NCLH

Norwegian Cruise Line Holdings Ltd.

Consumer Cyclical · $6.8B market cap

Verdict

Share price

$15.14

close of Oct 3, 2026

Fair value

$36.32

Sticker Price

Payback Price

$14.53

buy price

Undervalued

NCLH is Undervalued: at $15.14 it trades 58% below its fair value of $36.32. Its buy price (Payback Price) is $14.53, 4% below today's price. Business quality is limited: only 1 of 5 key numbers clears the 10% bar.

How we valued it

Buffett Normalized. A profitable, growing business, so we project its earnings 10 years ahead and work out what that is worth today.

Business quality

1 of 5 clear the 10% bar. What are the Big Five?

Earnings per share growth5.4% a year✗
Equity per share growth-14.5% a year✗
Sales growth9.5% a year✗
Free cash flow growth13.0% a year✓
Return on invested capital8.1%✗

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Superinvestors

4 of the investors we track hold NCLH. In Q2 2026, 1 opened a position and 1 added. Who we track

Moves in Q2 2026

New position: Howard Marks

Added: Seth Klarman

About Norwegian Cruise Line Holdings Ltd.

Norwegian Cruise Line Holdings Ltd. (NCLH), along with its subsidiary companies, operates as a major global cruise enterprise. Its operations span North America, Europe, the Asia-Pacific region, and other international markets. The company manages a portfolio of three distinct cruise brands: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. NCLH offers an extensive range of voyages, from brief…

Travel Services

Fair value and Payback Price are estimates from the company's reported financials, not investment advice. Prices as of the close of Oct 3, 2026. How the Payback Price works