Royal Caribbean Cruises Ltd. (RCL)

Industry: Travel Services Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
BKNG	1	Booking Holdings I	26,039	34.66	26.81	19.22	15.07	12.62	12.49
TUI.L	2	TUI AG	25,498	7.39	7.79	2.94	2.66	-	3.15
MMB.PA	3	Lagardere S.A.	20,893	10.49	14.25	4.11	3.65	3.02	2.51
JET2.L	4	Jet2 plc	19,211	2.73	1.51	1.45	0.87	0.89	1.55
RCL	5	Royal Caribbean Cr	17,437	21.62	21.62	16.08	16.08	15.95	23.60
EXPE	6	Expedia Group, Inc	14,370	19.05	19.05	9.19	9.19	6.19	15.39
ABNB	7	Airbnb, Inc.	11,943	28.69	28.69	23.71	23.71	10.80	25.95
0I50.L	8	Trip.com Group Lim	8,481	11.24	11.24	8.68	2.27	14.49	20.79
VIK	9	Viking Holdings Lt	6,127	24.83	24.83	16.67	16.67	11.09	19.56
8MI.SG	10	Minor Internationa	5,038	12.91	12.91	6.70	4.94	21.48	24.74
TNL	11	Travel + Leisure C	3,967	9.57	9.57	7.85	5.88	8.47	5.70
SABR	12	Sabre Corporation	2,894	-	-	13.00	13.00	11.42	12.46
0780.HK	13	Tongcheng Travel H	2,594	16.61	11.50	8.88	6.56	11.99	8.58
TRZ.TO	14	Transat A.T. Inc.	2,477	0.34	0.34	1.85	1.85	13.29	17.35
TRIP	15	Tripadvisor, Inc.	1,891	23.88	23.88	4.62	4.62	3.89	8.14
9726.T	16	KNT-CT Holdings Co	1,841	5.38	5.38	4.07	4.07	8.56	4.99

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.87	11.37	6.70	4.62	9.68	8.58
Full Range Median Multiple	12.08	12.20	7.85	4.94	10.95	12.46
Industry Multiple	14.84	14.12	8.86	7.67	9.87	12.22
Market Implied Multiple	18.44	18.44	14.16	14.16	14.04	20.79
Company (RCL) Multiple	21.62	21.62	16.08	16.08	15.95	23.60
(*) Net Income / EBITDA / Revenue	4,071	4,071	6,752	6,752	6,808	4,600
Winsorized Enterprise Value	N/A	N/A	45,241	31,190	65,891	39,486
Full Range Median Enterprise Value	N/A	N/A	53,009	33,332	74,528	57,313
(-) Net Debt	20,543	20,543	20,543	20,543	20,543	20,543
Winsorized Equity Value	44,234	46,289	24,698	10,647	45,348	18,943
Full Range Median Equity Value	49,160	49,683	32,466	12,789	53,985	36,770
(/) Shares Outstanding	272	272	272	272	272	272
Winsorized Fair Value	$162.63	$170.18	$90.80	$39.14	$166.72	$69.64
Full Range Median Fair Value	$180.73	$182.66	$119.36	$47.02	$198.47	$135.18
Current Price	$276.01	$276.01	$276.01	$276.01	$276.01	$276.01
Upside / Downside	-41.08%	-38.34%	-67.10%	-85.82%	-39.60%	-74.77%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$113.84	$119.13	$63.56	$27.40	$116.70	$48.75
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy