zacks ranking on norwegian cruise line

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Norwegian Cruise Line (NCLH)

(delayed data from nyse).

-0.26 (-1.61%)

Updated May 13, 2024 04:00 PM ET

After-Market: $15.84 0.00 (0.00%) 7:06 PM ET

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Top 40% (100 out of 251)

Industry: Leisure and Recreation Services

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News & Insights

Zacks.com featured highlights include Norwegian Cruise Line, Barrick Gold and Atlassian

September 06, 2023 — 07:16 am EDT

Written by Zacks Equity Research for Zacks  ->

For Immediate Release

Chicago, IL – September 6, 2023 – Stocks in this week’s article are Norwegian Cruise Line NCLH , Barrick Gold GOLD and Atlassian TEAM .

3 Stocks That Flaunt Remarkable Earnings Acceleration

Constant earnings growth captivates almost everyone, from the top brass to research analysts. This is because earnings are a measure of the money a company is making.

Still, earnings acceleration works even better when it comes to lifting the stock price. Studies have shown that most successful stocks have seen an acceleration in earnings before an uptick in the stock price.

Earnings acceleration is the incremental growth in a company's earnings per share (EPS). In other words, if the rate of a company's quarter-over-quarter earnings growth increases within a stipulated frame of time, it can be called earnings acceleration.

In the case of earnings growth, you pay for something that is already reflected in the stock price. But earnings acceleration helps spot stocks that haven't yet caught the attention of investors and, once secured, will invariably lead to a rally in the share price. This is because earnings acceleration considers both the direction and magnitude of growth rates.

An increasing percentage of earnings growth means that the company is fundamentally sound and has been on the right track for a considerable period. Meanwhile, a sideways percentage of earnings growth indicates a period of consolidation or slowdown, while a decelerating percentage of earnings growth may at times drag prices down.

The above criteria narrowed down the universe of around 7,735 stocks to only three. Here are the stocks:

Norwegian Cruise Line is a leading cruise line operator. Norwegian Cruise Line currently has a Zacks Rank #3 (Hold). NCLH's expected earnings growth rate for the current year is 118.3%. You can see the complete list of today's Zacks #1 (Strong Buy) Rank stocks here .

Barrick Gold is the largest gold mining company in the world. Barrick Gold currently has a Zacks Rank #3. GOLD's expected earnings growth rate for the current year is 18.7%.

Atlassian is a global leader and innovator in the enterprise collaboration and workflow software space. Atlassian currently has a Zacks Rank #3. TEAM's expected earnings growth rate for the current year is 9.9%.

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Barrick Gold Corporation (GOLD) : Free Stock Analysis Report

Norwegian Cruise Line Holdings Ltd. (NCLH) : Free Stock Analysis Report

Atlassian Corporation PLC (TEAM) : Free Stock Analysis Report

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Is Norwegian Cruise Line (NCLH) Stock Undervalued Right Now?

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

Investors should also note that NCLH holds a PEG ratio of 0.24. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. NCLH's industry has an average PEG of 0.56 right now. Within the past year, NCLH's PEG has been as high as 0.33 and as low as 0.24, with a median of 0.29.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. NCLH has a P/S ratio of 0.77. This compares to its industry's average P/S of 1.12.

Finally, investors will want to recognize that NCLH has a P/CF ratio of 6.47. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. NCLH's P/CF compares to its industry's average P/CF of 13.12. Over the past year, NCLH's P/CF has been as high as 16.32 and as low as -1,471.18, with a median of 7.05.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Norwegian Cruise Line is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, NCLH feels like a great value stock at the moment.

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Norwegian cruise line (nclh) loses -16.45% in 4 weeks, here's why a trend reversal may be around the corner.

Norwegian Cruise Line (NCLH) has been beaten down lately with too much selling pressure. While the stock has lost 16.5% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier.

Guide to Identifying Oversold Stocks

We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.

RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.

Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.

So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefitting from the inevitable rebound.

However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.

Why a Trend Reversal is Due for NCLH

The RSI reading of 26.34 for NCLH is an indication that the heavy selling could be in the process of exhausting itself, so the stock could bounce back in a quest for reaching the old equilibrium of supply and demand.

This technical indicator is not the only factor that calls for a potential rebound for the stock. There is a fundamental indicator as well. A strong agreement among sell-side analysts covering NCLH in raising earnings estimates for the current year has led to an increase in the consensus EPS estimate by 0.5% over the last 30 days. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.

Moreover, NCLH currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Norwegian Cruise Line Holdings Ltd. (NCLH) : Free Stock Analysis Report

To read this article on Zacks.com click here.

