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All of this will mean nothing if they can manage to flog a part of their cruise line, will settle all their debt worries and some.

This is a ship which is currently being built at the same dockyard, note it is slightly smaller and will cost $625m.

https://www.cruisemapper.com/ships/Asuka-3-2247

'They're coming fast and furious. We believe there's going to be a scarcity of capacity worldwide. Some of these will go to China,' he said, 'but some of these will continue in the US operation.'

https://www.seatrade-cruise.com/shipbuilding-refurb-equipment/10-more-viking-ocean-ships-2030-tad-bigger-and-some-china

The main thing holding this back is the collossal debt. Have a look at the results presentation where they talk about how they plan to settle the £250m 2026 bond and the language they use.

Their ships have a market value of atleast £700m and the market for buildouts for such vessells are fully booked until 2028 and demand is off the charts since to there are not many dockyards which build such small vessels. These ships cost saga £600m and since 2021 the cost for buildouts has increased by 35%. A sale and leaseback would generate enough cash to be in a net cash position.

All these companies being acquired, Anglo yesterday and Darktrace today, when will it be our turn?

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 am only 42 pal, not their target market.

At £368 a night they are far too cheap, should be £500+ like Silversea cruises.

They are very similarly priced. Their ships are also a very similar size.

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.

Goodwill can only be written off but not reinstated under IFRS, for internally generated goodwill. What about goodwill on their home and pmi business?

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.

Maybe toppy for the UK, but not so for the US. Look at how much CCL, RCL and NCL are valued at. CCL is $4.5bn over an enterprise value of $48bn.

The offer they had for AICL last year, I have a feeling that might have come from Ageas.

Viking want to IPO for 10bn and they have EBITDA of 1.1bn.

Saga cruise have an EBITDA of GBP 80m, how much should they be valued at?

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.

I don't think people who usually cruise with P&O can afford to cruise with Saga. The prices are materially different.

And the appointment of the CEO as a director. He needs to be removed, not fit for purpose.