UOBKayhian on 2014
FY14F PE (x): 16.5
FY15F PE (x): 16.4
NCL’s 2Q14 results were broadly in line with our expectations as lower-than- expected
costs made up for a slight shortfall in revenue. 2Q14 core net profit rose 101% yoy to
US$121m, lifted by a 20% increase in capacity (from the delivery of Norwegian
Breakway in Apr 13 and Norwegian Getaway in Jan 14), an improvement in occupancy,
and normalised interest costs (2013 included US$70m in debt refinancing charges post-
IPO in 1Q13). 1H14 EBITDA of US$347m (+51.4% yoy) made up 41% of our full-year
forecast, within expectations, considering the annual seasonal peak in 3Q.
Maintain HOLD and US$0.43 target price, or 9.5x 2014F EV/EBITDA, as we do not
expect near-term catalysts for now. Our target price applies a 12% discount to our
SOTP valuation.
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