Norwegian Air Shuttle (Sell, TP: NOK170.00) - Short-term pain for long-term gain
We remain cautious on Norwegian Air Shuttle ahead of the Q4 results (due at 07:00 CET on 15 February) as we expect weak results and as we expect a continued negative near-term earnings momentum amid the recent spike in fuel prices. We see this overshadowing the positive trend in underlying unit costs excluding fuel and an expected reduction to the 2018 capex guidance reflecting revised A320neo deliveries. We keep our NOK170 target price and SELL recommendation.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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