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I can understand them having relatively high prices, but at the end of the day they are not making outsized profits. A profit of £35m from two ships might even be considered on the low side based on how risky the business is from world events.
I doubt they would in 2023. I wonder what price they will ipo at? Hopefully the saga bod will take notice and make sure we get a fair deal with doing whatever they are planning on doing with regards to the partnership.
Https://www.reuters.com/markets/deals/travel-firm-viking-holdings-seeks-raise-11-bln-us-ipo-2024-04-22/
IPO at 10x EBITDA.
If one of the big operators buys saga they will be able to increase Ebitda by at least 20mn due to operational leverage. Saga's cost base is far too high given their lack of scale. Plus they will be able to add additional ships to the fleet.
The cruise business is still growing, based on current projections on occupancy and per diems the PBT is likely to double in the next 2 years. The current year PBT would have been 5.9m higher if not for what happened in November.
Their travel business is a joke, 1.5m profit on 150m of revenues in a good year. In a bad year like COVID they were be losing 20-40m a year. Someone explain to the BoD the concept of risk adjusted returns. Their cost base is disproportionately high for such a tiny business.