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Norwegian Cruise Line: Q1 Earnings Snapshot

MIAMI — MIAMI — Norwegian Cruise Line Holdings Ltd. (NCLH) on Wednesday reported first-quarter net income of $17.4 million.

On a per-share basis, the Miami-based company said it had profit of 4 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to 16 cents per share.

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 12 cents per share.

The cruise operator posted revenue of $2.19 billion in the period, which did not meet Street forecasts. Six analysts surveyed by Zacks expected $2.24 billion.

For the current quarter ending in June, Norwegian Cruise Line expects its per-share earnings to be 32 cents.

The company expects full-year earnings to be $1.32 per share.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NCLH at https://www.zacks.com/ap/NCLH

Norwegian Cruise Line Holdings Ltd. (NCLH) is Attracting Investor Attention: Here is What You Should Know

Norwegian Cruise Line (NCLH) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.

Shares of this cruise operator have returned +25.3% over the past month versus the Zacks S&P 500 composite's +3.6% change. The Zacks Leisure and Recreation Services industry, to which Norwegian Cruise Line belongs, has gained 5.9% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Earnings Estimate Revisions

Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, Norwegian Cruise Line is expected to post earnings of $0.11 per share, indicating a change of +136.7% from the year-ago quarter. The Zacks Consensus Estimate has changed +116.4% over the last 30 days.

The consensus earnings estimate of $1.25 for the current fiscal year indicates a year-over-year change of +78.6%. This estimate has changed +14.2% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $1.67 indicates a change of +33.1% from what Norwegian Cruise Line is expected to report a year ago. Over the past month, the estimate has changed +0.6%.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Norwegian Cruise Line is rated Zacks Rank #3 (Hold).

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth Forecast

While earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

In the case of Norwegian Cruise Line, the consensus sales estimate of $2.22 billion for the current quarter points to a year-over-year change of +22.1%. The $9.37 billion and $9.96 billion estimates for the current and next fiscal years indicate changes of +9.6% and +6.3%, respectively.

Last Reported Results and Surprise History

Norwegian Cruise Line reported revenues of $1.99 billion in the last reported quarter, representing a year-over-year change of +30.8%. EPS of -$0.18 for the same period compares with -$1.04 a year ago.

Compared to the Zacks Consensus Estimate of $1.99 billion, the reported revenues represent a surprise of -0.29%. The EPS surprise was -38.46%.

Over the last four quarters, Norwegian Cruise Line surpassed consensus EPS estimates three times. The company topped consensus revenue estimates two times over this period.

No investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an An is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Norwegian Cruise Line is graded A on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom Line

The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Norwegian Cruise Line. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

To read this article on Zacks.com click here.

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• News for Norwegian Cruise Line

Norwegian Cruise Line Holdings to Host 2024 Investor Day

MIAMI, May 07, 2024 (GLOBE NEWSWIRE) -- Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) (together with NCL Corporation Ltd., “Norwegian Cruise Line Holdings”, “Norwegian”, “NCLH” or the “Company”) announced today it will host its 2024 Investor Day on May 20 th at 9am ET in New York at the New York Stock Exchange. The event will feature presentations and a question-and-answer session with Harry Sommer, president and chief executive officer, and other members of the Company’s senior leadership team.

Attendance at the live event is by invitation only. The event will be webcast live and all interested parties are invited to access the webcast, including slide presentations, from the Company’s Investor Relations website at www.nclhltd.com/investors. A replay of the webcast and related slide presentations will remain accessible on the Company’s website for 30 days following the event. Questions concerning the event should be addressed to Investor Relations at [email protected].

About Norwegian Cruise Line Holdings Ltd.

Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) is a leading global cruise company which operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. With a combined fleet of 32 ships and approximately 66,500 berths, NCLH offers itineraries to approximately 700 destinations worldwide. NCLH expects to add 13 additional ships across its three brands through 2036, which will add approximately 41,000 berths to its fleet. To learn more, visit www.nclhltd.com.

