Price to Book Value (P/BV)
since 2005
Calculation
Carnival Corp. & plc, P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 26, 2024 | 3.00 | = | 15.83 | ÷ | 5.27 | 5.27 | = | 6,882 | ÷ | 1,306,275,033 | |
| Jan 27, 2023 | 1.74 | = | 11.02 | ÷ | 6.34 | 6.34 | = | 7,065 | ÷ | 1,113,479,515 | |
| Jan 27, 2022 | 1.84 | = | 19.11 | ÷ | 10.37 | 10.37 | = | 12,144 | ÷ | 1,171,371,854 | |
| Jan 26, 2021 | 1.02 | = | 18.72 | ÷ | 18.41 | 18.41 | = | 20,555 | ÷ | 1,116,315,671 | |
| Jan 28, 2020 | 1.30 | = | 46.50 | ÷ | 35.72 | 35.72 | = | 25,365 | ÷ | 710,173,957 | |
| Jan 28, 2019 | 1.66 | = | 56.40 | ÷ | 34.01 | 34.01 | = | 24,443 | ÷ | 718,595,612 | |
| Jan 29, 2018 | 2.21 | = | 71.94 | ÷ | 32.57 | 32.57 | = | 24,216 | ÷ | 743,516,841 | |
| Jan 30, 2017 | 1.85 | = | 55.64 | ÷ | 30.05 | 30.05 | = | 22,597 | ÷ | 751,874,136 | |
| Jan 29, 2016 | 1.61 | = | 48.13 | ÷ | 29.93 | 29.93 | = | 23,771 | ÷ | 794,200,754 | |
| Jan 29, 2015 | 1.49 | = | 44.88 | ÷ | 30.03 | 30.03 | = | 24,288 | ÷ | 808,740,668 | |
| Jan 29, 2014 | 1.30 | = | 39.54 | ÷ | 30.39 | 30.39 | = | 24,556 | ÷ | 807,952,516 | |
| Jan 29, 2013 | 1.31 | = | 38.72 | ÷ | 29.62 | 29.62 | = | 23,929 | ÷ | 807,776,598 | |
| Jan 30, 2012 | 1.03 | = | 30.13 | ÷ | 29.38 | 29.38 | = | 23,832 | ÷ | 811,033,320 | |
| Jan 31, 2011 | 1.60 | = | 44.71 | ÷ | 28.01 | 28.01 | = | 23,031 | ÷ | 822,252,828 | |
| Jan 29, 2010 | 1.26 | = | 33.33 | ÷ | 26.44 | 26.44 | = | 22,035 | ÷ | 833,484,519 | |
| Jan 29, 2009 | 0.82 | = | 18.60 | ÷ | 22.77 | 22.77 | = | 19,098 | ÷ | 838,624,465 | |
| Jan 29, 2008 | 1.75 | = | 41.76 | ÷ | 23.86 | 23.86 | = | 19,963 | ÷ | 836,806,445 | |
| Feb 12, 2007 | 2.23 | = | 48.66 | ÷ | 21.78 | 21.78 | = | 18,210 | ÷ | 836,222,673 | |
| Feb 9, 2006 | 2.62 | = | 52.24 | ÷ | 19.94 | 19.94 | = | 16,972 | ÷ | 850,985,006 |
Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30), 10-K (reporting date: 2017-11-30), 10-K (reporting date: 2016-11-30), 10-K (reporting date: 2015-11-30), 10-K (reporting date: 2014-11-30), 10-K (reporting date: 2013-11-30), 10-K (reporting date: 2012-11-30), 10-K (reporting date: 2011-11-30), 10-K (reporting date: 2010-11-30), 10-K (reporting date: 2009-11-30), 10-K (reporting date: 2008-11-30), 10-K (reporting date: 2007-11-30), 10-K (reporting date: 2006-11-30), 10-K (reporting date: 2005-11-30).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Carnival Corp. & plc Annual Report.
The Price to Book Value (P/BV) ratio exhibits significant volatility over the period from 2006 to 2024, reflecting periods of market correction, steady growth, and severe equity erosion. The ratio has fluctuated between a low of 0.82 and a high of 3.00, indicating shifting market perceptions of the company's asset value relative to its equity market capitalization.
