Norwegian Air Shuttle (Buy, TP: NOK13.00) - Soft Q1, strong cash, positive outlook
We consider this a slightly negative report for Norwegian Air Shuttle, including figures below expectations, CASK guidance in line with our forecast and a strong outlook for bookings. We expect only minor changes to consensus EBTIDA and EBIT on the back of the report, while net profit should be badly hit by the NOK330m shortfall in Q1.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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