Stifel Reiterates Buy Rating on Viking Holdings (VIK)

Stifel analyst Steven Wieczynski reiterated a Buy rating and $37.00 price target on Viking Holdings (NYSE: VIK).

The analyst comments "Gross/net revenue was $718M/$495M, ahead of our forecast of $706M/$468M and consensus of $716M/$479M. Operating income was ($70M), compared to our ($131M) model and consensus of ($88M). Recall VIK pre-announced gross revenues and operating income in the range of $710-720M and ($90-70M). Adjusted EBITDA came in at ($4M), ahead of our ($63M) model and consensus of ($25M). Total cruise operating expense increased ~7% y/y. Fuel expense was $42M and net interest expense was $99M. EPS were ($1.21), and we were forecasting EPS of ($0.53), compared to consensus of ($0.44). Occupancy was ~94% in the quarter, essentially in line with preliminary results, with net yields of $508 (+3% y/y) on a ~14% y/ y capacity increase. River segment revenues were $165M and Ocean segment revenues were $448M, reflecting first quarter seasonality. VIK ended 1Q24 with net leverage at 3.4x, about a half-turn below 4Q23 levels, with deferred revenues of $4.1B."

For an analyst ratings summary and ratings history on Viking Holdings click here. For more ratings news on Viking Holdings click here.

Shares of Viking Holdings closed at $30.60 yesterday.

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