Improving occupancy and yields help increase Norwegian’s profitability potential ahead.
Narrow-moat Norwegian reported a fourth quarter that was largely in line with our expectation, with full-year earnings per share falling short by just a penny, at $3.41, thanks to as-reported yield performance slightly better than our model implied (due to solid close in performance), declining 2.2% while costs fell less than we anticipated, down 4.4% including fuel. We plan to increase our $56 fair value estimate by around $5, with the low end of 2017 earnings per share guidance coming in $0.10...
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