Royal Caribbean "Mexico Not a Policy Shift" (Buy) Farley

研报英文原文证据摘录

Royal Caribbean "Mexico Not a Policy Shift" (Buy) Farley

Global Research

18 May 2026ab

Royal Caribbean Equities

United StatesMexico Not a Policy Shift

Recreational Products & Services

12-month rating Buy

Mexico Not a Policy Shift

RCL sold off on concerns that Mexico might delay its Perfect Day Mexico private 12m price target US$309.00

destination. The President of Mexico answered a question at a daily press briefing and

said that RCL will not put the ecosystem at risk, a position that RCL agrees with. RCL has

Price (18 May 2026) US$252.59

been working extensively to address environmental concerns and is in the final

evaluation phase with SEMARNAT, which is Mexico's federal environment ministry. So RIC: RCL.N BBG: RCL US

the commentary today doesn't seem to represent a policy shift or any new issues that

Trading data and key metrics

RCL is not already addressing, since they have added a wastewater treatment plant and

52-wk range US$365.84-237.75

what RCL describes as other state-of-the-art environmental protections. The process is

currently in a public comment phase. Market cap. US$68.2b

Shares o/s 270m (COM)

Free float 56%

RCL has been doing clearing and demolition work at the site that it bought in Sept 2024

Avg. daily volume ('000) 612

and has been going through the environmental process since last year, so today's

commentary does not refer to a new environmental review. Perfect Day Mexico is Avg. daily value (m) US$170.2

currently slated for Q42027 soft opening. We remind investors that last year in May Common s/h equity (12/26E) US$11.4b

2025, Mexico passed a steep cruise tax increase after the announcement of RCL’s P/BV (12/26E) 5.9x

Perfect Day Mexico, so the government there is positioned to benefit from an increase in Net debt to EBITDA (12/26E) 3.0x