TIL VAL-CALLA BROTHERS

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|| || |**Weighted-Average Shares Outstanding**|**281 - 2024**|**255 - 2023**|| Possibly why, they diluted 10% over the last year, CCL in a similar boat at 7% last year vs. NCLH at only 1%. They have essentially no cash and a good amount of debt, so anything goes wrong and shareholders going to get wrecked, probably why it seems to be trading at a discount to NCLH which has more cash and probably wouldn't need to immediately dilute in something like a recession. Anyway, what's odd is they appear to have an enormously better gross margin than CCL or NCLH, 60% vs 35%, which is what is driving their earnings, as actually they trade at a much richer sales/enterprise val ratio than those two (3.8 p/s vs 2.5 and 2.1). My homebrew valuation calculator is currently saying all three are trash to about the same degree, all about 40% over fair value, which is quite funny as I can't figure out why rn but nice to know it agrees with the market, might take a closer look next weekend!

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