Norwegian Air Shuttle (Buy, TP: NOK13.00) - March traffic statistics preview
March traffic statistics are due at 08.00 CET on 6 April. We forecast continued positive trends in yield and bookings, despite the Ukraine war. Although the historical backdrop for passing higher fuel costs on to consumers looks favourable, given much pent-up demand and competitors’ financial struggles, we still expect a negative impact. We reiterate our BUY but have reduced our target price to NOK13 (15) on estimate cuts.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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