The analyst thinks the cruise line operator is best positioned to benefit from the post-pandemic recovery and increasing consumer spending on travel and outperform its industry peers led by its premium product offering and best-in-class fleet in the highly profitable luxury and ultraluxury market segments.
Record revenue and profitability are on the horizon as strong booking and onboard spending trends will drive a significant recovery in Business Performance trends, he adds.
Revenue, Economic Operating Cash Flow (EBITDAR), and Net Operating Profit After Tax (NOPAT) should all exceed pre-pandemic record levels by mid-2023 as NCLH is both well-positioned to benefit from the post-pandemic recovery in travel combined with increasing consumer spending trends on travel.
Also, Norwegian Cruise Line is likelyto benefit further from additional higher-yielding and more profitable capacity from three recently launched new ships, along with three new ships coming in 2023.
Norwegian will increase its fleet by nearly 40% over the next five years, with nine high-tech and state-of-the-art new ships joining its fleet and increasingly contributing to revenue growth and profitability.
Feinseth notes pricing on 2023 itineraries is exceeding comparable 2019 levels by 20%, and booking levels are running 40% above 2019 levels with a 20% increase in capacity over 2019 levels.
While potential headwinds and investor skepticism exist, Norwegian’s smaller and younger fleet, projected fleet growth of its modern and unique ship designs, and high-quality product offering, better position it versus its peers.
Price Action: NCLH shares are trading higher by 2.18% at $14.54 on the last check Friday.
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