高端消费者基础牢固美银维持维京控股(VIK.US)“买入”评级

智通财经

Oct 17

智通财经APP获悉，美银近期发布研报，维持国际游轮巨头维京控股(VIK.US)“买入”评级，目标价70美元。该行相信维京控股的差异化和高端商业模式将继续推动强劲回报和定价能力。

9月下旬，维京控股在提供无担保债券发行的同时，更新了预订曲线，显示2026年定价增长从+4%改善至+5%，而河轮定价从+6%加速至+7%。管理层指出，这得益于7月和8月强劲的需求势头，源自具有韧性的高端消费者基础。

这与美银的聚合信用卡和借记卡数据一致，该数据显示在4月至6月放缓后，最近几个月支出有所恢复。管理层还对中长期内中个位数定价增长表示信心，2026年预订曲线也支持这一点。

投资者关注维京控股与其他邮轮公司相比的独特品牌定位和战略，这导致ROIC超过20%。管理层强调其专注于全包、以目的地为中心和文化丰富的产品，从而区分维京控股的供给。单一品牌推动了营销效率(53%的回头客)，而其关键的婴儿潮一代人口继续受益于财富和消费能力的增长。

资本配置和杠杆也是重点。管理层对现金和杠杆状况感到满意，并表示他们甚至可能杠杆不足(美银2025年预测的净债务与EBITDA比为1.2倍)。

美银认为，维京控股的现金优先事项将是在向股东返还资本之前，重新投资于业务或进行并购。并购方面，潜在机会可能涉及码头泊位或其他补强项目，因维京控股视其单一品牌为核心优势。

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