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    Ali Naqvi

    Research Analyst at HSBC Holdings plc

    Ali Naqvi's questions to CARNIVAL (CUK) leadership

    Ali Naqvi's questions to CARNIVAL (CUK) leadership • Q3 2022

    Question

    Ali Naqvi requested commentary on Q4 like-for-like volume trends, asking if they indicated consumer weakness or were driven by booking patterns and FCCs. He also asked about the potential impact of recent hurricanes on the upcoming wave season.

    Answer

    CFO David Bernstein noted that Q4 occupancy is expected to increase slightly from Q3, bucking seasonal trends, due to a continued build in occupancy. CEO Josh Weinstein added that recent booking volumes are strong for Q4. Regarding hurricanes, Weinstein stated they do not anticipate a significant impact on business, with Bernstein estimating a financial impact of less than $10 million.

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    Ali Naqvi's questions to Dufry AG/ADR (DUFRY) leadership

    Ali Naqvi's questions to Dufry AG/ADR (DUFRY) leadership • Q2 2022

    Question

    Ali Naqvi of HSBC asked what is needed beyond sales recovery for segmental core EBITDA margins to return to pre-pandemic levels, the expected full-year lease expense at normalized sales, and for an update on the competitive landscape and tendering activity.

    Answer

    CEO Xavier Rossinyol identified the evolution of concession fees as the most critical variable for margin recovery, alongside sales. He noted that while the market has been quiet with many contract extensions, tendering is now restarting. He stated that the prudent approach is to assume concession fee pressure will return, which the company must offset through operational efficiencies or by driving higher spend per head.

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