Norwegian Air Shuttle (Buy, TP: NOK12.00) - August traffic statistics preview
Norwegian Air Shuttle is set to report its August traffic figures on 6 September. We expect decreases in load and yield from the record-strong July levels, reflecting normal seasonality and a reduced impact from the SAS pilot strike. We reiterate our BUY and NOK12 target price, as we continue to find the valuation attractive and believe Norwegian Air Shuttle has a strong relative position compared to local peers, with a solid cash position, the lowest CASK, and the highest flexibility, with PBH on 19 out of 70 aircraft during the winter.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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