Miguel, António FreitasZiegler, Michel2026-05-212026-05-212026-01-232025-12-12http://hdl.handle.net/10362/203291This report presents a valuation of Carnival Corporation, part of the dual-listed Carnival Corporation & plc, the world’s largest cruise operator. The Group has returned to record operating metrics after pandemic-related disruption, yet remains constrained by elevated leverage and tightening environmental regulation. The valuation is derived from a scenario-based discounted cash flow model and a comparable company analysis using forward-looking trading multiples. A weighted blend of these two methods yields a target share price of $34.56. This implies a modest upside of 8.38% relative to the closing share price of $31.89 on August 31, 2025, and supports a HOLD recommendation.engCarnival corporationCruise industryEquity valuationDiscounted cash flowComparable company analysismaster thesis204241499