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The analyst discusses Carnival Cruise Line's quarterly financial results, noting a buy rating maintained throughout the year. Key points include Carnival's survival and current thriving state post-pandemic. The company achieved an all-time high net income of $2 billion this quarter, surpassing pre-pandemic benchmarks by nearly 10%. There is a nearly 600% increase in net interest expense compared to 2019. Yields increased by 4.6% on a same-ship basis. Return on invested capital (ROIC) for the trailing 12 months is 13%. Leverage is down to 3.6 times net debt to EBITDA. Total debt is around $28.6 billion. The calculated intrinsic value per share is $51.14, updated today, with the current market price at $28.36. It is determined that it will take many years to pay down the debt, and there is a belief that this company will generate 3-4 billion in free cash flow in the next few years, before rising to 5-6 billion in 2029-2030.