Norwegian Air Shuttle (Buy, TP: NOK14.00) - Weak Q2, but solid bookings
Overall, the Q2 results disappointed on higher costs and a withdrawal of the 2023 CASK guidance, but on the plus side, booking momentum remains strong. We continue to find the valuation attractive, with the stock trading at a discount to historical levels. Hence, we reiterate our BUY, but have lowered our target price to NOK14 (15) on negative estimate revisions.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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