Stock Analysis on Net
Stock Analysis on Net

Carnival Corp. & plc (NYSE:CCL)

Price to FCFE (P/FCFE)

Microsoft Excel

Free Cash Flow to Equity (FCFE)

Carnival Corp. & plc, FCFE calculation

US$ in millions

Microsoft Excel
12 months ended: Nov 30, 2023 Nov 30, 2022 Nov 30, 2021 Nov 30, 2020 Nov 30, 2019 Nov 30, 2018
Net income (loss) (74) (6,093) (9,501) (10,236) 2,990 3,152
Net noncash charges 2,830 3,260 4,434 7,121 2,273 2,033
Changes in operating assets and liabilities 1,525 1,163 958 (3,186) 212 364
Net cash provided by (used in) operating activities 4,281 (1,670) (4,109) (6,301) 5,475 5,549
Purchases of property and equipment (3,284) (4,940) (3,607) (3,620) (5,429) (3,749)
Proceeds from (repayments of) short-term borrowings, net (200) (2,590) (293) 2,852 (605) 417
Principal repayments of long-term debt (7,660) (2,075) (5,956) (1,621) (1,651) (1,556)
Debt issuance costs (131) (153) (319) — — —
Debt extinguishment costs (79) (1) (545) — — —
Proceeds from issuance of long-term debt 2,961 7,209 13,042 15,020 3,674 2,542
Free cash flow to equity (FCFE) (4,112) (4,220) (1,787) 6,330 1,464 3,203

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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Carnival Corp. & plc equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Carnival Corp. & plc FCFE decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Price to FCFE Ratio, Current

Carnival Corp. & plc, current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 1,309,995,783
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) (4,112)
FCFE per share -3.14
Current share price (P) 14.12
Valuation Ratio
P/FCFE —
Benchmarks
P/FCFE, Competitors1
Airbnb Inc. 26.14
Booking Holdings Inc. 13.90
Chipotle Mexican Grill Inc. 64.34
McDonald’s Corp. 19.17
Starbucks Corp. 24.59
P/FCFE, Sector
Consumer Services 25.81
P/FCFE, Industry
Consumer Discretionary 31.28

Based on: 10-K (reporting date: 2023-11-30).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

Carnival Corp. & plc, historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Nov 30, 2023 Nov 30, 2022 Nov 30, 2021 Nov 30, 2020 Nov 30, 2019 Nov 30, 2018
No. shares of common stock outstanding1 1,306,275,033 1,299,615,610 1,171,371,854 1,116,315,671 710,173,957 718,595,612
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 (4,112) (4,220) (1,787) 6,330 1,464 3,203
FCFE per share3 -3.15 -3.25 -1.53 5.67 2.06 4.46
Share price1, 4 15.83 11.02 19.11 18.72 46.50 56.40
Valuation Ratio
P/FCFE5 — — — 3.30 22.56 12.65
Benchmarks
P/FCFE, Competitors6
Airbnb Inc. 25.72 24.76 54.32 99.90 — —
Booking Holdings Inc. 15.89 11.52 69.03 37.59 15.41 —
Chipotle Mexican Grill Inc. 58.77 52.59 51.88 149.65 59.04 —
McDonald’s Corp. 20.85 28.85 30.21 22.96 17.47 —
Starbucks Corp. 29.75 34.82 45.80 20.79 20.35 5.44
P/FCFE, Sector
Consumer Services 27.87 30.20 51.59 24.57 18.91 —
P/FCFE, Industry
Consumer Discretionary 32.05 38.34 85.76 30.50 28.80 —

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 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -4,112,000,000 ÷ 1,306,275,033 = -3.15

4 Closing price as at the filing date of Carnival Corp. & plc Annual Report.

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 15.83 ÷ -3.15 = —

6 Click competitor name to see calculations.