NCLH

NYSE

Norwegian Cruise Line Holdings Ltd.

Consumer Discretionary, Hotels, Resorts & Cruise Lines

$19.25

close 7 Aug 2026

-18.88%

52-week change

$8.84B

market cap

$14.53

$27.18

52-week range

Expected price

$25.28 – $30.90

Current price

$19.25

Signal

Could be undervalued

A historical-multiple reference, never a fair-value claim. The band uses only data public at each date and ends at the latest month — no forward estimates.

Current multiples

P/E (TTM)11.67x

P/S (TTM)0.87x

P/B3.44x

EV/EBITDA (TTM)8.59x

FCF yield (TTM)-13.41%

PEG (TTM, GAAP)—

Context

P/E, own 5-year average20.70x

P/E, sector median22.78x*

Price at 5-year median P/E$28.58*

Forward — analyst consensus

Forward P/E (FY2026)12.58x*

Forward P/E (FY2027)11.26x

Forward PEG1.07*

Consensus EPS FY2026 (22 analysts)$1.53

EPS growth (FY2026→FY2027)11.73%

Revenue growth (FY2026)2.17%

Street view

Price target (mean)$20.76*

Target upside7.84%

Ratings (buy / hold / sell)11 / 16 / 0

FY2026 EPS revisions, 30d (up / down)8 / 4

5-year history

Dashed line: average of month-end values

P/E (TTM)

P/S (TTM)

P/B

FCF yield (TTM)

period to 30 Jun 2026, filed 3 Aug 2026, close 7 Aug 2026

Discounted cash flow

Ten projected years plus a perpetuity, prefilled from filings — a model to argue with, never a fair-value claim.

Free cash flow, last ten years and TTM

Assumptions

Growth rate, years 1–10%

Perpetual growth%Discount rate%

Base FCF$M

As filed — not assumptions

Current price$19.25

Cash & equivalents$218.10M

Total debt$15.03B

Shares outstanding459.16M

Result

DCF price per share-$90.75

Current price$19.25

Margin of safety-571.45%

PV of years 1–10-$10.19B

PV of terminal value-$16.67B

Equity value-$41.67B

Market-implied growth—

The base free cash flow is not positive; growing a negative flow is rarely a meaningful valuation.

Projected FCF, years 1–10

Hover for PV and growth

Projection detail

Override growth for any year; blank years use the uniform rate

Year	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Growth, %											2.5
FCF	-$1.24B	-$1.31B	-$1.37B	-$1.44B	-$1.51B	-$1.59B	-$1.67B	-$1.75B	-$1.84B	-$1.93B	-$35.98B
PV	-$1.15B	-$1.12B	-$1.09B	-$1.06B	-$1.03B	-$1.00B	-$973.24M	-$946.21M	-$919.92M	-$894.37M	-$16.67B

period to 30 Jun 2026, filed 3 Aug 2026, close 7 Aug 2026