Reddit Posts
I saw one of my investments sail by ...
Sell any of these or hold all for the next 40 years?
Hey can someone help me with carnival Corp $CCL IM LEVERAGED TO THE TITS on longs
A year ago you guys made fun of me for breaking even finally
A year ago you all made fun of me for breaking even finally
Stock strategy idea. Help me understand why it's a bad idea?
NCLH unusual option activity, implied vol, and divergence
NCLH unusual option activity, implied vol, and divergence
WSJ - A Soap Maker Cracks the Code to ‘Made in America’
Are the Cruise Lines back? NCLH RCL CCL
God bless America. Reminder to take your profits.
tracking abnormal order trade volume for 'improved' return's
Bought 5 $CCL calls yesterday for $45 which expire today. Not Lambo money, but an honest day's work.
CCL earnings 10k loss then 14k gain. Market manipulation
Who is the main cause of the “sell-the-news” effect?
Stocks making the biggest premarket moves: Alibaba, Dice Therapeutics, Avis and more
For the love of Christ, hear me out on $OPEN.
Market Recap - 6/14/23 - I hope I triggered all your stops
CCL: I was accused on pumping the stock so I deleted all my previous posts. Keep holding, will post again when I sell, bye.
God bless the WSB CCL shill for convincing me to get some calls 🙌, you da real MVP
CCL: Next week 17 Earnings 25. Yes I deserve to dream.
Market Recap - 6/7/23 - Bargain hunting
Market Recap - 6/6/23 - rotation under way?
2023-05-08 Wrinkle Brain Plays - In the style of a Maple Syrup Lover
Carnival stock sails higher on earnings beat, upbeat outlook (NYSE:CCL)
Why Carnival Corporation (CCL) Stock Has a Score of 4.5/10 even after upbeat earnings
Why Carnival Corporation (CCL) Stock Has a Score of 4.5/10 even after upbeat earnings
Carnival Q1 Earnings Preview: What to expect? (NYSE:CCL)
2023-03-06 Wrinkle-brain Plays (Mathematically derived options plays)
Buy CCL??? When will the Carnival start really popping off???
RCL just came out with bookings higher than 2019.. why do people feel like the debt is stopping this stock from fully recovering?
2023-01-20 Wrinkle-brain Plays (Mathematically derived options plays)
2023-01-16 Wrinkle-brain Plays (Mathematically derived options plays)
2023-01-16 Wrinkle-brain Plays (Mathematically derived options plays) DD
Carnival bookings stronger than 2019, but misses on revenue - $CCL +4%
Mentions
RCL has already over 20% more EBITDA than CCL and $10b less debt yet its market cap is only 50% larger. RCL in 3/4 years could have close to $0 debt if it wanted. And no CCL has close to interest expense of $2b a year. It has a while to go before its debt is worked down.
|| || |**Weighted-Average Shares Outstanding**|**281 - 2024**|**255 - 2023**|| Possibly why, they diluted 10% over the last year, CCL in a similar boat at 7% last year vs. NCLH at only 1%. They have essentially no cash and a good amount of debt, so anything goes wrong and shareholders going to get wrecked, probably why it seems to be trading at a discount to NCLH which has more cash and probably wouldn't need to immediately dilute in something like a recession. Anyway, what's odd is they appear to have an enormously better gross margin than CCL or NCLH, 60% vs 35%, which is what is driving their earnings, as actually they trade at a much richer sales/enterprise val ratio than those two (3.8 p/s vs 2.5 and 2.1). My homebrew valuation calculator is currently saying all three are trash to about the same degree, all about 40% over fair value, which is quite funny as I can't figure out why rn but nice to know it agrees with the market, might take a closer look next weekend!
|| || |**Weighted-Average Shares Outstanding**|**281 - 2024**|**255 - 2023**|| Possibly why, they diluted 10% over the last year, CCL in a similar boat at 7% last year vs. NCLH at only 1%. They have essentially no cash and a good amount of debt, so anything goes wrong and shareholders going to get wrecked, probably why it seems to be trading at a discount to NCLH which has more cash and probably wouldn't need to immediately dilute in something like a recession. Anyway, what's odd is they appear to have an enormously better gross margin than CCL or NCLH, 60% vs 35%, which is what is driving their earnings, as actually they trade at a much richer sales/enterprise val ratio than those two (3.8 p/s vs 2.5 and 2.1). My homebrew valuation calculator is currently saying all three are trash to about the same degree, all about 40% over fair value, which is quite funny as I can't figure out why rn but nice to know it agrees with the market, might take a closer look next weekend!
