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Cruise Industry:
Carnival Cruise & Royal Caribbean Cruises
Contents
Introduction of the Entire Project
Industry and Company Analysis - 2
Introduction of Cruise Industry
Royal Caribbean Cruises Analysis
Carnival Corporation Analysis
Financial Statement Analysis - 12
Common Comparative size Analysis -Balance Sheet
Common Comparative size Analysis -Income Statement
Firm Performance Measures - 17
Market based firm Performance Measure
Accounting based Measure
Efficiency Measure
Leverage Measure
Liquidity Measure
Summary of Company Analysis - 23
Recommendations for Investors - 24
References & Appendix
1. Introduction of the Entire Project
Cruise industry is one of the markets leading leisure field due to aging of population, high level of earnings. The average growth rate of global cruise user is 7.6% per year. This rate is over 3.9% which is…(생략)
2. Industry and Company Analysis
(1) Industry Overview
(2) Industry Profitability
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se Industry
(1) Industry Overview
With an average of 9.5% annual growth rate, the world cruise industry is projected to worth $29.34 billion in 2xxx. Out of the $29.34 billion market, the North American cruise market accounts for $17.46 billion with the remaining $11.88 billion generated from the rest of the world.As an important part of the U.S. economy, the cruise industry created nearly 314,000 jobs in 2009, with its total economic benefit to the U.S. economy amounting to $35.1 billion.
(2) Industry Profitability
With few leading players in the cruise industry and strong market demand, the cruise industry has been enjoying relatively high levels of profitability in the past few decades. The industry’sprofitability is expected to remain strong for the next ten years due to the following reasons:
Economies of scale drives costs down: fueled by the robust industry growth, the industry has been expanding its capacity on a remarkable basis. The number of new and larger ships t
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