Carnival Corp. & plc, FCFF calculation

US$ in millions

12 months ended:	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Net income (loss)	(74)	(6,093)	(9,501)	(10,236)	2,990)	3,152)
Net noncash charges	2,830)	3,260)	4,434)	7,121)	2,273)	2,033)
Changes in operating assets and liabilities	1,525)	1,163)	958)	(3,186)	212)	364)
Net cash provided by (used in) operating activities	4,281)	(1,670)	(4,109)	(6,301)	5,475)	5,549)
Cash paid for interest, net of capitalized interest, net of tax¹	2,387)	1,403)	1,297)	609)	167)	179)
Capitalized interest, net of tax²	76)	48)	83)	66)	38)	35)
Purchases of property and equipment	(3,284)	(4,940)	(3,607)	(3,620)	(5,429)	(3,749)
Free cash flow to the firm (FCFF)	3,460)	(5,159)	(6,336)	(9,246)	251)	2,014)

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Carnival Corp. & plc suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Carnival Corp. & plc FCFF increased from 2021 to 2022 and from 2022 to 2023.

Carnival Corp. & plc, interest paid, net of tax calculation

US$ in millions

12 months ended:	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Effective Income Tax Rate (EITR)
EITR¹	-19.35%	-0.21%	0.22%	0.17%	2.32%	1.71%
Interest Paid, Net of Tax
Cash paid for interest, net of capitalized interest, before tax	2,000)	1,400)	1,300)	610)	171)	182)
Less: Cash paid for interest, net of capitalized interest, tax²	(387)	(3)	3)	1)	4)	3)
Cash paid for interest, net of capitalized interest, net of tax	2,387)	1,403)	1,297)	609)	167)	179)
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax	64)	48)	83)	66)	39)	36)
Less: Capitalized interest, tax³	(12)	—)	—)	—)	1)	1)
Capitalized interest, net of tax	76)	48)	83)	66)	38)	35)

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

¹ See details »

² 2023 Calculation
Cash paid for interest, net of capitalized interest, tax = Cash paid for interest, net of capitalized interest × EITR
= 2,000 × -19.35% = -387

³ 2023 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= 64 × -19.35% = -12

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Carnival Corp. & plc, current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	50,665)
Free cash flow to the firm (FCFF)	3,460)
Valuation Ratio
EV/FCFF	14.64
Benchmarks
EV/FCFF, Competitors¹
Airbnb Inc.	20.01
Booking Holdings Inc.	21.89
Chipotle Mexican Grill Inc.	—
McDonald’s Corp.	29.49
Starbucks Corp.	30.12
EV/FCFF, Sector
Consumer Services	24.01
EV/FCFF, Industry
Consumer Discretionary	40.04

Based on: 10-K (reporting date: 2023-11-30).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Carnival Corp. & plc, historical EV/FCFF calculation, comparison to benchmarks

	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	48,824)	42,851)	46,458)	38,340)	44,007)	49,870)
Free cash flow to the firm (FCFF)²	3,460)	(5,159)	(6,336)	(9,246)	251)	2,014)
Valuation Ratio
EV/FCFF³	14.11	—	—	—	175.24	24.76
Benchmarks
EV/FCFF, Competitors⁴
Airbnb Inc.	23.35	22.46	42.36	—	—	—
Booking Holdings Inc.	17.62	14.11	36.39	—	15.01	—
Chipotle Mexican Grill Inc.	57.71	51.53	50.61	146.36	56.84	—
McDonald’s Corp.	30.11	35.39	26.32	34.80	29.06	—
Starbucks Corp.	32.25	42.44	28.09	281.97	30.98	8.45
EV/FCFF, Sector
Consumer Services	26.60	27.99	31.26	115.64	25.85	—
EV/FCFF, Industry
Consumer Discretionary	32.71	50.20	59.78	45.72	30.57	—

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 48,824 ÷ 3,460 = 14.11

⁴ Click competitor name to see calculations.

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Carnival Corp. & plc (NYSE:CCL)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical