Norwegian Air Shuttle (Buy, TP: NOK10.00) - Keeping a steady course
The Q3 results were slightly above our expectations, and the guidance was unchanged. While the consumer backdrop for travel is subdued, we believe Norwegian Air Shuttle stands out as a relative winner, reflecting a lower cost base and strong balance sheet compared to its key competitors, which are fighting to survive. We reiterate our BUY and NOK10 target price.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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