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CUK.N

ISIN: US14365C1036
SEDOL: 2534927

Rating:

HOLD

Target Price:

27.19 USD

Investment Horizon:

6 to 24 months
2nd Jul 2009 View Report   Download

Company News Alert

The Carnival PLC (Carnival) ADR hit our target price on 01 July 2009, supported by positive investor reaction to the company's healthy fundamentals, which were discussed in our previous update report, as well as a broad-based rally in equity markets around the world. However, at current levels, we feel the stock's medium-to-long term upside potential has been exhausted. Therefore, we downgrade the ADR from a BUY to a HOLD. We will reassess our ADR rating in our next…

19th Jun 2009 View Report   Download

2Q 09 News Alert

Although Carnival PLC's (Carnival) 2Q 09 top-line was in line with our expectation, margins outperformed our expectations due to lower than expected commissions and selling and administrative expenses. Management has lowered its FY 2009 guidance slightly based on new fuel expectations and currency fluctuations. Although, the target price does not support a BUY at current price levels, we maintain our BUY rating due to the better than expected margins…

17th Jun 2009 View Report   Download

1Q 09 Update Report

The recessionary pressure across the global economy has severely affected the leisure travel industry. Although Carnival reported a y-o-y increase in bookings this year, it had to resort to significant price discounting to stimulate this. In the North American region, it is currently resorting to discounts of 15- 20%, while in Alaska and Europe it is resorting to discounts close to 30% to 40%....

19th May 2009 View Report   Download

Company News Alert

Carnival PLC (Carnival) has given an indication of the per share impact of the US travel advice against visiting Mexico. We continue to hold a cautious outlook for the company and, in light of the recent revisions in the company's guidance, we expect to reduce our financial estimates for Carnival in our next update report. We will reassess the ADR (1 ADR = 1 UK share) rating in our next full update report in the coming weeks....

6th Apr 2009 View Report   Download

Company News Alert

Carnival PLC (Carnival) ADR achieved our target price on 03 April 2009. We believe this reflects a boost in investor confidence from the company’s better than expected 1Q 09 results and efficient cost control measures. However, due to the limited visibility for the leisure industry and following this increase in ADR price, we believe the medium term upside potential has been exhausted. Therefore, we are moderating…