Norwegian Air Shuttle (Buy, TP: NOK12.00) - Q2 grounded by higher fuel costs
We reiterate our BUY but have lowered our target price to NOK12 (13) after reducing our 2022–2024 estimates, primarily related to fuel. With its closest peers fighting to survive given far higher cost bases, we believe Norwegian Air Shuttle is a relative winner. At our new target price, the stock would be trading at a 2023e P/E of 13x.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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