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Equity research: Norwegian air shuttle (NAS.OL)
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Orientador(es)
Resumo(s)
Norwegian Air Shuttle ("Norwegian," "NAS," or the "Company") is Europe’s fourthlargest low-cost airline, primarily focused on passenger transport with supplementary
operations in ground handling and limited cargo services. The Company takes pride in
its notable improvements in punctuality and regularity, which have earned it several
corporate partnerships in the Nordic region.
This report issues a HOLD recommendation with a 2025YE price target of NOK
15.8/Share, derived from a Discounted Cash Flow (DCF) model. This represents an
upside potential of 21.8%, corresponding to an annualized of 17.1%, from the closing
price of NOK 12.96/Share, as of October 1st, 2024, however, with an high risk.
The recommendation is primarily supported by: i) the acquisition of Widerøe, a local
Norwegian carrier with extensive ground handling operations, and the resulting
synergies and ii) the Company's initiatives toward expanding and modernizing its
aircraft fleet, notably transitioning from leasing to ownership.
However, several factors contribute for the high-risk recommendation, including: i)
delays in Boeing aircraft deliveries, ii) high sensitivity to discount rate fluctuations, and
iii) the inherently cyclical nature of the airline industry, further exacerbated by a volatile
global economic outlook.
The Company’s valuation was conducted through an integrated Free Cash Flow to the
Firm (FCFF) model, complemented by a Flow to Equity (FTE) and multiples-based
approach.
Descrição
Palavras-chave
Norwegian Air Shuttle Airlines Equity Research Valuation Mergers & Acquisitions
Contexto Educativo
Citação
Kiesch, Maxime (2024). “Equity research: Norwegian air shuttle (NAS.OL)”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão
Editora
Instituto Superior de Economia e Gestão