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
- Equity Trends
-
The common equity (market value) and total equity, which are identical, display a decreasing trend from 2018 through 2022. Starting at 40,529 million USD in 2018, the value steadily declines each year, reaching a low of 14,322 million USD in 2022. However, in 2023 there is a partial recovery, with equity increasing to 20,678 million USD. This trend suggests a significant reduction in shareholder value over the five years, particularly sharp between 2019 and 2022, followed by some improvement in the most recent year.
- Total Equity and Debt
-
Total equity and debt exhibit considerable volatility over the period. Initially, the metric decreases from 50,852 million USD in 2018 to 44,525 million USD in 2019, but then increases to 47,853 million USD in 2020 and further rises sharply to 55,611 million USD in 2021. A decline is observed again in 2022, dropping to 48,868 million USD, followed by a slight rise to 51,250 million USD in 2023. This pattern indicates fluctuating leverage or capital structure changes, with notable expansions in 2020 and 2021.
- Enterprise Value (EV)
-
The enterprise value follows a decreasing trend from 49,870 million USD in 2018 to a low of 38,340 million USD in 2020. In subsequent years, EV increases to 46,458 million USD in 2021, declines again to 42,851 million USD in 2022, and rises to 48,824 million USD in 2023. These fluctuations suggest shifts in market perception and valuation, possibly reflecting changing operational performance, market conditions, or capital structure.
- Overall Interpretation
-
The data reveal a challenging period marked by declining equity values through 2022 followed by signs of recovery in 2023. Despite the decrease in equity, fluctuations in total equity and debt signify variations in financing strategy, potentially indicating increased reliance on debt during certain years. Enterprise value movements align with equity trends, indicating that both market valuation and capital structure have undergone significant shifts during this period. The partial rebound in 2023 may suggest stabilization or improved market confidence.