Norwegian Air Shuttle (Buy, TP: NOK65.00) - MAXimum turbulence
Norwegian Air Shuttle has been badly hit by a NOK3bn rights issue, easing takeover speculation, rising fuel prices, soft bookings in Europe, and the recent Boeing 737 MAX accident. While the latter remains unresolved, we believe costs have so far been limited relative to the NOK3bn market cap loss post the accident, and we expect more clarity with the upcoming Q1 results (due on 25 April at 07:00 CET). Following a restricted period we have resumed coverage with a target price of NOK65 (N/A) and a BUY recommendation (NO REC).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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