Norwegian Air Shuttle (Buy, TP: NOK16.00) - A positive yield surprise
We consider this a very positive report for Norwegian Air Shuttle, as a lower ASK is offset by significantly better yield. We eye cNOK100-150m upside to consensus Q4 2021e EBITDA. We expect only minor changes to consensus 2022 expectations on the back of the report but find the very strong yield supportive for 2022 revenue expectations. A positive share price reaction in the range of 5-10% is warranted on the back of the report.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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