Royal Caribbean's asset mix and destinations drives Buy rating from Mizuho

seekingalpha04-17

With a favorable mix of quality ship assets and differentiated destinations, Royal Caribbean Cruises (NYSE:RCL) has a compelling risk/reward mix that is skewed to the upside and the potential to drive...

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Mizuho initiated coverage of the cruise operator with a Buy rating, and set its price target at $164, 30% upside to Tuesday’s closing price. Shares are up 1.5% in Wednesday’s premarket trading. In addition to its current destinations like Coco Cay, the company is developing more short-duration trips which complements its private island/destination development, expanding the cruise market and differentiates Royal Caribbean (RCL) from peers, Mizuho analyst Ben Chaiken says.  Royal Caribbean (RCL) has also become more cost-conscious post-COVID with net cruise costs of only 7.5% in 2023. Coupled with fewer days in dry dock, this will provide a tailwind to revenue.  “Our downside EBITDA scenario captures an environment where net cruise cost growth outstrips net yields, which we believe is conservative in light of recent trends. Further, we believe valuation vs Norwegian Cruise Line (NCLH) is compelling with diverging [free cash flow] trends,” Chaiken writes. Mizuho targets FY24/FY25 EBITDA of $5.6B/$6.3B versus the Street estimates of $5.6B/$6.1B with 2025 upside EBITDA of $6.5B.    More on Royal Caribbean Cruises  Royal Caribbean: Sailing Beyond Macroeconomic Concerns (Rating Upgrade) Royal Caribbean: Blowing Past Base Case Royal Caribbean: Cruising To New Heights - Robust EBITDA Margins Ahead OneSpaWorld extends deal with Royal Caribbean Viking Holdings files confidential draft for IPO","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428195317"}