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Carnival Corp (NYSE:CCL)
Enterprise Value
$46,377 Mil (As of Today)

Think of enterprise value as the theoretical takeover price. It is more comprehensive than market capitalization (market cap), which only includes common equity. Enterprise Value is calculated as the market cap plus debt and minority interest and preferred shares, minus total cash and cash equivalents.

EV/EBIT ratio is calculated as enterprise value divided by its EBIT. As of today, Carnival Corp's enterprise value is $46,377 Mil. Carnival Corp's earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in May. 2015 was $1,688 Mil. Therefore, Carnival Corp's EV/EBIT ratio for today is 27.47.

EV/EBITDA ratio is calculated as enterprise value divided by its EBITDA. As of today, Carnival Corp's enterprise value is $46,377 Mil. Carnival Corp's earnings before depreciation and amortization for the trailing twelve months (TTM) ended in May. 2015 was $3,317 Mil. Therefore, Carnival Corp's EV/EBITDA ratio for today is 13.98.

EV/Revenue ratio is calculated as enterprise value divided by its Revenue. As of today, Carnival Corp's enterprise value is $46,377 Mil. Carnival Corp's revenue for the trailing twelve months (TTM) ended in May. 2015 was $15,787 Mil. Therefore, Carnival Corp's EV/Revenue ratio for today is 2.94.


Definition

Enterprise Value is calculated as the market cap plus debt and minority interest and preferred shares, minus total cash and cash equivalents.

Carnival Corp's Enterprise Value for the fiscal year that ended in Nov. 2014 is calculated as

Enterprise Value (A: Nov. 2014 )
=Market Cap+Preferred Stock+Long-Term Debt
=35710.8672+0+7363
+Short-Term Debt Without Lease+Minority Interest-Cash and Cash Equivalents
+1725+0-331
=44,468

Carnival Corp's Enterprise Value for the quarter that ended in May. 2015 is calculated as

Enterprise Value (Q: May. 2015 )
=Market Cap+Preferred Stock+Long-Term Debt
=36044.74+0+6648
+Short-Term Debt Without Lease+Minority Interest-Cash and Cash Equivalents
+1621+0-298
=44,016

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.


Explanation

When an investor buy a company, the investor needs to pay not only the common shares, he/she also needs to pay the shareholders of Preferred Stocks. He also assumes the debt of the company, and receives the cash on the company's balance sheet.

If a company has more cash than debt, the investor actually pays less than the Market Cap because he immediately owns the cash once the transaction goes through.

The market value of Preferred Stock needs to be added to the market value of common stocks in the calculation of enterprise value.

For the companies with the same Market Cap, the smaller the Enterprise Value is, the cheaper the company is.

Enterprise Value can be negative when the company's net cash is more than its Market Cap. In this case the investor is basically getting the company for free and get paid for that.

1. EV/EBIT ratio is calculated as enterprise value divided by its EBIT.

Carnival Corp's EV/EBIT for today is

Carnival Corp's current Enterprise Value is $46,377 Mil.
Carnival Corp's Earnings Before Interest and Taxes (EBIT) for the trailing twelve months (TTM) ended in May. 2015 was 1316 (Aug. 2014 ) + -20 (Nov. 2014 ) + 109 (Feb. 2015 ) + 283 (May. 2015 ) = $1,688 Mil.

2. EV/EBITDA ratio is calculated as enterprise value divided by its EBITDA.

Carnival Corp's EV/EBITDA for today is:

Carnival Corp's current Enterprise Value is $46,377 Mil.
Carnival Corp's Earnings Before Depreciation and Amortization for the trailing twelve months (TTM) ended in May. 2015 was 1730 (Aug. 2014 ) + 388 (Nov. 2014 ) + 510 (Feb. 2015 ) + 689 (May. 2015 ) = $3,317 Mil.

3. EV/Revenue ratio is calculated as enterprise value divided by its Revenue.

Carnival Corp's EV/Revenue for today is:

EV/Revenue ratio=Enterprise Value (Today)/Revenue (TTM)
=46377.199/15787
=2.94

Carnival Corp's current Enterprise Value is $46,377 Mil.
Carnival Corp's Earnings Before Depreciation and Amortization for the trailing twelve months (TTM) ended in May. 2015 was 4947 (Aug. 2014 ) + 3719 (Nov. 2014 ) + 3531 (Feb. 2015 ) + 3590 (May. 2015 ) = $15,787 Mil.

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.


Related Terms

Market Cap, Preferred Stock, Long-Term Debt, Cash and Cash Equivalents


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Carnival Corp Annual Data

Nov05Nov06Nov07Nov08Nov09Nov10Nov11Nov12Nov13Nov14
ev 52,46247,60945,26825,17834,71741,57034,69938,43737,11944,468

Carnival Corp Quarterly Data

Feb13May13Aug13Nov13Feb14May14Aug14Nov14Feb15May15
ev 36,63334,80437,04337,11940,00540,19637,86444,46844,43544,016
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