Royal's 2019 Growth Tamed by Spend to Bolster Brand Intangible Asset, but Robust Cash Flow Persists
Despite $0.55 in fuel and foreign exchange headwinds in 2018, narrow-moat Royal Caribbean is on track to deliver around 8% and high-teen sales and earnings per share growth, respectively. With commentary on par with recent quarters, noting that 2019 booked load and rate factors are higher than the same time last year, and a still-expanding booking window, we don’t foresee any imminent slowdown in the demand for cruising. We do, however, expect to lower our $135 fair value estimate by a single-di...
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