Norwegian Air Shuttle (Buy, TP: NOK270.00) - November traffic statistics
We consider this a negative report for Norwegian Air Shuttle as the weak load more than offsets the positive underlying yield and as the significantly higher hedge losses increase the risk of an equity issue. We expect minor negative estimate revisions to consensus underlying figures, and believe a negative share price reaction in the range of 5% is warranted.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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