1. NCLH's YTD returns may be underwhelming, but they obscure both shorter and longer-term price trends and fundamental price potential. 2. Healthy revenue growth in H1 2024, surpassing profit guidance, and an upgrade in earnings guidance indicate the company is on a good path. 3. Initiatives like capacity expansion, cost management, and debt reduction, along with improved market conditions, can benefit the company. 4. A competitive forward P/E ratio makes NCLH a buy.