Enterprise Value (EV)
Current Enterprise Value (EV)
Carnival Corp. & plc, current enterprise value calculation
| Current share price (P) | $17.19 |
| No. shares of common stock outstanding | 1,309,995,783 |
| US$ in millions | |
| Common equity (market value)1 | 22,519) |
| Total equity | 22,519) |
| Add: Short-term borrowings (per books) | —) |
| Add: Current portion of long-term debt (per books) | 2,089) |
| Add: Long-term debt, excluding current portion (per books) | 28,483) |
| Total equity and debt | 53,091) |
| Less: Cash and cash equivalents | 2,415) |
| Less: Restricted cash | 11) |
| Less: Short-term investments | —) |
| Enterprise value (EV) | 50,665) |
Based on: 10-K (reporting date: 2023-11-30).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 17.19 × 1,309,995,783
Historical Enterprise Value (EV)
Carnival Corp. & plc, EV calculation
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 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Carnival Corp. & plc Annual Report.
3 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 15.83 × 1,306,275,033
The financial trajectory between November 30, 2018, and November 30, 2023, is characterized by significant volatility in market valuation and shifts in the capital structure. The Enterprise Value (EV) experienced a notable contraction during the middle of the period before returning to levels nearly equivalent to those seen at the start of the analysis window.
- Market Equity Trends
- Common equity market value exhibited a prolonged decline from a peak of 40,529 million US$ in 2018 to a low of 14,322 million US$ in 2022. A sharp contraction occurred between 2019 and 2020, where value dropped by approximately 36.7%. Although a slight recovery was noted in 2021, a subsequent dip in 2022 preceded a rebound to 20,678 million US$ by November 30, 2023.
- Capital Structure and Debt Dynamics
- Total equity and debt showed a fluctuating pattern, decreasing in 2019 before climbing to a peak of 55,611 million US$ in 2021. This peak suggests a substantial increase in leverage or capital infusion during that period, which offset the concurrent lows in market equity. By 2023, this figure stabilized at 51,250 million US$, indicating a capital structure that has returned to a scale similar to 2018 levels.
- Enterprise Value (EV) Analysis
- Enterprise Value followed a U-shaped trajectory, declining from 49,870 million US$ in 2018 to a trough of 38,340 million US$ in 2020. The recovery phase began in 2021 with an increase to 46,458 million US$, followed by a brief correction in 2022. By the end of the period in 2023, the EV reached 48,824 million US$, representing a near-full recovery of the value lost during the 2020 downturn.
- Relationship Between EV and Total Debt/Equity
- A consistent gap is observed between Total Equity and Debt and the Enterprise Value. The fact that EV remains lower than the sum of total equity and debt across all periods suggests the presence of substantial cash or cash equivalents that reduce the overall enterprise valuation. This gap was most pronounced in 2021, where the difference reached 9,153 million US$, indicating a higher liquidity position relative to the total capital employed.
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