Vulnerable to high energy prices which are impacting the cruise sector's recovery.

Stock was up over 7% after activist fund Elliott Management took a stake, signaling that sophisticated investors believe the company is deeply undervalued.

Included in a sample 2026 portfolio as a key beneficiary of a future rate-cutting cycle. Lower interest rates would significantly improve its earnings by allowing it to refinance its large debt load.

Presented as a compelling investment with strong EPS growth, over 90% ROE, and an excellent 'negative cash conversion cycle' due to customer advances. It is a bet on macro trends like an aging population and strong travel demand.

Stock was lifted by the very strong earnings report from competitor Carnival Cruise Line (CCL), indicating robust consumer demand across the cruise industry.