's (NYSE: CCL) stock plunged nearly 50% over the past 12 months as the cruise line operator's long-awaited post-pandemic recovery was challenged by inflation, its exit from Russia, and other macroeconomic headwinds.

However, that sell-off has also reduced its enterprise value to just 2 times this year's sales and 10 times its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). Could Carnival be a good turnaround play for patient investors?

Let's review its past struggles and see where its stock might be headed over the next 12 months.

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Source Fool.com