Carnival PLC

CCL: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 7,749.00	Ncxjr	Dwtlzhnm

Investors Should Pack Travel Investments, as Demand Can Persist Amid Demand and Credit Concerns

Dan Wasiolek , Jaime M Katz

Oct 18, 2022

Despite enduring travel demand into the fall of 2022 and our view that it can continue into 2023, investor concerns around future trips and credit availability have grounded share price performance across the industry. As a result, we see meaningful opportunities to book investment stays in Sabre, Accor, Booking Holdings, and Norwegian, which trade at 64%, 42%, 44%, and 54% discounts to our $15, EUR 37.50, $2,900, and $28 fair value estimates, respectively.

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