Norwegian Air Shuttle (Buy, TP: NOK16.00) - Mixed Q4e
We expect a mixed Q4 report, with figures above consensus, a CASK guidance above consensus, and a 2024 ASK guidance in line. We reiterate our BUY and have increased our target price to NOK16 (13.5), reflecting positive estimate revisions as an improved yield trend and lower fuel costs offsets higher cost assumptions.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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