Enterprise Value (EV)
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Royal Caribbean Cruises Ltd. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Current Enterprise Value (EV)
Royal Caribbean Cruises Ltd., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in thousands | |
| Common equity (market value)1 | |
| Add: Preferred stock, $0.01 par value; none outstanding (per books) | |
| Total equity | |
| Add: Current portion of long-term debt (per books) | |
| Add: Commercial paper (per books) | |
| Add: Long-term debt, excluding current portion (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2021-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Royal Caribbean Cruises Ltd., EV calculation
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Royal Caribbean Cruises Ltd. Annual Report.
3 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
- Equity Trends
- The common equity and total equity values demonstrate a declining trend over the observed periods. Starting from approximately $27.9 billion in 2017, equity decreases to about $18.8 billion by the end of 2021. A notable decline occurred between 2018 and 2019, with equity dropping by nearly $6.6 billion. Although there was a slight recovery in 2020 increasing to approximately $22.2 billion, equity declined again in 2021.
- Total Equity and Debt
- This measure experienced fluctuations across the years. It initially increased marginally from about $35.4 billion in 2017 to $36.1 billion in 2018, followed by a considerable decline in 2019 to roughly $29.8 billion. A significant increase is observed in 2020, reaching approximately $41.5 billion, followed by a slight decrease in 2021 to nearly $39.9 billion. This pattern suggests changes in the company’s capital structure, with an increased reliance on debt or other liabilities particularly in 2020.
- Enterprise Value (EV)
- The enterprise value mirrors the trend of total equity and debt, starting near $35.3 billion in 2017, showing a mild decrease in 2018, and declining sharply in 2019 to about $29.5 billion. A recovery is seen in 2020, with EV rising to nearly $37.8 billion, followed by a slight drop to around $37.2 billion in 2021. These movements indicate market adjustments in the firm’s valuation, potentially influenced by fluctuations in market conditions and company performance.
- Overall Insights
- The period from 2017 to 2021 is characterized by volatility in financial metrics, especially in equity levels and enterprise value. The equity decline through 2019, interrupted by recovery in 2020, suggests periods of financial stress or strategic financial adjustments. The elevated total equity and debt in 2020 may reflect increased borrowing, possibly in response to external pressures. The enterprise value recovering in 2020 alongside increased debt indicates market optimism despite increased leverage. However, declines in equity and EV in 2021 signal ongoing challenges or market uncertainty.