Norwegian Air Shuttle (Buy, TP: NOK14.00) - Weak Q3, bookings satisfactory
Norwegian Air Shuttle’s Q3 report disappointed on weak results and a narrowed guidance below our expectations and consensus. Nevertheless, with the stock trading at a 2024e P/E of 6.5x on our revised estimates, and bookings up 20% YOY, we believe the future is brighter than is discounted in the stock price. We reiterate our BUY, but have cut our target price to NOK14 (15) on lower forecasts.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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