Cautionary Statement Concerning Forward-Looking Statements

Some of the statements, estimates or projections contained in this release are “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained, or incorporated by reference, in this release, including, without limitation, our expectations regarding our future financial position, including our liquidity requirements and future capital expenditures, plans, prospects, actions taken or strategies being considered with respect to our liquidity position, including with respect to refinancing, amending the terms of, or extending the maturity of our indebtedness, our ability to comply with covenants under our debt agreements, expectations regarding our exchangeable notes, valuation and appraisals of our assets, expected fleet additions and cancellations, including expected timing thereof, our expectations regarding the impact of macroeconomic conditions and recent global events, and expectations relating to our sustainability program and decarbonization efforts may be forward-looking statements. Many, but not all, of these statements can be found by looking for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future” and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to the impact of: adverse general economic factors, such as fluctuating or increasing levels of interest rates, inflation, unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence; implementing precautions in coordination with regulators and global public health authorities to protect the health, safety and security of guests, crew and the communities we visit and to comply with related regulatory restrictions; our indebtedness and restrictions in the agreements governing our indebtedness that require us to maintain minimum levels of liquidity and be in compliance with maintenance covenants and otherwise limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements; our ability to work with lenders and others or otherwise pursue options to defer, renegotiate, refinance or restructure our existing debt profile, near-term debt amortization, newbuild related payments and other obligations and to work with credit card processors to satisfy current or potential future demands for collateral on cash advanced from customers relating to future cruises; our need for additional financing or financing to optimize our balance sheet, which may not be available on favorable terms, or at all, and our outstanding exchangeable notes and any future financing which may be dilutive to existing shareholders; the unavailability of ports of call; future increases in the price of, or major changes, disruptions or reduction in, commercial airline services; changes involving the tax and environmental regulatory regimes in which we operate, including new regulations aimed at reducing greenhouse gas emissions; the accuracy of any appraisals of our assets; our success in controlling operating expenses and capital expenditures; trends in, or changes to, future bookings and our ability to take future reservations and receive deposits related thereto; adverse events impacting the security of travel, or customer perceptions of the security of travel, such as terrorist acts, armed conflict, such as Russia’s invasion of Ukraine or the Israel-Hamas war, or threats thereof, acts of piracy, and other international events; public health crises, including the COVID-19 pandemic, and their effect on the ability or desire of people to travel (including on cruises); adverse incidents involving cruise ships; our ability to maintain and strengthen our brand; breaches in data security or other disturbances to our information technology systems and other networks or our actual or perceived failure to comply with requirements regarding data privacy and protection; changes in fuel prices and the type of fuel we are permitted to use and/or other cruise operating costs; mechanical malfunctions and repairs, delays in our shipbuilding program, maintenance and refurbishments and the consolidation of qualified shipyard facilities; the risks and increased costs associated with operating internationally; our inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues; impacts related to climate change and our ability to achieve our climate-related or other sustainability goals; our inability to obtain adequate insurance coverage; pending or threatened litigation, investigations and enforcement actions; volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; any further impairment of our trademarks, trade names or goodwill; our reliance on third parties to provide hotel management services for certain ships and certain other services; fluctuations in foreign currency exchange rates; our expansion into new markets and investments in new markets and land-based destination projects; overcapacity in key markets or globally; and other factors set forth under “Risk Factors” in our most recently filed Annual Report on Form 10 K and subsequent filings with the Securities and Exchange Commission. The above examples are not exhaustive and new risks emerge from time to time. There may be additional risks that we consider immaterial or which are unknown. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. These forward-looking statements speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.

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Meet the 81-year-old CEO who built a $10.4 billion luxury cruise line tailored just for baby boomers: ‘They’re the richest group we have around’

A veteran cruise attendee at just 24 years old, Julia Wilcox is used to her inbox flooding with promotional emails from cruise lines courting loyal customers. But Wilcox, who vlogs her cruise experiences on TikTok , said one cruise line takes a more idiosyncratic approach to their marketing: Two or three times a month, she’ll get thick and glossy paper envelopes in the mail from Viking Cruises, the luxury cruise line which with she took a 10-day trip in January 2023. It’s the only cruise company that sends her paper mail—and it does so persistently.

“I get so much paper mail from Viking. I’m like, this is insane,” she told Fortune . “You could send me on a free cruise for the amount of paper and things that you send me.”

While anomalous in its marketing strategy, the logic behind Viking’s insistence on sending snail mail makes more sense after Wilcox, a Gen Z TikToker, admitted she’s not the company’s target audience. In fact, she was four decades younger than the cruise guests’ median age of 60 or 70. That’s just how Viking wants it.

“They’re the richest group we have around,” Viking CEO Torstein Hagen said in a May 1 CNBC Squawk on the Street interview . “They have the money; they have the time.” 

Hagen, who at 81 surpasses his baby boomer target audience, has tailored the cruise to the tastes of the older demographic that holds 70% of the country’s disposable income . There are no kids under 18 allowed, and no casinos aboard. Instead, Viking’s line of 92 vessels—traveling to all seven continents and employing a staff of 10,000—offers walking tours of European cities and cheese tastings.

“It’s a quite serene environment for people up in their ages,” Hagen said, “and for curious people who want to go to destinations, not [who want] to go on waterslides and the like.”

