Viking Holdings: Nice start to the 2027 booking curves

研报英文原文证据摘录

Viking Holdings: Nice start to the 2027 booking curves

Accessible version

Viking Holdings

Nice start to the 2027 booking curves

Reiterate Rating: BUY | PO: 97.00 USD | Price: 86.72 USD

Raise 2027 estimates on strong pricing; PO to $97 14 May 2026

Following VIK’s strong 1Q26 results and robust initial 2027 pricing (see our first take), Equity

our new 2026/2027 EBITDA estimates are $2,083M/$2,570M vs our prior

$2,129M/$2,444M. While we expect realized net yields to be lower than the initial read

Key Changesdue to several factors, VIK continues to show the quality of its high-end business model.

Even with 15% capacity growth next year, pricing is starting at up +11% despite the (US$) Previous Current

geopolitical uncertainty and weaker Europe/Mediterranean bookings cited by other Price Obj. 90.00 97.00

cruise lines. This pricing power coupled with low leverage is driving 11%/24% 2026E Rev (m) 7,410.8 7,393.0

EBITDA/EPS growth this year. We reiterate our Buy rating and raise our PO to $97 from 2027E Rev (m) 8,411.8 8,870.9

$90 on our higher estimates. 2028E Rev (m) 9,377.7 9,884.5

2027E EPS 3.73 4.16

2028E EPS 4.13 4.652027 pricing should decelerate, but remain very healthy

We expect current 2027 pricing of +11% to decelerate over time. Currently, VIK has

booked 38% of its 2027 capacity, and the itineraries booked are higher yielding. These Andrew G. Didora, CFA

Research Analyst

include fully sold-out India sailings, two additional ships in Egypt that are almost sold BofAS

out, and a 2026 ocean ship delivery that is focused on higher yielding itineraries. Given +1 646 855 2924 andrew.didora@bofa.com

this dynamic, we expect pricing to decelerate over the course of the year like we saw in

John Gellene, CFA

2025, and we forecast +4.7% yield growth in 2027 vs our prior +3.1%.