Norwegian Air Shuttle (Buy, TP: NOK12.00) - The summer sky looks cloudy
From a strategic perspective, Norwegian Air Shuttle is in a sweet spot, having reached a settlement with Boeing and secured an aircraft order on attractive terms, while SAS and Flyr fight for survival. Nevertheless, the near-term market outlook is tough, with fuel prices up more than ticket prices and operational risk high amid strikes, airport traffic jams and passport issues in Norway. We reiterate our BUY and NOK12 target price, as our estimate cuts are offset by the Boeing deal.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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