(NYSE: CCL)(NYSE: CUK) is the leading global cruise operator. It has fully recovered after sales went to zero early in the pandemic -- and yet, investors are sending its stock down this year. It trades at a dirt cheap valuation, but its growth story is far from over. Here's why you may not see an opportunity to buy it at a price like this again.

Investors sold off Carnival stock when it had to pause operations and took in no revenue during the pandemic. Those who bet on its recovery have benefited from incredible gains, but the market seems to think it overshot last year, and Carnival stock is down 9% this year.

Business is booming. Revenue is at record levels, hitting a first-quarter high of $5.4 billion in its fiscal 2024's first quarter (ended Feb. 29). Deposits are at all-time highs, reaching $7 billion in the first quarter. Since demand is strong and inventory is limited, it has been able to take bookings at strong levels on a longer curve at higher prices.

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Source Fool.com