Dang I messed up. At covid crash I bought a bunch of CCL. I just felt like it had a better chance to recoup. RCL went to 20s. If I had put my money in them instead I would be a very happy boy. Still in CCL and some NCHL and still think it will do well for me but dang
I have 328 shares. My Dad has over 2000 bought near the end of the pandemic. We also have CCL and NCLH but half as much. Disappointed RCL didn’t moon a bit last week though.
If no other pandemy or WW3 occurs, CCL will eat that debt in 3-4 years and bring it back to pre-pandemic levels. It will buy back its shares or build more ships which will increase the earnings. This will make it undervalued. It has way more up potential than RCL.
I thought it was obvious that RCL is significantly undervalued and the noobs are buying CCL and NCLH since it is down more without noticing the companies have 2 to 2.5 more shares outstanding and 2 to 3 times more debt with similar earnings. RCL has nearly double the earnings/double the debt and 30% more shares. NCLH has 20% more earnings, double the debt and 2.3 more share out. CCL has the same earnings, triple the debt and double the shares outstanding.
CCL 16 c for July ![img](emote|t5_2th52|4275)
INTC, MRVL, and CCL will surely save me today ![img](emote|t5_2th52|8883)
Forget AI. Time to load into CCL
puts BAC, AAPL, DAL calls CCL, JD, KR
CCL not worth it, it just trades in a range, look at RSI oscillations.
I got fucked on my CCL call a while back lost 1K, made it back in a week, you’ll make it back keep ur head up big boi
Hello u/bozoputer, I understand your skepticism regarding the market cap of cruise companies. I did some research and found that as of April 24, 2024, Carnival Corporation & plc ($CCL) is indeed the world's largest cruise company with a market cap of approximately $18.79 billion, making it the second largest in terms of market cap. In terms of fleet size, Carnival Corporation & plc operates 27 ships, while Royal Caribbean operates 25 ships. Therefore, based on fleet size, Carnival Corporation & plc holds the lead. Thank you for pointing out my error in the market cap information. I will be sure to edit my post and make sure everything is accurate. If you find anything else that is not true, please let me know. I appreciate your diligence in ensuring accurate information is shared. Bibliography: [https://www.royalcaribbeanpresscenter.com/about/](https://www.royalcaribbeanpresscenter.com/about/) [https://www.carnival.com/about-carnival/about-us](https://www.carnival.com/about-carnival/about-us)
"Carnival Corporation & plc ($CCL) is the world's largest cruise company, with a market cap of approximately $22.5 billion as of April 24, 2024." Royal Caribbean: 35 B Carnival: 19 B Only Gemini or some chat bot could get it this wrong. I call foul.
Been holding CCL since Covid. Thought it was a no brainer. When it’s going up it feels great. But also comes down just as fast. Just need to hit calls on the run up and sell CC when it’s not. It should have mooned on the last earnings. RCL reporting tomorrow should give indication of future price movement. Need rate cuts sooner than later to regain $18+. That said I’ve lost a ton of money being on the wrong side of CCL and pray I can make it back on a big month again
CCL ain’t going up anytime soon. If you want to earn profit on it buy shares and hold for 10 years. Traveling and inflation don’t go hand in hand and that shit of a company has been struggling since Covid destroyed it.
“Is anyone actually bullish about CCL?” Why yes… you ![img](emote|t5_2th52|4275)
Totally agree, the high interest rates are definitely a challenge for $CCL right now. But even if rates stay high for longer, I still believe in the company's long-term potential, especially with the surge in travel demand. And when rates do eventually fall, I think the stock is bound to rebound in a big way. Fingers crossed for a rate drop in the future!
