Is Carnival Stock A Real Bargain?

Carnival (CCL) stock trades at 11.5 times earnings, roughly half the 21.9 for the S&P 500. Shares have lost 5.4% over the past twelve months, compared with a 17.3% return for the broader index. This leaves investors with two possible readings: a profitable cruise operator on sale, or an accurate valuation for a business with its best growth behind it. So what does a buyer get at that price.