DnB Markets - Norwegian Air Shuttle ASA (NAS) June traffic statistics

Report

DnB Markets

Ole Martin Westgaard

June traffic statistics

Norwegian Air Shuttle (NAS NO, Hold) - June traffic statistics
(9 pages)

06/07/2017 9 EN

Underlying

Norwegian Air Shuttle ASA

Norwegian Air Shuttle is a low cost passenger travel airline. Co. operates both scheduled services and additional charter services. Co. has aircraft bases in Norway, Sweden, Denmark, Finland, Spain and the U.K.

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NO0010196140 Oslo Bors Norway

Provider

DnB Markets

DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.

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Analysts

Ole Martin Westgaard

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Norwegian Air Shuttle (Buy, TP: NOK23.00) - Widerøe set for take-off

Norwegian Air Shuttle (NAS NO, Buy) - Widerøe set for take-off (34 pages)

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Norwegian Air Shuttle (Buy, TP: NOK20.00) - March traffic statistics

We consider this a slightly positive report for Norwegian Air Shuttle, including strong figures for Norwegian Air, slightly weak figures from Widerøe, and a cautious outlook for April. We expect 1–2% positive revisions to consensus 2024e EBITDA and believe a slightly positive share price reaction is warranted.

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Norwegian Air Shuttle (Buy, TP: NOK20.00) - March traffic statistics preview

The March traffic statistics are due at 08:00 CET on 5 April. We are positive ahead of the report, expecting a continued positive trend for yield and load. We reiterate our BUY and NOK20 target price.

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Avanza Bank (Hold, TP: SEK257.00) - Understated activity resurgence

We expect rising stock markets and customer activity to offset much of the NII headwind from looming rate cuts, and to drive positive consensus earnings revisions for 2024–2025e. Our 2024–2026 EPS forecasts are broadly unchanged, leaving the stock trading at a 2025e P/E of c17x. With 10% upside potential to our unchanged SEK257 target price, we reiterate our HOLD.

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Steffen Evjen

Steffen Evjen

Solid NCS production in March

The preliminary Norwegian Offshore Directorate (NOD) production figures for the NCS in March showed strong liquids production of 2,086kboed (~4% above forecast) and gas production of 365mcm/d (broadly in line). Overall production was up 2.7% MOM. On a company level, production was down MOM for most names in February; Aker BP and Equinor were hit by reduced production from Johan Sverdrup, while Vår Energi was hampered by downtime at Fenja.

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14h / 36m 14h / 36m 1 EN

Steffen Evjen

Steffen Evjen

Weekly news, topics & discussion

This week, we published a Q1 preview on Equinor. We believe its share price upswing since its CMU is mainly attributable to strong performance by its peer group. The stock is trading at a 15% premium to peers, in line with its historical average. In other news, Vår Energi reported Q1 production in line with our estimates, with realised prices slightly above. We expect focus in the full Q1 report (due on 23 April) to be on Balder X and Johan Castberg. Also, according to news sources, Equinor’s challenging Wisting project looks set to move forward.

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14h / 58m 14h / 58m 1 EN

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June traffic statistics

Norwegian Air Shuttle (Buy, TP: NOK23.00) - Widerøe set for take-off

Norwegian Air Shuttle (Buy, TP: NOK20.00) - March traffic statistics

Norwegian Air Shuttle (Buy, TP: NOK20.00) - March traffic statistics preview

Avanza Bank (Hold, TP: SEK257.00) - Understated activity resurgence

Solid NCS production in March

Weekly news, topics & discussion

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