If you're pulling your hair out because oil prices can't seem to find a floor, Cramer wants you to stop.
There's a better way to invest.
"Cruise lines are all huge winners from the plummeting price of oil: not only do they save a fortune on fuel costs, but they also get more customers as cheaper gasoline puts more money in the consumer's pocket. I like the whole cohort. I think they're all headed higher," Cramer said.
However, if you're an individual investor trying to stay diversified, chances are you can only afford to own one cruise stock. Following is how Cramer ranks the space.
#3 - Norwegian Cruise Lines
"Now, there's a lot to like about Norwegian, Cramer said. "The company has an ambitious growth trajectory and Norwegian's been steadily improving its margins for years, " he said. However this cruise line landed in the #3 spot because at the end of the second quarter Norwegian still had $63 million in cash on its balance sheet versus $3.5 billion in debt.
If everything goes well, Cramer believes Norwegian use its cash flow to pay down that debt over time, however, he views Norwegian's bloated balance sheet as a risk. "And who needs the risk when there are better places to put money to work in the sector."
#2 – Carnival Cruise Lines
With negative headlines hopefully in the rear view mirror, Cramer said Carnival has two things going for it.
"The first is the industry-wide improvement that caused management to forecast higher occupancy rates and positive net yields for 2015. The second is Carrnival's drive to boost its margins by cutting costs."
Although Cramer likes the positives, he added that after the last quarter there were some concerns about costs. "To me, the backdrop is so positive that I could see this $40 stock going to $50 over the next year or so, but the uncertainty on costs and Carnival's history of inconsistent execution are enough to keep me from making this my top pick."
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#1 Royal Caribbean
Cramer said that although Royal Caribbean is the second largest player in the space, he felt it was, by far, the strongest operator.
"Management unveiled a 3-year growth program designed to boost their return on invested capital from 5.5 percent right now to the double-digits by 2017, and, more important, to double their earnings per share by 2017, too," Cramer said.
After crunching the numbers Cramer found that Royal Caribbean believes it can earn $7 per share in 2017, which translates into a 26 percent compound annual growth rate over the next three years.
"Those are incredible numbers, but if anything, given how disciplined this management team is, I bet they're being conservative," Cramer said.
"Now, this stock has already rallied 75 percent over the last twelve months, but if Royal Caribbean can even come close to hitting those long-term targets, then it deserves to go higher still. In fact, I think Royal Caribbean is ridiculously cheap here. It's a better company than Carnival Cruise with substantially faster growth, yet Royal Caribbean sells for 14.8 times next year's earnings estimates, while Carnival sells for 17.7 times earnings. To me, that's insane. Royal Caribbean should be trading at a premium to Carnival, not a discount. At 18 times earnings, which I think is closer to a fair price, this would be an $85 stock, or 26 percent higher than it is now."
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