休闲服务行业每周估值摘要

9eCS Chris WoronkaResearch Analyst+1-212-250-9376Steven Pizzella, CFAResearch Analyst+1-212-250-9817Tiana MalhotraResearch Associate+1-212-250-9534 11 July 2025LeisureLeisureFigure 1: Leisure Coverage Universe SummaryJuly 10, 2025CompanyCarnival CorporationRoyal Caribbean CruisesNorwegian Cruise LinesLindblad ExpeditionsCruise Line ex LINDHilton Grand VacationsMarriot VacationsTravel & LeisureTimesharAvis Budget GroupHertz Global HoldingsCar RentalVail ResortsUnited Parks and ResortsSix Flags EntertainmentTheme ParksPlanet FitnessFitnessSource:Companyreports Bloomberg Finance LPand Deutsche BankestimatesPage 2 11 July 2025LeisureLeisureFigure 2: Leisure Coverage Universe Adjusted EV/EBITDA Multiples (S in MM except per-share data)July 10, 2025$ in Millions except per share dataCompanyCarnival CorporationRoyal Caribbean CruisesNorwegian Cruise LinesLindblad ExpeditionsCruise Line ex LINDHiton Grand VacationsMarriott VacationsTravel & LeisureTimeshareAvis Budget GroupHertz Global HoldingsCar RentalVail ResortsResortsUnited Parks and ResortsSix Flags EntertainmentTheme ParksPlanet FitnessNote: CCL & MIN are based on Fiscal Year CalendarSource : Company reports, Bloomberg Finance LP and Deutsche Bank estimatesDeutscheBankSecuritiesInc. DeutscheDeutscheDeutscheDeutscheDeutscheBankBankDeutscheBankBankSharesMarketBank 20242025E2026EBank 20242025E Net2026E Net2024TickerPriceOutstandingCapEBITDAEBITDAEBITDANet DebtDebtDebtEV/EBITDACCL$29.101,400.0$40,740$6,108$7,132$7,606$24,726$2,117$21,14210.7xRCL$341.36275.5$94,045IL6's$910'L$$7,649$19,688$16,904$13,04319.0xNCLH$23.15441.1$10,213$2,451$2,736$2,907$12,910$12,000ILO'EIS9.4xLIND$13.3562.6$836$91S110S126$409$434$44213.6x13.1xHGV$47.9795.5$4,581$1,082E90'T$$1,208$4,344$6,168$5,1398.2xVAC$83.3642.0$3,501S727$758$812$2,892$2,823S2,6958.8xTNL$57.8968.2$3,948s929$948$986$3,410$3,253$3,1137.9x8.3xCAR61'681$35.4L69°9s$628860'TsE65'Ts54,859$5,148$4,75718.4xHTZ$7.96306.5$2.440(S1,541)S112S7511L6'ES$4,694$4,390WNNMMTN$169.6337.3$S827S866$888$2,451$2,588$2,69310.6x10.6xPRKS$49.3755.0$2,716S700S680S711S2,115$1,846$1,5866.9 xFUN100.0$3,135$986950'T$$1,18154,718$4,4327.5x7.2xPLNT$108.2884.8$9,187$488$539to9sEI8'Ts$1,635S1,45722.6xLTH$29.40220.3$6,476S677S801S899$1,530S1,178$78811.8x17.2x 11July2025LeisureLeisureFigure 3: Leisure Coverage Universe P/E MultiplesJuly 10, 2025CompanyCarnival CorporationRoyal Caribbean CruisesNorwegian Cruise LinesLindblad ExpeditionsCruise Line exLINDHilton Grand VacationsMarriott VacationsTravel & LeisureTimeshareAvis Budget GroupHertz Global HoldingsCar RentalVail ResortsResortsUnited Parks and ResortsSix Flags EntertainmentTheme ParksPlanet FitnessLife Time GroupFitnesSource : Company reports, Bloomberg Finance LP and Deutsche Bank estimatesPage 4 11 July 2025LeisureLeisureFigure 4: Leisure Coverage Universe Free Cash Flow ($ in MM except per-share data)July 10, 2025S in Millions except per share dataCompanyCarnival CorporationRoyal Caribbean CruisesNorwegian Cruise LinesLindblad ExpeditionsCruise Line ex LINDHiton Grand VacationsMarriott VacationsTravel & LeisureTimeshareAvis Budget GroupHertz Global HoldingsCar RentalVail ResortsResortsUnited Parks and ResortsSix Flags EntertainmentTheme ParksPlanet FitnessLife Time GroupSource : Company reports, Bloomberg Finance LP and Deutsche Bank estimatesDeutscheBank Securities Inc 11July2025LeisureLeisureFigure 5: Leisure Coverage Universe Cruise Balance Sheets ($ in MM except per-share data)July 10, 2025$ in Milions except per share dataCarnival CorporationRoyal Caribbean CruisesNorwegian Cruise LinesLindblad ExpeditionsCarnival CorporationRoyal Caribbean CruisesNorwegian Cruise LinesLindblad ExpeditionsCarnival CorporationRoyal Caribbean CruisesNorwegian Cruise LinesLindblad ExpeditionsAverage ex LINDCarnival CorporationRoyal Caribbean CruisesNorwegian Cruise LinesLindblad ExpeditionsAverage ex LINDCarnival CorporationRoyal Caribbean CruisesNorwegian Cruise LinesLindblad ExpeditionsAverage ex LINDSoure:Companyreports, Bloombrg Finane LPand Deutsche BankestimatesPage 6 11July2025LeisureLeisureI Figure 7: Leisure Coverage Universe Car Rental Balance Sheets ($ in MM except per-share data)July 10, 2025$ in Millions except per share dataAvis Budget GroupHertz Global HoldingsAvis Budget GroupHertz Global HoldingsAvis Budget GroupHertz Global HoldingsAverageAvis Budget GroupHertz Global HoldingsAverageAvis Budget GroupHertz Global HoldingsAverageSource:Companyreports Bloomberg Finance LPand Deutsche Bank estimatesPage 8 11July2025LeisureLeisureI Figure 8: Leisure Coverage Universe Resort Balance Sheets ($ in MM except per-share data)July 10, 2025$ in Millions except per share dataVail ResortsVail ResortsVail ResortsAverageVail ResortsAverageVail ResortsAverageSource : Company reports, Bloomberg Finance LP and Deutsche Bank estimatesDeutsche Bank Securities Inc. 11July2025LeisureLeisureFigure 9: Leisure Coverage Universe Theme Parks Balance Sheets ($ in MM except per-share dataJuly 10, 2025$ in Million