- Initial Valuation and Financial Crisis Impact
- Between 2006 and 2009, a sharp contraction in the P/BV ratio is observed, falling from 2.62 to 0.82. This decline was primarily driven by a substantial decrease in the share price, which dropped from 52.24 to 18.60, while the book value per share remained relatively stable. This suggests that the valuation drop was a result of market sentiment and external economic pressures rather than a deterioration of the company's underlying net asset value.
- Recovery and Expansion Phase
- From 2010 to 2018, the P/BV ratio underwent a consistent recovery, climbing from 1.26 to a peak of 2.21. During this interval, both the share price and the book value per share trended upward, with the book value per share increasing from 26.44 to 32.57. This synchronized growth indicates a period of fundamental value creation and improving investor confidence in the company's asset base.
- Equity Erosion and Recent Valuation Spikes
- A critical shift occurred between 2020 and 2024, characterized by a severe collapse in the book value per share, which fell from 35.72 in 2020 to 5.27 in 2024. Despite a concurrent decline in the share price, the P/BV ratio rose sharply to 3.00 by 2024. This divergence reveals that the current high P/BV ratio is not driven by an increase in market valuation, but rather by the rapid depletion of the company's book equity. The market is currently valuing the company at three times its remaining book value, signaling that investor pricing is based on future recovery expectations rather than existing tangible net assets.
Overall, the data demonstrates a transition from a valuation based on stable asset growth to one characterized by high leverage or asset impairment, where the market price now significantly exceeds the depleted accounting value of the company.
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Comparison to Competitors
Carnival Corp. & plc, P/BV, long-term trends, comparison to competitors
| Carnival Corp. & plc | Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | DoorDash, Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|---|
| Jan 26, 2024 | 3.00 | 12.09 | — | 23.47 | 6.85 | — | — |
| Jan 27, 2023 | 1.74 | 15.16 | 32.84 | 18.74 | 3.15 | — | — |
| Jan 27, 2022 | 1.84 | 20.88 | 16.35 | 19.05 | 7.65 | — | — |
| Jan 26, 2021 | 1.02 | 43.27 | 20.46 | 21.52 | 10.36 | — | — |
| Jan 28, 2020 | 1.30 | — | 11.62 | 14.09 | — | — | — |
| Jan 28, 2019 | 1.66 | — | 9.77 | 11.19 | — | — | 72.30 |
| Jan 29, 2018 | 2.21 | — | 8.03 | 5.45 | — | — | 14.86 |
| Jan 30, 2017 | 1.85 | — | 8.17 | 8.18 | — | — | 13.79 |
| Jan 29, 2016 | 1.61 | — | 6.97 | 6.49 | — | 15.06 | 15.59 |
| Jan 29, 2015 | 1.49 | — | 7.38 | 10.42 | — | 7.10 | 11.09 |
| Jan 29, 2014 | 1.30 | — | 9.68 | 10.94 | — | 5.97 | 13.55 |
| Jan 29, 2013 | 1.31 | — | 8.91 | 7.98 | — | 6.30 | 7.10 |
| Jan 30, 2012 | 1.03 | — | 11.44 | 11.27 | — | 7.10 | 7.14 |
| Jan 31, 2011 | 1.60 | — | 12.47 | 10.16 | — | 5.31 | 6.23 |
| Jan 29, 2010 | 1.26 | — | 7.95 | 4.71 | — | 4.90 | 5.21 |
| Jan 29, 2009 | 0.82 | — | 4.70 | 2.76 | — | 4.52 | 2.49 |
| Jan 29, 2008 | 1.75 | — | 7.56 | 6.13 | — | 4.22 | 7.37 |
| Feb 12, 2007 | 2.23 | — | 5.74 | 4.44 | — | 3.57 | 12.40 |
| Feb 9, 2006 | 2.62 | — | 2.53 | 5.68 | — | 2.92 | 11.40 |
Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30), 10-K (reporting date: 2017-11-30), 10-K (reporting date: 2016-11-30), 10-K (reporting date: 2015-11-30), 10-K (reporting date: 2014-11-30), 10-K (reporting date: 2013-11-30), 10-K (reporting date: 2012-11-30), 10-K (reporting date: 2011-11-30), 10-K (reporting date: 2010-11-30), 10-K (reporting date: 2009-11-30), 10-K (reporting date: 2008-11-30), 10-K (reporting date: 2007-11-30), 10-K (reporting date: 2006-11-30), 10-K (reporting date: 2005-11-30).
