When Covid-19 will end is an unknown. Although it is believed that CCL liquidity can sustain the business for half a year or even a year, there is still a possibility of bankruptcy.
If the current price of CCL is below it’s liquidating value, buying the stock can be a good investment since even if it goes bankrupt, I can get back my money.
There are a few assumptions on how much the assets can sell. For example, it is assumed that trade and other receivables can sell for 80% of book value. Details can be found in the following table. One critical assumption is how much property and equipment can sell for. I assumed 50%. You may disagree with this number, for example, who will buy cruise ships if the largest cruise ships company goes bankrupt. I will give three scenarios, 50%, 40%, and 20%.