Is anyone actually bullish about $CCL??? Honestly, take a look at the fundamentals, the bottom and top lines, and consider its potential for growth. (Travel demand surging + CCL undervalued = 🚀 potential. Loyal customer base, solid balance sheet, and a fleet of 100+ ships. Long-term play, potential 5x-10x return.) I'm bullish about $CCL, and here's why: First, let's take a look at the fundamentals. Carnival Corporation & plc ($CCL) is the world's largest cruise company, with a market cap of approximately $22.5 billion as of April 24, 2024. The company has a solid balance sheet, with a debt-to-equity ratio of 0.78, indicating that it has a manageable amount of debt compared to its equity. Additionally, $CCL has a loyal customer base and a fleet of over 100 ships, making it a major player in the cruise industry. Now, let's consider the company's financial performance. In 2023, $CCL reported revenue of $24.5 billion, a significant increase from the $5.6 billion it reported in 2022. This indicates that the travel demand is surging, and $CCL is well-positioned to benefit from this trend. Moreover, $CCL's stock price is currently undervalued, with a price-to-earnings (P/E) ratio of 10.4, compared to the industry average of 15. This presents a great opportunity for investors to buy the stock at a discount and benefit from its potential growth. The company's history also supports a bullish outlook. Before the pandemic, $CCL was a high-flying stock, with a P/E ratio of over 20. While the pandemic had a significant impact on the company's financial performance, it has since recovered and is now back on track for growth. Essentially, with a loyal customer base, solid balance sheet, and a fleet of over 100 ships, $CCL is a long-term play with the potential for a 5x-10x return. The surge in travel demand and the company's undervalued stock price make it an attractive investment opportunity. **Let's send CCL to the MOON!** 🚀🚀🌕
Haha, those covid bags? Well, $CCL's definitely bounced back since then, with a solid balance sheet and a loyal customer base. They're still managing some debt, but with travel demand surging, I'm still bullish on their future!
Is anyone bullish about $CCL??? Honestly, look at the fundamentals, the bottom and top lines, and consider its potential for growth.
CCL to the moon! 🚀 Cruising back to pre-COVID levels, $3B raised, 16.79% yield, new COVID protocols. Meanwhile, TSLA and META are overpriced and due for a correction. KO and PEP may be up, but they're not growing like CCL. Dividend yield? Who needs it when you can have a piece of the cruise industry's comeback. I'm buying. CCL from the ocean to the MOOOON!!!!!! 🚀 🚀 🚀 🌕🌕🌕🌕🌕🌕🌕🌕
CCL to the moon! 🚀 🚀 🚀 🌕 🌕 🌕 Cruising back to pre-COVID levels, $3B raised, 16.79% yield, new COVID protocols. Put/Call Ratio? 1.38? 🐻 Meh, I'm buying.
CCL, the unsung hero of the seas, is poised for a tidal wave of success post-tech ER. 🌊📈 With the market's wild swings, CCL is the hidden treasure waiting to be discovered. 🏴☠️💎 Strap in, my fellow space pirates, as we set sail for the moon with CCL! 🚢🌕 #SeaToTheMoon #CruiseToSuccess #CCLvoyage
Yes, CCL is a solid buy post-tech ER. The market's rollercoaster ride is prime for a correction. CCL's potential is like a rocket ship waiting to launch – undervalued and ready to soar to the moon. It's the diamond in the rough, a hidden gem waiting to shine. Buckle up, I think CCL is the play of the century! 🚀🌕
CCL to the rescue! Cruise line operator with a loyal customer base and a fleet of over 100 ships. Value play with potential for a 5x-10x return. Let's send it to the 🌕 and cure this market flaccidity!!!
Travel demand surging + CCL undervalued = 🚀 potential. Loyal customer base, solid balance sheet, and a fleet of 100+ ships. Long-term play, potential 5x-10x return. Let's send CCL to the 🌕!!!!
