Carnival : Good booking momentum but limited visibility on 2023; Underperform, target price lowered to 950p (vs 1,300p)
>Mediocre operating results in Q2 - Carnival turned in fairly lacklustre Q2 earnings, with an adjusted net loss for the year of -$ 1.9bn, compared to consensus expectations of -$ 1.3bn on average (a range of -$ 1.1bn to -$ 1.6bn). This loss is unchanged compared to Q1, despite q-o-q revenue growth of 50%, driven by an occupancy rate of 69% (vs 54% in Q1). On this basis, group revenues, at $ 2.4bn, are half what they were in Q2 2019. On the cost front, the fuel bill a...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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