Norwegian Air Shuttle (Hold, TP: NOK240.00) - July traffic statistics preview
We expect a soft set of traffic statistics for July (due at 07:00 CET on 6 August), as we worry that the warm weather in the Nordics may have had a negative impact on late bookings and yields. We have made no significant changes to our estimates ahead of the report and reiterate our HOLD recommendation. However, reflecting what appears to be somewhat reduced momentum in the ongoing potential takeover situation with IAG, we have cut our target price to NOK240 (275), bringing it into alignment with our SOTP valuation.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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