Jourdain
  • Michael Foundoukidis

ODDO BHF Small & MIDCAP MORNING NEWS - 19/06/2020

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Carnival Corporation: Covenant Quality Post-Sale Snapshot: Second-Priority Senior Secured Notes $775m 10.5% due 2026/ €425m 10.125% due 2026

Carnival Corporation’s covenant package offers moderate protection (2.84)

Carnival Corporation: Update to credit analysis following ratings being placed on review for downgrade

Carnival, and the cruise industry in general, faces unprecedented pressure as US sailing operations are suspended.

Carnival Corporation: Carnival's upsized term loan benefits liquidity, no impact to ratings

Carnival's planned term loan B issuance will benefit liquidity during this crisis caused by COVID-19.

Carnival Corporation: Update to credit analysis following downgrade of senior unsecured rating to Ba2; negative outlook

Carnival's near term risks include fallout from the global spread of the coronavirus (COVID-19) and the disruptions to the cruise industry including suspended operations.

Moody's assigns Carnival's proposed secured term loan a Baa3 rating, downgrades unsecured rating to Ba2

Rating Action: Moody's assigns Carnival's proposed secured term loan a Baa3 rating, downgrades unsecured rating to Ba2. Global Credit Research- 23 Jun 2020. New York, June 23, 2020-- Moody's Investors Service, assigned a Baa3 rating to Carnival Corporation's planned senior secured term loan B. At the same time, Moody's downgraded the company's senior unsecured rating to Ba2 from Ba1.

Fehmi Ben Naamane ...
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Olfa Taamallah
  • Oussema Denguir
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/27/2019

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Fehmi Ben Naamane ...
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Olfa Taamallah
  • Oussema Denguir
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/09/2019

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Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Fehmi Ben Naamane
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/06/2019

Dans cette étude, nous dressons un état des lieux du secteur bancaire européen sur le sujet central de la solvabilité (impact réglementaire…). Notre analyse montre à quel point : 1/ il s’agit d’un élément significatif de différenciation et 2/ il devrait déterminer les orientations stratégiques au sein du secteur. Elle établit enfin une hiérarchie sans véritable surprise et vient conforter notre préférence pour CASA (Achat, OC 15.5 €). - ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Fehmi Ben Naamane
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/21/2019

In this study, we present the state of play of the European banking sector with regards to the core issue of solvency (regulatory impact, etc.). Our analysis reveals to what extent this: 1/ is a significantly differentiating factor and 2/ should determine strategic direction within the sector. Lastly, it establishes a hierarchy that contains no major surprises and which underpins our preference for CASA (Buy, target price € 15.5). - ...

Fehmi Ben Naamane ...
  • Johanna Jourdain

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/21/2018

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A double requalification allows CARNIVAL PLC. to improve to Slightly Positive

CARNIVAL PLC. (GB), a company active in the Recreational Services industry, has received a double requalification by the independent financial analyst theScreener. Its fundamental valuation is now 4 out of 4 stars while its market behaviour can be considered as moderately risky. theScreener believes that the gain of a star(s) and an improvement in the market risk perception allows upgrading the general evaluation to Slightly Positive. As of the analysis date December 20, 2019, the closing price was GBp 3,587.00 and its potential was estimated at GBp 3,766.35.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Carnival Plc - AGM 06 April 2020

Item 1: Mr. Arison is Executive Chairman. He served as Chief Executive Officer of Carnival Corporation from 1979 to July 2013 and was Chief Executive Officer of Carnival plc from 2003 to July 2013. He is the largest shareholder in the Company, holding directly and through his family, 24.7% of the combined voting power. ECGS believes that the Chairman should not carry executive responsibilities. Items 12-14: Carnival group proposes to vote the compensation under Dodd-Frank rules and the remuneration report and policy under the UK regulation. The CEO's maximum potential incentive pay is extreme...

Expert Corporate Governance Service (ECGS)

Carnival April 16th, 2019

Item 1: Re-elect the Executive Chairman Mr. Arison has been Chairman of Carnival Corporation since 1990 and a director since 1987. He became a director and Chairman of Carnival plc in 2003.  He served as Chief Executive Officer of Carnival Corporation from 1979 to July 2013 and was Chief Executive Officer of Carnival plc from 2003 to July 2013.  In addition, he is the largest shareholder in the Company, holding directly and through his family, approximately 18.7% of the voting power of Carnival Corporation and 1.5% of the voting rights of Carnival plc. As a matter of principle, ECGS believes...

Carnival Corp – Proxinvest Corporate Governance Rating ® : E

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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