salty.. the key to me there is 'before signifcant items'.
everyone seems to anticipate hefty writedowns are coming - thats why i just think its better to assume same profit in 2nd half.
npat is npat - before significant items is just semantic nonsense to me - because when you book the loss of capital writeoffs you are recognising a loss of value. i also dont like giving ceos pass marks for accounting chicanery that just sets them up to deliver better ROEs.
having said all of that - 16.5x PE would still be too expensive for this stock imo
I had thought the turnaround in domestic pricing might be v-shaped - but it appears to be more like a bucket.
I think sweet spot for this stock may be after christmas. before then i struggle to see it getting really elevated and downside risk is considerable.
just one guys opinion of course.
CCL Price at posting:
$9.25 Sentiment: Sell Disclosure: Not Held
