For the third quarter, it is observed that the EBITDA projection of $487M may not meet the general market expectation of $518M, primarily due to increased costs subsequent to management's comments on expense timing in August. However, the anticipation of improved cost management in the fourth quarter contributes to a full year EBITDA forecast that aligns closely with market expectations, estimated at nearly $1.3B. Viking Holdings is considered likely to command a premium valuation in comparison to its industry peers owing to its upscale business approach, exceptional return on invested capital, leading unit economics, advantageous net leverage, and a robust growth trajectory.

Viking Holdings has experienced a recent uptick, although it has underperformed in comparison to its industry counterparts, leading to a more compelling relative valuation. There is an anticipation of enhanced demand for the company, betterment of gross margins, and the initiation of capital return. The stock's recent ascent was propelled by favorable peer results and the aftermath of the U.S. election, but it has not kept pace with its main cruise industry peers over the past quarter.