Norwegian Air Shuttle (Buy, TP: NOK15.00) - Minor model adjustments
We have updated our estimates to reflect the September traffic statistics released on 4 October. We have raised our 2024e adj. EBITDA by 2%, reflecting the higher-than-expected implied September EBITDA as communicated in our news flash of 4 October. Post the revisions, our Q3e EBITDA of NOK3,616m is broadly in line with consensus. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our NOK15 target price. The Q3 results are due at 07:00 CET on 25 October.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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