Norwegian Air Shuttle (Buy, TP: NOK13.00) - Mixed report
We believe this was a mixed report for Norwegian Air Shuttle including Q2 results slightly below expectations on higher costs, 2023 ASK guidance above our expectations and positive outlook comments. We expect 5–10% negative revisions to consensus 2022e EBITDA and 3–5% positive revisions to consensus 2023e. We believe a neutral to slightly negative share price reaction is warranted.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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