Norwegian Air Shuttle (Buy, TP: NOK250.00) - October traffic statistics preview
Norwegian Air Shuttle (NAS) is due to report October traffic statistics on 6 November (at 08:00 CET). We are cautious ahead of the report as we expect the soft yield trend witnessed in September to have continued although our proprietary ticket survey paints a more positive picture. Nevertheless, we reiterate our BUY recommendation and target price of NOK250 as we find the risk/reward attractive with the stock trading at a discount to our SOTP and what we believe is a likely revised IAG bid.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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