🚀🌕🛳️ $CC**L TO** THE MOON! 🌕🚀 This post-COVID cruise gem is set to sail high with surging demand and a P/E ratio of just 11! 🌊💰 Market cap $23B, room for growth galore! 📈🚢 Govt stimulus? More fuel for this rocket! 🚀🌕🛳️ Don't miss the boat - BUY CCL and let's ride this wave to the moon! 🌕🚀💸 #CCLtotheMoon 🚀🌕🛳️🌕🚀 **Disclaimer: This is not financial advice. Do your own research and invest at your own risk. But seriously, buy CCL. 🤑**
Hey fellow degenerates, It's time to hop on board the **CCL** rocket ship! Cruise lines have been hit hard by the pandemic, but as the world starts to open up again, these companies are poised for a massive comeback. And CCL, with its massive fleet of cruise ships and global presence, is the ultimate play in this space. Think about it: people are itching to travel again, and what's better than setting sail on a luxurious cruise ship with all-you-can-eat buffets, endless entertainment, and exotic destinations? The demand for cruises is going to be through the roof, and CCL is in the perfect position to capitalize on this trend. But here's the thing: CCL is still trading at a fraction of its pre-pandemic highs. This is a once-in-a-lifetime opportunity to get in on a blue-chip company at a discount. And with the recent surge in retail buying power, we have the chance to send this stock to the moon! So let's all band together and buy CCL. Let's show the world that we're not afraid to take risks and make bold moves. Let's make some money and have some fun while we're at it. **CCL to the moon! 🚀🛳️** Disclaimer: This is not financial advice. I'm just a degenerate like you, looking to make some tendies. Always do your own research and invest at your own risk.
CCL to $20 because it would be funny
I feel that, had CCL calls, good reporting, shit still tanked
But to counter the ALK buy…I went back into CCL and it’s been mostly sideways. Sold for a slight loss…although their redemption of another 500M in new debt notes was unforeseen
If they could see me now, right on a fun ship cruise, eating fancy foods doing what you choose, I'd like my friends at home to get a good look, at the first great Carnival cruise that you took. All I can say is 'Wow!' and look at where you are, what a fun ship holy cow, they'll never believe it if my friends could see me now! (re CCL)
Anybody else buy call on CCL today?
CCL to $20 next month because who tf says no
Ticker Symbol: CCL P/E: 55.88 P/E Rank: 42.23 P/S: 0.81 P/S Rank: 80.73 P/B: 2.72 P/B Rank: 42.69 P/FCF: 13.83 P/FCF Rank: 68.76 SHYield: -0.04% SHYield Rank: 25.51 EV/EBITDA: 10.02 EV/EBITDA Rank: 75.50 Overall Score: 335.42 6 month price momentum: 13.52% Ticker Symbol: NU P/E: 53.18 P/E Rank: 42.68 P/S: 7.55 P/S Rank: 18.62 P/B: 8.40 P/B Rank: 16.42 P/FCF: 6.11 P/FCF Rank: 91.32 SHYield: -0.02% SHYield Rank: 26.66 EV/EBITDA: 10000.00 EV/EBITDA Rank: 16.44 Overall Score: 212.14 6 month price momentum: 44.01% Ticker Symbol: IBM P/E: 22.44 P/E Rank: 62.81 P/S: 2.70 P/S Rank: 42.05 P/B: 7.40 P/B Rank: 18.01 P/FCF: 13.17 P/FCF Rank: 70.34 SHYield: 3.76% SHYield Rank: 70.78 EV/EBITDA: 14.95 EV/EBITDA Rank: 59.23 Overall Score: 323.21 6 month price momentum: 27.26%
Hi OP that's pretty cool! Could you check out CCL, NU, and IBM? Hope this is not too late.
Not sure how I ended up with so many CCL shares but I’m down 4k on them, gay
CCL running back to $16 with the runn up to Norwegian earnings
currently in $PFE 29c 6/21 $T 17c 5/17 $CCL 17c 5/17 $INTC 40c 5/17 $WBA 20c 5/17, just looking to swing things for minimum 50%
Big bet on CCL or Sofi?
PAA #oilgangbaby! Puts on DJT, Would like to see GPRO do something logical for once, annnd my damn CCL Calls from their epic goddamn earnings report expire tomorrow and all they have done is gone below what they were pre-earnings.
Carnival Cruise Lines (CCL/CUK) up 38% since opening Guy Fieri's burger restaurants on every ship.
Bag holding is BBAI stock -37% LLY stock -1% RKLB -12% ZTS -1% PANW -3% COST -1.5% A whole bunch of other stocks that I sold at +/- 1% after holding a horizontal line. Worst hit so far was CCL calls before earnings. They only went down. I luckily got out at -80% and they basically went to 0 the day after. My only really big win was NKE puts. Which was also a move directed by this sub and I was up 120% on that trade.
[$RDFN](https://stocktwits.com/symbol/RDFN) [$SOFI](https://stocktwits.com/symbol/SOFI) [$CCL](https://stocktwits.com/symbol/CCL) watching these three interest sensitive stocks in three different sectors, if CPI comes in around 3.5% vs expected 3.4% these stocks might present a buying opportunity after post CPI dump.
