Norwegian Air Shuttle (Hold, TP: NOK245.00) - Positive yield trend offset by costs
NAS’s Q3 results are due at 07:00 CET on 25 October. We remain lukewarm ahead of the results as we expect the positive yield trend to be offset by costs. We reiterate our HOLD recommendation, but have lowered our target price to NOK245 (NOK275) on our estimate reductions that reflect the recent spike in fuel prices.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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