It wasn't a surprise to see Carnival (NYSE: CCL) (NYSE: CUK) cancel its sailings through the end of June last week. Most of its smaller rivals had already written off a chance to get going again until the second half of this year, and every few weeks we see the restart buoy floating farther away.
The good news for investors is that Carnival isn't going away. It has raised a whopping $23.6 billion since the pandemic began taking its toll, arming itself with enough liquidity to go well into 2022 if not 2023 without returning to profitability. The bad news for investors will sound familiar. The rap on Carnival is that it has raised $23.6 billion in stock and debt, bloating its share count, interest expense, and enterprise value. Is the world's largest cruise line operator a buy at these levels? Let's see if Carnival stock is shipshape enough for a landlubber's portfolio.
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Source Fool.com