Additionally, Global cruise vacation company, Royal Caribbean Cruises Ltd. (RCL, Financial) advanced following asignificant top- and bottom-line earnings beat, driven by strong consumer demand, higher occupancy, further improvement in onboard revenue and solid cost containment. Forward booking trends are also within historical ranges at record pricing. This gave management visibility to provide full year guidance, which includes RCL’s expectation for yields to set a new record in 2023 and for the company’s adjusted EBITDA to reach an all-time high. This forecast is in-line with the company’s three-year initiative, the Trifecta Program to drive financial performance. At today’s valuation, RCL is currently trading at a 37% discount to our estimate of private market value.1
From John Rogers (Trades, Portfolio)' Ariel Fund first-quarter 2023 commentary.