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

We consider this a positive report for Norwegian Air Shuttle, including a yield above our expectation for Norwegian Air, higher revenues for Widerøe and positive outlook comments. We expect 5% positive revisions to consensus 2024e EBIT and believe a positive share price reaction is warranted.

Nov: 4% better sales on higher yield/load

Group sales 4% better driven by NAS on higher load and yield. Strong booking momentum for Winter and Christmas. Estm unchanged, stock up ~2%

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

Norwegian Air Shuttle is set to report October traffic statistics at 08:00 CET on 6 November. We are positive ahead of the report, forecasting a modest increase in yields and 9% ASK growth. We reiterate our BUY and NOK14 target price as we continue to believe the future is brighter than is discounted in the share price, with the stock trading at a 2024–2025e P/E of c7x.

Capacity crunch may spark pricing surge

Norwegian Air Shuttle (Buy, TP: NOK14.00) - Weak Q3, bookings satisfac...

Norwegian Air Shuttle’s Q3 report disappointed on weak results and a narrowed guidance below our expectations and consensus. Nevertheless, with the stock trading at a 2024e P/E of 6.5x on our revised estimates, and bookings up 20% YOY, we believe the future is brighter than is discounted in the stock price. We reiterate our BUY, but have cut our target price to NOK14 (15) on lower forecasts.

Weaker numbers and guidance

Clean EBIT 9% below on higher cost. Guidance lowered implying 7% downside to cons.

Norwegian Air Shuttle (Buy, TP: NOK15.00) - Minor model adjustments

We have updated our estimates to reflect the September traffic statistics released on 4 October. We have raised our 2024e adj. EBITDA by 2%, reflecting the higher-than-expected implied September EBITDA as communicated in our news flash of 4 October. Post the revisions, our Q3e EBITDA of NOK3,616m is broadly in line with consensus. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our NOK15 target price. The Q3 results are due at 07:00 C...

Norwegian Air Shuttle (Buy, TP: NOK15.00) - September traffic statisti...

We consider this a positive report for Norwegian Air Shuttle, including yield and load above expectations and positive outlook comments for October. We expect 2% positive revisions to consensus 2024e EBITDA and believe a positive share price reaction is warranted.

Sept: 3% better sales, but also higher costs

Group sales 3% better driven by higher load and yield. Solid booking momentum, but highlights higher costs on Boeing delays

Norwegian Air Shuttle (Buy, TP: NOK15.00) - Opportunity to narrow guid...

We reiterate our BUY and NOK15 target price ahead of the Q3 results, expecting figures in line with consensus and a narrowed guidance on an improved outlook

Near-term nerves

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

We consider this a positive report for Norwegian Air Shuttle, including positive yield developments in both Norwegian Air and Widerøe at higher loads and positive booking comments. We expect a 1-2% positive revision to consensus 2024e EBITDA and believe a positive share price reaction is warranted.

Aug: 2% better sales, solid bookings

Group sales 2% better: NAS +1% and Widerøe +5%. See solid bookings for Sep.

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

Norwegian Air Shuttle is set to report August traffic statistics at 08:00 CET on 5 September. We are positive ahead of the statistics, forecasting a flat yield YOY, while the SAS strike has created upside potential for estimates. We reiterate our BUY and have raised our target price to NOK15 (14) on positive estimate revisions. At our revised target price, the stock is trading at a 2025e P/E of 7x.

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

We consider this a slightly positive report for Norwegian Air Shuttle, with the yield in line with expectations for the legacy operations and a significantly better-than-expected yield development at Widerøe. We expect 1% positive revisions to consensus 2024e adj. EBITDA and believe a positive share price reaction is warranted.

Group sales 2% better in July

NAS in line, Widerøe 20% better; Group 2.1% better. See solid bookings for Aug.

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

Norwegian Air Shuttle is set to report July traffic statistics at 08:00 CET on 6 August. We are positive ahead of the statistics, forecasting a flat yield YOY, in line with the guidance, but note that our yield tracker paints a slightly more positive picture. We reiterate our BUY and NOK14 target price on a continued attractive valuation, with the stock trading at a 2025e P/E of c7x.

Airliners: Summer Wrap

Airliners lowering guidance on weaker consumer spending

Finnair Oyj - Mergers & Acquisitions (M&A), Partnerships & Alliances

Summary Marketline's Finnair Oyj Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Finnair Oyj - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports off...

Norwegian Air Shuttle ASA: 3 directors

Three Directors at Norwegian Air Shuttle ASA bought/maiden bought 26,128 shares at between 11.345NOK and 11.470NOK. The significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the c...