Norwegian Pushes Toward Full Speed Ahead 2020 Goals Thanks to Solid Demand for Its Offerings
We don’t plan any material change to our $69 fair value estimate for narrow-moat Norwegian Cruise Line and view the shares as undervalued, trading at about 10.5 times the midpoint of updated earnings per share guidance of $5.20-$5.30. With a mostly organic year ahead (Encore doesn’t enter the fleet until the fourth quarter), the company’s initial take on 2019 wasn’t much different than our forecast. Our net yield forecast of 2.5% was at the low end of Norwegian's 2.5%-3.5% as-reported yield outl...
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