Norwegian Air Shuttle (Buy, TP: NOK270.00) - 2020e earnings strike back
Norwegian Air Shuttle (NAS) is due to report November traffic statistics on 6 December. We expect the slightly soft yield trend seen in the last couple of months to continue. Nevertheless, we have hiked our target price to NOK270 (250) share, reflecting positive estimate revisions after the recent significant drop in fuel prices. At our target price, Norwegian is trading at a 2020e P/E of c10x adjusted for the value of Bank Norwegian.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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