This Norwegian (one of a few countries with a National balance sheet that makes sense!) opportunity continues to rerate higher. It is still early innings in my opinion, as it trades at an EV/EBITDA of 4.4x and a MC/EBITDA of 2x my expected 2026 numbers.

I'm excited to see them continue to lap past quarters, buoyed by a record backlog and messy financials that previously masked the strength of the underlying business.