Dear Haresh,
Ncl for me is a not a long term investment case (I have already mentioned this before). The basis of taking a position in NCL is visibility of improved earnings over the next few quarters as well as improving fundamentals.
It is for the same reason the stock is being rerated by the market. I believe the trend may continue in the foreseeable future. Hence, the basis of earnings rather than EV/tonne or EV/ebtda.
Hope this clarifies my view.
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