Market Value Added (MVA)
Market value added (MVA) is the difference between a firm fair value and its invested capital. MVA is a measure of the value a company has created in excess of the resources already committed to the enterprise.
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Carnival Corp. & plc pages available for free this week:
- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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MVA
Carnival Corp. & plc, MVA calculation
US$ in millions
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).
1 Fair value of debt. See details »
2 Invested capital. See details »
- Market (Fair) Value of Carnival
- The market value exhibits a fluctuating trend over the six-year period. It declined from $51,417 million in 2018 to $46,942 million in 2019, then increased to $49,991 million in 2020, and further rose to $56,029 million in 2021. Subsequently, there was a notable decrease to $44,313 million in 2022, followed by a recovery to $51,725 million in 2023. Overall, the market value demonstrates volatility, with a peak in 2021 and a substantial rebound after 2022.
- Invested Capital
- Invested capital increased steadily from $35,074 million in 2018 to a peak of $49,017 million in 2020. Thereafter, it declined in the following years, falling to $39,428 million in 2023. This pattern indicates an initial phase of capital investment acceleration, followed by a contraction or divestiture phase post-2020.
- Market Value Added (MVA)
- The MVA shows a sharp downward trend from $16,344 million in 2018 to $974 million in 2020, reflecting a significant erosion in value creation during this period. However, it rebounded strongly in 2021 to $9,512 million before experiencing a steep drop to $170 million in 2022. In 2023, MVA recovered to $12,297 million, suggesting improved market perception and value generation after a volatile period.
- Overall Insights
- The data indicates periods of volatility and recovery in both market valuation and value creation. The company's invested capital expanded until 2020, aligning with value creation declines during this time, possibly due to external or operational challenges. Post-2020, reductions in invested capital coincide with fluctuations in market value and MVA. The sharp decreases in 2022 across all metrics suggest adverse conditions impacting the company, followed by partial recovery in 2023. The relationship between invested capital and market value added reveals dynamic investment and market confidence cycles over the period analyzed.
MVA Spread Ratio
Carnival Corp. & plc, MVA spread ratio calculation, comparison to benchmarks
| Nov 30, 2023 | Nov 30, 2022 | Nov 30, 2021 | Nov 30, 2020 | Nov 30, 2019 | Nov 30, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Market value added (MVA)1 | |||||||
| Invested capital2 | |||||||
| Performance Ratio | |||||||
| MVA spread ratio3 | |||||||
| Benchmarks | |||||||
| MVA Spread Ratio, Competitors4 | |||||||
| Airbnb Inc. | |||||||
| Booking Holdings Inc. | |||||||
| Chipotle Mexican Grill Inc. | |||||||
| McDonald’s Corp. | |||||||
| Starbucks Corp. | |||||||
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).
1 MVA. See details »
2 Invested capital. See details »
3 2023 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
- Market Value Added (MVA)
- The market value added demonstrates a significant decline from 16,344 million USD in 2018 to a low of 974 million USD in 2020. Following this trough, there is a recovery trend observed, with values rising to 9,512 million USD in 2021, dropping sharply again in 2022 to 170 million USD, before increasing to 12,297 million USD in 2023. This pattern indicates pronounced volatility particularly between 2019 and 2023, with partial recovery in value-added measures post-2020.
- Invested Capital
- Invested capital shows an increasing trend from 35,074 million USD in 2018 to a peak of 49,017 million USD in 2020. Subsequently, there is a declining trend observed from 2021 onwards, with invested capital falling to 46,517 million USD in 2021, 44,143 million USD in 2022, and further declining to 39,428 million USD by 2023. This downward adjustment after 2020 may reflect asset disposals, reduced capital expenditures, or restructuring activities.
- MVA Spread Ratio
- The MVA spread ratio follows a pattern consistent with the MVA figures, starting at a high of 46.6% in 2018, and sharply declining to 1.99% in 2020. It recovers to 20.45% in 2021, but then falls again to 0.38% in 2022, before improving to 31.19% in 2023. The fluctuations in this ratio reinforce the observation of volatility in market value creation relative to invested capital during this period.
- Overall Analysis
- The data reflects a period of considerable instability in market value creation from 2019 through 2022, with a lowest point reached in 2020 likely influenced by external shocks evident in the industry during that period. Despite fluctuations, the gradual recovery in both market value added and MVA spread ratio in 2023 suggests an improvement in value generation efficiency relative to invested capital. The decline in invested capital after 2020 might indicate strategic capital management in response to changing market conditions.
MVA Margin
Carnival Corp. & plc, MVA margin calculation, comparison to benchmarks
| Nov 30, 2023 | Nov 30, 2022 | Nov 30, 2021 | Nov 30, 2020 | Nov 30, 2019 | Nov 30, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Market value added (MVA)1 | |||||||
| Revenues | |||||||
| Performance Ratio | |||||||
| MVA margin2 | |||||||
| Benchmarks | |||||||
| MVA Margin, Competitors3 | |||||||
| Airbnb Inc. | |||||||
| Booking Holdings Inc. | |||||||
| Chipotle Mexican Grill Inc. | |||||||
| McDonald’s Corp. | |||||||
| Starbucks Corp. | |||||||
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).
1 MVA. See details »
2 2023 Calculation
MVA margin = 100 × MVA ÷ Revenues
= 100 × ÷ =
3 Click competitor name to see calculations.
- Market Value Added (MVA)
- The MVA demonstrates significant volatility over the observed periods. Starting at 16,344 million USD in 2018, it dropped sharply to 8,612 million USD in 2019, and further plummeted to a low of 974 million USD in 2020. This was followed by a recovery to 9,512 million USD in 2021, a drastic decline to 170 million USD in 2022, and then an increase to 12,297 million USD in 2023. The observed fluctuations suggest periods of considerable variability in market valuation, with notable recoveries after severe decreases.
- Revenues
- Revenue figures indicate a disruptive trend influenced by external factors. The company earned 18,881 million USD in 2018 and saw an increase to 20,825 million USD in 2019. This was followed by an abrupt decline to 5,595 million USD in 2020 and further to 1,908 million USD in 2021. Revenues rebounded to 12,168 million USD in 2022 and continued to rise, reaching 21,593 million USD in 2023. The pattern highlights a period of substantial revenue contraction and a subsequent recovery phase, likely reflecting significant operational challenges and a return to more normal business conditions.
- MVA Margin
- The MVA margin percentage exhibited highly erratic behavior. Beginning at 86.56% in 2018, it dropped to 41.35% in 2019 and further to 17.42% in 2020. An exceptional surge occurred in 2021, with the margin reaching an extraordinary 498.53%, which is atypical and suggests either a one-time event or a recalculation anomaly. Subsequently, the margin fell drastically to 1.4% in 2022 before partially recovering to 56.95% in 2023. These variations imply uneven profitability or value creation relative to revenue over the years, with an extremely irregular peak in 2021 followed by normalized levels in later years.