Norwegian Air Shuttle (Buy, TP: NOK16.00) - Crystalising slot values
Norwegian Air Shuttle just announced that it has signed an agreement to sell a portfolio of surplus slots a London Gatwick for an undisclosed amount. However, we have previously stated that we believe that the slots could be worth NOK300m-400m in the current market and expect the selling price to be in-line with our estimate. The transaction should also be supportive for its already strong NOK7.6bn cash position.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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