Comparison to Sector (Consumer Services)
Carnival Corp. & plc, P/BV, long-term trends, comparison to sector (consumer services)
| Carnival Corp. & plc | Consumer Services | |
|---|---|---|
| Jan 26, 2024 | 3.00 | 264.40 |
| Jan 27, 2023 | 1.74 | 198.47 |
| Jan 27, 2022 | 1.84 | 74.08 |
| Jan 26, 2021 | 1.02 | — |
| Jan 28, 2020 | 1.30 | — |
| Jan 28, 2019 | 1.66 | 63.58 |
| Jan 29, 2018 | 2.21 | 20.82 |
| Jan 30, 2017 | 1.85 | 18.69 |
| Jan 29, 2016 | 1.61 | 11.44 |
| Jan 29, 2015 | 1.49 | 8.15 |
| Jan 29, 2014 | 1.30 | 8.29 |
| Jan 29, 2013 | 1.31 | 6.94 |
| Jan 30, 2012 | 1.03 | 7.80 |
| Jan 31, 2011 | 1.60 | 6.28 |
| Jan 29, 2010 | 1.26 | 5.15 |
| Jan 29, 2009 | 0.82 | 4.17 |
| Jan 29, 2008 | 1.75 | 4.77 |
| Feb 12, 2007 | 2.23 | 4.69 |
| Feb 9, 2006 | 2.62 | 3.95 |
Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30), 10-K (reporting date: 2017-11-30), 10-K (reporting date: 2016-11-30), 10-K (reporting date: 2015-11-30), 10-K (reporting date: 2014-11-30), 10-K (reporting date: 2013-11-30), 10-K (reporting date: 2012-11-30), 10-K (reporting date: 2011-11-30), 10-K (reporting date: 2010-11-30), 10-K (reporting date: 2009-11-30), 10-K (reporting date: 2008-11-30), 10-K (reporting date: 2007-11-30), 10-K (reporting date: 2006-11-30), 10-K (reporting date: 2005-11-30).
Comparison to Industry (Consumer Discretionary)
Carnival Corp. & plc, P/BV, long-term trends, comparison to industry (consumer discretionary)
| Carnival Corp. & plc | Consumer Discretionary | |
|---|---|---|
| Jan 26, 2024 | 3.00 | 10.06 |
| Jan 27, 2023 | 1.74 | 9.41 |
| Jan 27, 2022 | 1.84 | 13.21 |
| Jan 26, 2021 | 1.02 | 17.99 |
| Jan 28, 2020 | 1.30 | 13.59 |
| Jan 28, 2019 | 1.66 | 11.35 |
| Jan 29, 2018 | 2.21 | 10.74 |
| Jan 30, 2017 | 1.85 | 8.39 |
| Jan 29, 2016 | 1.61 | 7.17 |
| Jan 29, 2015 | 1.49 | 5.83 |
| Jan 29, 2014 | 1.30 | 5.12 |
| Jan 29, 2013 | 1.31 | 4.39 |
| Jan 30, 2012 | 1.03 | 3.84 |
| Jan 31, 2011 | 1.60 | 4.04 |
| Jan 29, 2010 | 1.26 | 4.72 |
| Jan 29, 2009 | 0.82 | 4.98 |
| Jan 29, 2008 | 1.75 | 3.91 |
| Feb 12, 2007 | 2.23 | 4.50 |
| Feb 9, 2006 | 2.62 | 3.49 |
Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30), 10-K (reporting date: 2017-11-30), 10-K (reporting date: 2016-11-30), 10-K (reporting date: 2015-11-30), 10-K (reporting date: 2014-11-30), 10-K (reporting date: 2013-11-30), 10-K (reporting date: 2012-11-30), 10-K (reporting date: 2011-11-30), 10-K (reporting date: 2010-11-30), 10-K (reporting date: 2009-11-30), 10-K (reporting date: 2008-11-30), 10-K (reporting date: 2007-11-30), 10-K (reporting date: 2006-11-30), 10-K (reporting date: 2005-11-30).