Norwegian Cruise Line Should Strengthen Cost Management, Says Analyst
Norwegian Cruise Line Should Strengthen Cost Management, Says Analyst
BofA Securities analyst Andrew G. Didora reiterated a Neutral rating on the shares of Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) with a price target of $20.00.
美銀證券分析師安德魯·迪多拉重申了對挪威郵輪控股有限公司（紐約證券交易所代碼：NCLH）股票的中性評級，目標股價爲20.00美元。
The cruise line operator, in the wake of its investor day, raised its full-year 2024 guidance across several metrics.
該郵輪運營商在投資者日結束後，在多個指標上調了2024年全年指引。
The company raised adjusted earnings guidance from $1.32 to $1.42 per share. The updated guidance, according to the analyst, is largely in line with his $1.39 forecast, and the analyst's estimates remain unchanged.
該公司將調整後的每股收益預期從1.32美元上調至1.42美元。這位分析師表示，最新的指引與他的1.39美元預測基本一致，分析師的估計保持不變。
Norwegian Cruise Line also introduced new 2026 targets, including adjusted earnings of approximately $2.45 per share, slightly below the analyst's $2.67 estimate.
挪威郵輪公司還推出了新的2026年目標，包括調整後的每股收益約2.45美元，略低於分析師估計的2.67美元。
NCLH guided to net leverage of 4.5x by 2026 (BofA at 4.2x), a three-turn reduction from 2023, said the analyst.
該分析師表示，NCLH的預期淨槓桿率到2026年將達到4.5倍（美銀爲4.2倍），比2023年下降了三倍。
Targets assume $7 billion in 2024-2026 operating cash flow as moderate capex plans over the period allow for $500 million in potential accelerated debt repayments in addition to $3.2 billion in debt amortization.
目標假設2024-2026年的運營現金流爲70億美元，因爲該期間的適度資本支出計劃除了32億美元的債務攤銷外，還允許加速償還5億美元的債務。
Pandemic-related dilution was a key area of question, but management noted their discomfort with addressing dilution through share repurchases before returning leverage levels to below 4.0x, added the analyst.
分析師補充說，與疫情相關的稀釋是一個關鍵的問題領域，但管理層指出，他們對在將槓桿率恢復到4.0倍以下之前通過股票回購來解決稀釋問題感到不滿。
The analyst noted that long-term targets assume low to mid-single digit net yield growth through 2026 on a capacity growth CAGR of 5%, implying nearly 10% revenue growth the next 3 years.
該分析師指出，長期目標假設到2026年的淨收益率增長率爲低至中等個位數，產能複合年增長率爲5％，這意味着未來3年收入將增長近10％。
Net yield growth is slightly higher than 2016-2019 growth of 3.4%, supported by an increased premium cabin mix, booking curve and marketing optimizations, and deployment adjustments, including private island investments, to suit customer preferences, according to the analyst.
分析師稱，淨收益率增長略高於2016-2019年的3.4％，這得益於高級客艙結構的增加、預訂曲線和營銷優化以及包括私人島嶼投資在內的部署調整，以適應客戶的偏好。
Cost management is a key component of margin goals as NCLH targets unit costs below inflation to return operating leverage to historical levels, asserted the analyst.
分析師斷言，成本管理是利潤率目標的關鍵組成部分，因爲NCLH的目標是低於通貨膨脹的單位成本，以使運營槓桿率恢復到歷史水平。
Based on the EPS outlook, the analyst's 2026 EBITDA forecast of nearly $3.1 billion appears in line with the company's 2026 metrics.
根據每股收益展望，分析師對2026年息稅折舊攤銷前利潤的預測接近31億美元，似乎與該公司2026年的指標一致。
Price Action: NCLH shares are trading lower by 3.43% at $16.35 at the last check Wednesday.
價格走勢：在週三的最後一次支票中，NCLH股價下跌3.43％，至16.35美元。
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譯文內容由第三人軟體翻譯。