Hagen’s strategy has certainly worked thus far. Viking, with a $10.4 billion valuation , raised $1.5 billion in its initial public offering on May 1, the highest of any company this year. Per an SEC filing from last month, Viking experienced 14.4% growth from 2015 to 2023, the biggest leap of any luxury river or ocean cruise during that period.

“We have a very, very clear focus, and that is reflected in all our customer ratings, the rewards we get, and so forth,” Hagen told CNBC. “It doesn’t make us as large as the others, but it certainly makes us more attractive to the consumer.” 

Viking did not respond to Fortune ‘s request for comment.

The precision and analytical approach Hagen brings to the company reflects his initial pursuit of physics from the Norwegian Institute of Technology before he came to the U.S. and got his MBA at Harvard. Originally from outside of Oslo, the Norwegian developed his business intuition through failure before success. As CEO of cruise line Royal Viking in the 1980s, Hagen arranged for a $240 million management buyout that failed when a competitor made a surprise purchase of the company. He was soon ousted from the role .

Hagen, who operates the company alongside daughter Karine Hagen, founded Viking in 1997 at 54. He considered it a humble venture composed of  “two guys with two mobile phones and four river ships,” according to the company prospectus . From its maiden voyage, Viking’s goal was, in Hagen’s words , to be a thinking person’s cruise, not a drinking person’s cruise.

Viking has benefited from opportune timing for the cruise industry, namely its recovery from pandemic lockdowns that had wealthy vacationers itching for indulgent respites. Patrick Scholes, managing director of lodging and leisure equity research at Truist Securities, is bullish on the industry’s future because of that high demand.

“People want a vacation,” he told Fortune . “They’re looking for something different that they hadn’t done for the first two, three years of COVID, which certainly was going on a cruise ship.”

Cruises developed a reputation during the pandemic, as their closed quarters, conducive to contagious disease, sometimes resulted in boats docking early . Even Viking took a hit after 100 passengers on a June 2023 cruise battled norovirus. Companies sweetened deals to win back customers, offering discounts and promises of private beaches. While restaurants and hotel resorts were slow to recover from the pandemic because of labor shortages , cruise ships’ presence on foreign waters meant not having to abide by U.S. wages and employing ample staff of mostly foreign workers. During Wilcox’s Viking cruise, she marveled at the consistent and frequent turndown and cleaning services.

“In that value proposition is the high, consistent level of staffing and service on a cruise ship,” Scholes said. “You’ve been to a restaurant, you’ve been to a hotel—staffing is a problem, is a challenge after COVID. And cruise lines have not had that problem.”

Bob Levinstein, CEO of travel agency CruiseCompete, told Fortune Viking especially lives up to its value promise, mastering food, service, excursions, and communication into a reliable product.

“They just really have it nailed down,” he said.

More growth for the company is on the way. Having weathered the pandemic, Viking has 24 ships on order , an option for another dozen, and ambitious plans to expand its Chinese customer base to 150,000 passengers by 2025. Viking’s resilience in a tough time for the industry made the decision to go public a no-brainer for Hagen.

“The private equity firms, at some stage, have to create liquidity from their investments, and they’ve been in now for eight years—so it was as good a time as any,” Hagen told Fortune last month. “During the pandemic, it was not easy, and I think now coming out of that and having good results, that was the natural thing to do.”

But tides turn, and the economic waters buoying the cruise business are no exception. As cruise companies accommodate growing demand by commissioning more ships, the promotional packages and companies’ pricing power will ebb, Scholes predicted.

“This is just economic capitalism,” he said. “Come 2029, we’re going to see a lot of new ships, and that’s going to be a lot of cabins to fill. It’ll be difficult to raise prices.”

There’s a reason for Viking to stay level-headed through the industry’s maturation, Levinstein argued. The company’s $1.5 billion IPO was well timed, he said, but it likely won’t make waves for Viking’s future. It’s likely just a way for ownership to stay liquid and pad their wallets.

“That’s only about four of the ocean ships—maybe a little less if prices have gone up since they made their last deal,” he said. “But it’s not game-changing money.”

The cruise’s humble but established amenities aren’t foolproof, either. “The food definitely was a miss,” Wilcox said of her time aboard a Viking, resulting in the “worst” room service hot dog she’d “ever had.” She heard from other cruisers that the specialty menus the cruise promised to change nightly, but the food items offered have been the same for a decade.

The slip-up in Viking’s reputation of rock-solid amenities may be a strike against the “cookie-cutter” model Hagen touts as a reason for the cruise line’s success, but the CEO remains clear-eyed on the company’s philosophy of streamlined, steadfast service.

“In my belief, the moment you try to do everything for everybody, you know what happens?” he said. “You do nothing well.” 

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