Northern Lights

Norwegian Air Shuttle (Sell, TP: NOK270.00) - Yield significantly weak...

We consider this a negative report for Norwegian Air Shuttle including significantly weaker than expected yield and load. We expect consensus 2018 adj. EBITDA to come down 40–50% and believe a negative share price reaction is warranted. That said, the IAG bid situation should add some downside protection.

Northern Lights

Norwegian Air Shuttle (Sell, TP: NOK270.00) - Expecting soft stats; IA...

We expect a soft set of April traffic stats from Norwegian Air Shuttle (due at 08:00 CET on 7 May), hit by significant long-haul capacity expansion and a negative Easter timing effect. Nevertheless, as investor focus remains on a potential IAG bid, we expect the stock to be less sensitive to yield trends than in past traffic stats releases. We reiterate our SELL recommendation as we remain concerned an IAG bid could take time to get off the ground. Today’s statement from IAG that it has failed...

Northern Lights

Norwegian Air Shuttle (Sell, TP: NOK270.00) - IAG should hold its hors...

The Q1 results were more or less in line with the pre-announced figures. However, the key focus for the market remains on the potential bid from IAG. We worry that a successful bid from IAG could prove to be long wait as shareholder expectations are most likely high and as improved operational performance is most likely needed to bridge the value gap. We reiterate our SELL recommendation, but have raised our target price to NOK270 (140), in line with our updated SOTP.

Northern Lights

Norwegian Air Shuttle (Sell, TP: NOK140.00) - Costs remain a key worry

We reiterate our SELL recommendation, but have lowered our target price to NOK140 (160) to reflect our negative estimate revisions post the Q1 profit warning and the revised 2018 guidance. Although we welcome the initiatives to reduce capex and improve liquidity, costs remain our biggest worry. The Q1 results are due at 07:00 CET on 26 April.

Northern Lights

Norwegian Air Shuttle (Sell, TP: NOK160.00) - Soft traffic stats

We consider this a slightly negative report for Norwegian Air Shuttle, as both yield and load were weaker than our expectations. We expect consensus adj. EBITDA to be reduced by 3–5%, and believe a negative share price reaction is warranted.

Northern Lights

Norwegian Air Shuttle (Sell, TP: NOK160.00) - February traffic stats p...

Norwegian Air Shuttle (NAS NO, Sell) - February traffic stats preview (14 pages)

Northern Lights

Norwegian Air Shuttle (Sell, TP: NOK160.00) - Costs remain key issue

Norwegian Air Shuttle reported a weak Q4 report, hit by costs, providing little comfort for the significant underlying cost improvements implied by the guidance. We reiterate our SELL recommendation, but have lowered our target price to NOK160 (170), reflecting our reduced estimates.

Northern Lights

Norwegian Air Shuttle (Sell, TP: NOK170.00) - Soft Q4 and unchanged gu...

We consider this a negative report, including results below consensus and a reiteration of the 2018 guidance. We do not expect any major changes to 2018 consensus and believe a slightly negative share price reaction is warranted on the back of the weaker than expected Q4 results.

Norwegian Air Shuttle (Sell, TP: NOK170.00) - Yield in line, but weak ...

We consider this a slightly negative report: the yield was in line with expectations but the load was slightly weaker than we expected. We expect consensus adj. EBITDA 2018 to come down 2–3% and believe a negative share price reaction is warranted.