Great deal - bond buyback

NAS calls the convertible bond and contemplates a 50% buyback. Pos: Reduced share overhang + nr of shares down ~7%.

Norwegian Air Shuttle (Buy, TP: NOK16.00) - Positive 2025 outlook

While underlying Q1 results were weaker than we expected, we still see a positive outlook for 2025, with solid bookings, a narrowed CASK guidance supported by a NOK1bn profit improvement programme by 2026, FX, and fuel tailwinds. We reiterate our BUY, but have cut our target price to NOK16 (17) on estimate reductions.

Summer late rush, profits set to flush

Q1 below on higher cost

Clean EBIT below on higher cost (mainly fuel).

Norwegian Air Shuttle (Buy, TP: NOK17.00) - April traffic statistics

We consider this a slightly positive report for Norwegian Air Shuttle, including figures more or less in line with expectations, with a marginally lower yield offset by a higher load, and positive outlook comments with regard to summer bookings. We expect only minor changes to consensus 2025e adj. EBITDA, and believe a neutral to slightly positive share price reaction is warranted.

Norwegian Air Shuttle (Buy, TP: NOK17.00) - April traffic statistics p...

April’s traffic statistics are due at 08:00 CET on 7 May. We are positive ahead of the report, expecting a strong yield recovery supported by Easter timing effects and easing capacity growth. We reiterate our BUY and have raised our target price to NOK17 (15) on positive estimate changes on our revised fuel and USDNOK assumptions.

Norwegian Air Shuttle (Buy, TP: NOK15.00) - March traffic statistics

We consider this a slightly soft report for Norwegian Air Shuttle, with a slightly weaker load and yield for Norwegian Air only partly offset by strong performance from Widerøe. We expect consensus 2025e adj. EBITDA to come down by c1% on the back of the report and believe a neutral to slightly negative share price reaction is warranted.

March revenues 2.5% below

Group sales NOK 2.3bn, -2.5% vs us/cons on lower yield/load in NAS. Negative Easter effects, but April likely better - MTM EPS 25% above cons on lower fuel/weaker USD

More than just a dollar play

Norwegian Air Shuttle (Buy, TP: NOK15.00) - Tailwinds ahead

We expect Norwegian Air Shuttle to report a weak Q1, hit by high capacity growth and Easter timing effects. However, we find the outlook for the summer season increasingly encouraging, with healthy demand, low supply growth and a positive cost impact from a weaker USD. We reiterate our BUY and have raised our target price to NOK15 (13) on positive revisions.

Norwegian Air Shuttle (Buy, TP: NOK13.00) - February traffic statistic...

We consider this a neutral report for Norwegian Air Shuttle, including a yield in line with expectations on a marginally lower load and positive booking comments. We expect only minor changes to consensus 2025e adj. EBITDA and believe a neutral share price reaction is warranted.

Feb below, good booking momentum

Traffic stats for Feb: Group sales 2bn, -3.9% vs us / cons on lower yield in NAS. Outlook: Sees good booking momentum

Buying used aircraft: Pos EPS effect

Buying 10 Boeing aircraft - should lift clean '25 EPS by ~10%

Norwegian Air Shuttle (Buy, TP: NOK13.00) - February traffic statistic...

February’s traffic statistics are due at 08:00 CET on 6 March. We expect a continued soft yield trend on high ASK growth and a significant increase in the average sector distance. Nevertheless, we reiterate our BUY and NOK13 target price as we still find the valuation attractive, with the stock trading at a 2025e P/E of 7x.

Summer decides - game on

Norwegian Air Shuttle (Buy, TP: NOK13.00) - Time to tighten up

While Q4 adj. EBITDAR was above expectations, we see a slightly soft outlook for 2025, with stable bookings and a guidance of a single-digit CASK increase. We reiterate our BUY as we continue to find the stock attractively valued, but have lowered our target price to NOK13 (14) on negative estimate revisions.

Q4 as expected

Clean EBIT in-lien with cons.

Norwegian Air Shuttle (Buy, TP: NOK14.00) - January traffic statistics

We consider this a neutral report for Norwegian Air Shuttle, including figures for Norwegian Air in line with expectations and Widerøe marginally below. We expect only minor changes to consensus 2025e adj. EBITDA and believe a neutral share price reaction is warranted.

Revenue for Jan as expeced

Group sales 1.98bn. 0% vs us (load 1pp below, yield 2% better)

Norwegian Air Shuttle (Buy, TP: NOK14.00) - January traffic statistics...

Norwegian Air Shuttle is due to report January traffic statistics at 08:00 CET on 6 February. We expect a soft yield trend on high ASK growth and a significant increase in average flight distance. However, we believe this is largely expected and we see a brighter future than is discounted in the share price, with the stock trading at a 2025e P/E of c5.5x. We reiterate our BUY and NOK14 target price.