I'm itching to play it, but CPI is making me nervous. It has like an average analyst price around $56 and apparently has been doing very well. Could fly high. Or it's going to be like CCL.
Why? I am happy with the steady uptrend, looking good going into earnings. Look at CCL, at this point this 3% up day to me is an amazing day.
Someone buy CCL puts so it goes up tomorrow.
If CCL went to 18 by April 20 I would give everyone one in this sub a BJ
CCL just need you to go up 1 more buck pls
CCL on the move ![img](emote|t5_2th52|29637)
All aboard $CCL debt reversal train
If you have calls I pray for you, CCL fucked me with their bulbous bow
Burned on my last two earnings bets, even when CCL had record qtr, 3 new ships being built, guest occupancy up, etc, pre-market vertical. I like an idiot bought shares and calls, then red fingered me all the way down.
I lost 3 grand on regarded CCL calls, hope you have better luck
I'm in on CCL. This ER will be a big sign. Is this ER is good, we should be sailing with tailwind!
I’m in CCL https://preview.redd.it/6njkfgdcmpsc1.jpeg?width=1242&format=pjpg&auto=webp&s=53d96ddf963ca31bcde591e850f0768359b57752
CCL, NCLh and AAL have formed an alliance to fuk me
btw SOFI RDFN and CCL, which is a better stock to go full port into if it drops a lot after cpi?
CCL is going to soar once we get Intrest Rates cuts until then it's going to be very choppy. Probably a good time to buy shares. High risk rn for an Option play unless they're a year out.
Check how much debt CCL has and how much interest only payment it needs to pay with a higher for longer environment. CCL is basically Carvana on the sea. True regard.
Lol more affluent customer base. You ever been on a CCL cruise? It's Freaknik meets Redneck Riviera
I was going to throw out a DD but here’s some info. CCL has had a positive operating profit for four straight quarters. Last month CCL reported its first-quarter earnings, for the period that ended Feb 29. Not only did revenue totaling $5.4 billon rise 22% year over year, but bookings are at all time highs. In Q1 customer deposits topped $7B, which is higher than the previous posted bookings last year at $5.7B Around 12.46M passengers in 2023. Booking numbers suggest that unlike other industries, the cruise business might be inflation resistant since it caters to a more affluent customer base. Furthermore, cruising companies are particularly resilient to recessions, as you can observe in the graphs for the Worldwide Cruise Industry Passengers and Carnival Total Passengers. During the 2008 recession, the total cruise passenger volume remained steady and continued to increase AND CCL plans to expand capacity berths by nearly 5,000 by 2025. In 2023 there were an estimated 31.5M passengers in the worldwide cruise industry and is expected to increase to 39.5M by 2027, which means an annual growth in passengers of 6.34% through 2027. CCL also holds a 39.5% market share, ahead of RCL and NCLH. CCL has a large enough fleet to operate at lower margins and therefore offer lower fares. Any new company willing to offer to cruise for the middle class would need to focus on luxury cruising because it will not be able to compete in pricing with CCL nor with RCL. This same thing applies to cruise companies with smaller market shares. RCL has also beat earning estimates the past four quarters and their Q1 ER is 5/2 P/M. NCLH has beat earnings 3/4 (missing in Q4) and Q1 ER coming P/M 4/29. I expect a beat on both and expect a slight move between the three for each ER. Out of the three CCL is HIGHLY undervalued compared to the others and expect a little more traffic coming in. Excellent value play/long term hold. -CON- CCL’s long-term debt sits at $28.5B which is a big reason many investors are wary about investing in the stock right now. -HOWEVER- During last quarter CCL’s operating cashflow was a positive $1.8B, which is a huge improvement from the $400M this time last year. CCL released three new cruise ships for its Excel Class from 2021 and 2023. They announced a new 180,000 ton ship order for 2027. Weinstein stated, “Our responsible capital approach will support utilizing our substantial free cash flow over the next several years to strategically improve our balance sheet, significantly reduce our leverage levels and continue to transfer value from debt holders to shareholders”
Did CCL declare bankruptcy?
