Carnival Corp. & plc, FCFE calculation

US$ in millions

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).

Net Cash Provided by (Used in) Operating Activities: The net cash from operating activities demonstrated a generally declining trend from a positive 5,549 million USD in 2018 to a negative 6,301 million USD in 2020. This sharp decline continued through 2021 and 2022, though the negative amounts decreased in magnitude, reaching -1,670 million USD. In 2023, there was a strong recovery with net cash provided by operations rising significantly to 4,281 million USD, indicating improvement in operational cash generation after several years of negative performance.
Free Cash Flow to Equity (FCFE): The FCFE showed significant fluctuations during the period analyzed. Starting at 3,203 million USD in 2018, the figure decreased sharply to 1,464 million USD in 2019 before reaching a peak of 6,330 million USD in 2020. Following this peak, the FCFE dropped into negative territory in the subsequent years, registering -1,787 million USD in 2021 and further declining to -4,220 million USD in 2022. In 2023, the negative FCFE persisted at -4,112 million USD, indicating ongoing challenges in generating positive free cash flow for equity holders despite some recovery in operating cash flow.

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

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)	17.19
Valuation Ratio
P/FCFE	—
Benchmarks
P/FCFE, Competitors¹
Airbnb Inc.	17.88
Booking Holdings Inc.	15.29
Chipotle Mexican Grill Inc.	37.23
DoorDash, Inc.	58.40
McDonald’s Corp.	32.81
Starbucks Corp.	28.58
P/FCFE, Sector
Consumer Services	25.18
P/FCFE, Industry
Consumer Discretionary	96.34

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.

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

	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 price^1, 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	—	—
Chipotle Mexican Grill Inc.	58.77	52.59	51.88	149.64	—	—
DoorDash, Inc.	34.58	1,011.74	292.52	114.31	—	—
McDonald’s Corp.	20.85	28.85	30.21	22.96	—	—
Starbucks Corp.	29.75	34.82	45.80	20.79	20.35	—
P/FCFE, Sector
Consumer Services	23.53	24.72	45.10	34.87	—	—
P/FCFE, Industry
Consumer Discretionary	30.88	36.44	83.44	32.34	—	—

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.

Share Price: The share price of the company experienced a clear downward trend from November 2018 to November 2022, declining from $56.4 to a low of $11.02. However, in the most recent year, ending November 2023, there was a modest recovery to $15.83, though this level remains significantly below the earlier years.
Free Cash Flow to Equity (FCFE) per Share: The FCFE per share showed notable volatility over the observed periods. Initially, it dropped from $4.46 in 2018 to $2.06 in 2019, then increased sharply to $5.67 in 2020. However, from 2021 onwards, the FCFE per share turned negative, registering -$1.53 in 2021 and worsening to -$3.25 in 2022, with a slight improvement to -$3.15 in 2023. This pattern indicates increasing cash flow challenges affecting equity holders in recent years.
P/FCFE Ratio: The price-to-FCFE ratio demonstrated significant fluctuation. Starting at 12.65 in 2018, it more than doubled to 22.56 in 2019, reflecting a lower FCFE or possibly market optimism despite declining share prices. In 2020, this ratio plummeted to 3.3, suggesting a sharp improvement in free cash flow relative to the share price. Data for subsequent years are absent, likely due to the negative FCFE values making the ratio undefined or less meaningful.

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Carnival Corp. & plc (NYSE:CCL)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical