Carnival : Q1 contained no major surprises, a gradual improvement with booking levels (especially for 2022); Underperform, target price lifted to 1,300p
>Net loss of $ 2.0bn in Q1; improvement in the liquidity level - Carnival yesterday reported its Q1 2021 trading update to end-February. The quarter was largely hit by ongoing pandemic context, the net loss was close to $ 2bn, i.e. virtually identical to the Q4 2020 figure and represents the amount of incompressible costs given the particularly low level of activity. The liquidity level was broadly satisfactory at $ 11.5bn ($ 9.5bn at end-2020), integrating the $ 1.0b...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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