When jobs are up people be getting on boats. Buy CCL
I said that about CCL last month and mine expire 4/26, it’s at .02 now, don’t feel to safe
Tough choice, def not CCL
btw SOFI RDFN and CCL, which is a better stock to go full port into if it drops a lot tmrw?
Opened today ( $NKE 100c 6/21 | $PFE 29c 6/21 | $CCL 17c 5/17 | $U 30c 5/17 ) Closed today ( $NCLH 20c 5/17 @1.03 -> 1.33 = 29.1% | $WBA 20c 4/26 @.25 -> .32 = 28% )
At least my CCL calls will finally expire worthless tomorrow ![img](emote|t5_2th52|31225)![img](emote|t5_2th52|31225)![img](emote|t5_2th52|31225)
Hands are gushing blood as I catch falling knives on CCL, never thought I’d accumulate as much as I’m holding right now
What the actual fuck is going on with CCL? This market makes 0 sense. Fuck the shorts and I hope we squeeze them out into space the next 3 weeks. Thanks for listening
CCL has 92 million shirts shares 8% of the float.
How much longer will CCL go down so I can load up
Calls for CCL at this point? seems pretty beat down
Averaged down my July CCL calls god help me
CCL cruises trading at 10.8 forward PE big value play for next 12-24months
After the pandemic, I made a play for the cruise industry. Divided about $10k to the big three. My gain/loss so far CCL -23%, NCLH -17%, RCL +99%
Goofy ass spike on CCL
TLDR; I don't find your question totally unanswered by my answer to your previous question. Most definitely; but that's what the 'Hype' is about. The 'unknown' factor is what makes Earnings events of certain allure/attractiveness, which allure/attractiveness being the very creator of said 'Hype.' That 'Hype' wouldn't be there if there was certainty in 'what to expect.' What you are asking is as if asking whether people will 'fire it up' upon seeing some 'water-splitting' numbers reported at Earnings--the kind for which neither of us can't reasonably think that such exalted Earnings data from a company will NOT result in a proportionately high jump in its stock price. Of course it will. Earnings data is, although not at all 100%, found in a 'direct relationship' ("x goes up -> y goes up"). I'm going to assume: {"meh" Earnings} = {Subpar but still positive Earnings} in asserting to you that it'll induce a comparatively more discouraging stock behavior. For $KULR specifically, a \~60% jump almost 2 weeks prior to Earnings is rather unusual and likely can only be attributed to some good news we call 'Catalysts.' (I can assume this being one: https://finance.yahoo.com/news/kulr-secures-over-1m-contract-123000112.html). Remind yourself $KULR trades well below $1/share, making that type of jump not entirely 'unreasonable.' Also remind yourself that '$1M contract' type of news is a 'Hype' inducer here, but won't ever be a thing for the 'Big Dawgs.' That goes to say, no 'regular' Earnings will make it so that that kind of jump will be sustainable in $KULR. Unless supported by some extraterrestrially high numbers that will exert a gravitational pull on the sea of new buyers, not many factors will be able to muffle out the 'downside' noises the 'selling forces' will make as they win their way out in profits. And they will do so at the cost of many like you by dragging the stock price down as they sell to realize. As a matter of fact, it's common (especially for those Companies whose past Financial 'track records' aren't supportive) that the bar is set much higher for them than their Earnings expectations; you WILL see Companies whose stock prices drop even as they beat the preset Earnings expectations. \[Source: Trust me bro (but I did see too many of these happen myself--many times at the cost of my own money)\] \[A good recent example I can give here would be Carnival Corporation ($CCL), who beat its Earnings expectation but dropped ferociously after. I cut this short, but I too clearly saw the reasons in their financial records overall. I actually gave an explanation to another Redditor about $CCL on this exact topic who wasn't understanding why it had to tank after a positive signal.\]
I’ve had my eye on CCL for a few weeks. Dipped my toes in with a call for earnings last week and then one of their ships caught on fire and the Baltimore bridge collapsed and shot my call to shit. I still have faith they will come back up and agree it’s oversold. I’m just not ready to jump back in yet.
I'm not touching CCL but I am curious how long until they return to precovid levels. This thing use to be 50+ now it struggles to hit 20.
Was killing it all year, then went balls deep in CCL after their ER. Wiped out half of my YTD gains
Yeah, I am a CCL bag holder, bought shares and calls before earnings as pre-market was strong. FML.
Loading up on $18 april 19 calls on CCL