reports
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK21.00) - Weak Q1 due to higher cost...
Norwegian Air Shuttle traded down c7% on Wednesday on weaker than expected Q1 results hit by higher costs, which made the market question the reiterated 2024 CASK guidance. We reiterate our BUY but have lowered our target price to NOK21 (23) on negative estimate revisions, reflecting slightly revised cost assumptions.
- ABGSC Shipping & Transport Research
- Ali Shemmari
- Petter Nystrøm
- Ole Martin Westgaard
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK20.00) - March traffic statistics
We consider this a slightly positive report for Norwegian Air Shuttle, including strong figures for Norwegian Air, slightly weak figures from Widerøe, and a cautious outlook for April. We expect 1–2% positive revisions to consensus 2024e EBITDA and believe a slightly positive share price reaction is warranted.
- Ole Martin Westgaard
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK20.00) - February traffic statistic...
We consider this a positive report for Norwegian Air Shuttle, with load and yield above expectations and positive outlook comments. We expect 1–2% positive revisions to consensus 2024e BITDA and believe a slight positive share price reaction is warranted.
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK20.00) - February traffic statistic...
Norwegian Air Shuttle is due to report its February traffic statistics at 08:00 CET on 6 March. We are positive ahead of the report, expecting a continued strong yield trend YOY and a flat load factor MOM. We reiterate our BUY and NOK20 target price.
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK20.00) - Flying high
The Q4 results were strong, in line with the positive profit warning, and the 2024 EBIT guidance was significantly above consensus, in our view reflecting strong demand. We reiterate our BUY and have raised our target price to NOK20 (17), supported by positive estimate revisions.
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK17.00) - January traffic statistics
We consider this a neutral report, with a marginally lower yield offset by higher than expected ancillary spend, while RPK and Ask were in line. We expect only minor changes to consensus 2024e EBITDA and believe a neutral share price reaction is warranted.
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK17.00) - January traffic statistics...
Norwegian Air Shuttle is due to report its January traffic statistics at 08:m00 CET on 6 February. We are positive ahead of the report, expecting a continued strong yield trend and improving load factor YOY. We reiterate our BUY, and have raised our target price to NOK17 (16), reflecting positive estimate revisions on the Q4 reverse profit warning and slightly lower fuel costs driven by the recent drop in CO2 prices.
- MarketLine Department
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...
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK16.00) - Positive profit warning
Norwegian Air Shuttle just issued a positive profit warning, indicating 2023 EBIT of NOK2.2bn (previously NOK1.8bn–2bn). The better-than-expected results reflect higher traffic, settlement of the trademark dispute with Bank Norwegian, compensation for aircraft delivery delays, and lower jet fuel costs. We expect a 20–30% positive revision of consensus 2023 EPS, however as we believe a significant share of the earnings beat is driven by one-offs we believe a more modest positive share price react...
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK16.00) - Mixed Q4e
We expect a mixed Q4 report, with figures above consensus, a CASK guidance above consensus, and a 2024 ASK guidance in line. We reiterate our BUY and have increased our target price to NOK16 (13.5), reflecting positive estimate revisions as an improved yield trend and lower fuel costs offsets higher cost assumptions.
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK13.50) - December traffic statistic...
We consider this a positive report for Norwegian Air Shuttle, including yield, ancillary, and load above expectations. We expect a 1–2% positive revision to consensus 2023e EBITDA and believe a positive share price reaction is warranted.
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK13.50) - December traffic statistic...
Norwegian Air Shuttle is due to report its December traffic statistics at 08:00 CET on 5 January. We are positive ahead of the report, expecting a continued strong yield trend. We reiterate our BUY and NOK13.5 target price despite slight estimate increases.
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK13.50) - November traffic statistic...
We consider this a positive report for Norwegian Air Shuttle, including yield and RPK above expectations and positive outlook comments. We expect consensus 2023e EBITDA to come up 1% and believe a 1–2% positive share price reaction is warranted.
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK13.50) - November traffic statistic...
Norwegian Air Shuttle is due to report its November traffic statistics at 08:00 CET on 6 December. We are positive ahead of the report, expecting a continued strong yield trend. We reiterate our BUY and NOK13.5 target price despite some positive estimate revisions.
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK13.50) - October traffic statistics
We consider this a positive report for Norwegian Air Shuttle, including figures above expectations on yield, load and ancillary. We believe the strong figures should be supportive of the high end of the 2023 EBIT guidance of NOK1.8bn–2.0bn provided last week and see c5% upside potential to consensus 2023e EBIT. We believe a positive share price reaction is warranted.
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK12.00) - Strong Q3 and guidance
We consider this a positive report, including results above consensus and 2023 EBIT guidance 0–11% above consensus. We expect c10% changes to consensus 2023e EPS on the back of the report and believe a positive share price reaction is warranted.
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK12.00) - September traffic statisti...
We consider this a neutral report for Norwegian Air Shuttle, with figures in line with expectations. We expect no significant changes to consensus 2023e EBITDA on the back of the report and believe a neutral share price reaction is warranted.
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