In recent sessions, CCL futures experienced intraday volatility between $15.50 and $15.95, driven largely by crude oil price changes impacting operational costs. Traders are watching key resistance at $16.20 for breakout potential. We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 3.1%. We discount the terminal cash flows to today's value at a cost of equity of 10%. Booking trends have improved, with nearly half of 2026 already booked at higher prices, indicating strong future demand. Market sentiment for CCL futures improved after updated passenger capacity figures showed Carnival Corporation could surpass 2019 levels in the coming summer season. Volume spikes in options trading hint at speculative positioning ahead of earnings.
