Norwegian Air Shuttle (Sell, TP: NOK170.00) - Strong stats and revised guidance
We believe this was a mixed report for Norwegian, including better than expected traffic statistics, but with negative revisions to the 2018 CASK guidance on the back of higher fuel prices. While we view the underlying improvement in CASK ex. fuel at the revised guidance as a positive, it is overshadowed by the recent spike in fuel prices, which puts 2018 consensus estimates at risk.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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