Norwegian Air Shuttle (Buy, TP: NOK10.00) - Flying high, despite estimate cuts
Norwegian Air Shuttle is due to report its September traffic statistics on 6 October, followed by its Q3 results at 07:00 CET on 26 October, on which we are lukewarm, expecting EBITDA to miss consensus by 7%. We reiterate our BUY but have lowered our target price to NOK10 (12) on negative estimate revisions. Despite a challenging near-term market outlook, we believe the company will be a relative winner, reflecting a lower cost base than peers that are struggling to survive.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.
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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