<div id="readability-page-1"><div>After a particularly difficult start to autumn, which dragged the share down nearly 25%, it suddenly woke up after announcing the resumption of dividends. The market believed that the resumption of distributions to shareholders was only credible once deleveraging had advanced sufficiently; roughly a leverage of 3.5x EBITDA. Note that Carnival suspended its payout during the pandemic, in early 2020.At the same time, the company provided solid anchors for next year. Carnival expects a 2.5% increase in revenue per passenger. While this target is a bit lower than the market expected, it dispels investors' main fear, namely that the increase in the number of ships, especially in the Caribbean, would end up weighing on prices. In other words, by showing that revenue can still grow despite more abundant supply, the company reassures on its ability to preserve its margins.Another plus point is that revenue is growing faster than expenses, mechanically improving profitability. On an annual basis, the company mentions about a 4% increase in revenue per passenger, while unit costs rise by closer to 2%. This gap supports margins.Added to this is good commercial visibility: nearly two-thirds of capacity planned for 2026 has already been sold and customer deposits are up 7%. The sector is particularly sensitive to the price cuts needed to fill the last cabins, and this state of play limits the risk of short-term disappointments.Finally, Carnival plans to launch a loyalty program from mid-2026. In the short term, this will slightly weigh on growth because a portion of sales will be deferred to fund the benefits granted to customers. However, the impact should gradually fade, turn neutral around 2028 - and then support activity thereafter.As is clear, things are pretty upbeat for the group, which adds very encouraging financial targets, such as a ROIC (return on invested capital) goal of 12%, aiming to move toward 14% by 2027.However, some pessimistic analysts lament that the dividend merely masks a reality in which free cash flow serves primarily to reduce debt. Although the fact is that despite not-so-dazzling prospects (+2.5% is fairly cautious), visibility is back, along with cost discipline, the deleveraging trajectory and the reopening of a channel for returning cash to shareholders. The stock has returned to its highest level since February 2020. Trading at only 13x earnings and 11x next year's, the shares remain inexpensive.</div></div>

嘉年華存託憑證

嘉年華郵輪

嘉年華郵輪宣佈恢復分紅，提振了投資者信心。儘管對收入增長的預測謹慎，僅為 2.5%，但公司對利潤率的保持表示放心。收入增長速度快於支出，改善了盈利能力。嘉年華計劃在 2026 年前推出忠誠度計劃，這將影響短期增長，但支持長期活動。分析師指出，分紅可能掩蓋了對減債的關注，但可見性和成本控制正在改善。該股票的交易價格為 13 倍收益，是自 2020 年 2 月以來的最高水平

嘉年華郵輪的表現相當不錯