Stock NAS NORWEGIAN AIR SHUTTLE ASA
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Financials Norwegian Air Shuttle ASA

Equities

NAS

NO0010196140

Airlines

Market Closed - Oslo Bors
Other stock markets
 10:45:00 2024-04-29 EDT 		5-day change 1st Jan Change
14.52 NOK -2.39% Intraday chart for Norwegian Air Shuttle ASA -12.08% +35.45%
04-25 Southern Norway's airspace reopens after shutdown RE
04-25 Transcript : Norwegian Air Shuttle ASA, Q1 2024 Earnings Call, Apr 25, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 6,174 3,456 9,982 6,830 10,310 13,996 - -
Enterprise Value (EV) 1 64,456 43,678 11,664 9,156 14,858 15,637 11,092 13,996
P/E ratio -3 x -0.09 x 6.32 x 8.25 x 6.96 x 7.24 x 6.74 x 6.42 x
Yield - - - - - - - -
Capitalization / Revenue 0.14 x 0.38 x 1.97 x 0.36 x 0.4 x 0.45 x 0.42 x 0.38 x
EV / Revenue 1.48 x 4.8 x 2.3 x 0.49 x 0.58 x 0.51 x 0.33 x 0.38 x
EV / EBITDA 9.97 x -25 x -5.18 x 7.34 x 2.57 x 2.09 x 1.4 x 1.63 x
EV / FCF 5.67 x 34.4 x 2.22 x 5.57 x 3.12 x 2.16 x 2.18 x 3.8 x
FCF Yield 17.6% 2.91% 45.1% 18% 32.1% 46.2% 45.8% 26.3%
Price to Book 1.5 x -0.52 x 3.07 x 1.63 x 1.79 x 1.74 x 1.36 x 1.29 x
Nbr of stocks (in thousands) 1,636 39,749 928,518 929,990 961,771 963,880 - -
Reference price 2 3,775 86.94 10.75 7.344 10.72 14.52 14.52 14.52
Announcement Date 20-02-13 21-02-26 22-02-18 23-02-16 24-02-16 - - -
1NOK in Million2NOK
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 43,522 9,096 5,068 18,869 25,539 30,867 33,246 36,864
EBITDA 1 6,468 -1,750 -2,254 1,247 5,789 7,487 7,902 8,603
EBIT 1 856 -10,953 -3,524 1,495 2,267 3,113 3,156 3,312
Operating Margin 1.97% -120.42% -69.53% 7.92% 8.88% 10.09% 9.49% 8.98%
Earnings before Tax (EBT) 1 -1,688 -22,133 1,876 1,046 1,804 2,529 2,790 3,294
Net income 1 -1,615 -23,051 1,870 1,006 1,737 2,132 2,314 2,548
Net margin -3.71% -253.43% 36.91% 5.33% 6.8% 6.91% 6.96% 6.91%
EPS 2 -1,260 -1,022 1.700 0.8900 1.540 2.004 2.154 2.262
Free Cash Flow 1 11,370 1,271 5,257 1,644 4,762 7,229 5,079 3,682
FCF margin 26.13% 13.98% 103.74% 8.71% 18.65% 23.42% 15.28% 9.99%
FCF Conversion (EBITDA) 175.8% - - 131.86% 82.26% 96.56% 64.27% 42.79%
FCF Conversion (Net income) - - 281.06% 163.49% 274.19% 339.08% 219.52% 144.5%
Dividend per Share 2 - - - - - - - -
Announcement Date 20-02-13 21-02-26 22-02-18 23-02-16 24-02-16 - - -
1NOK in Million2NOK
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 1,927 2,550 1,916 4,868 7,116 4,969 3,975 6,871 8,776 5,917 9,361 11,048 7,559 -
EBITDA 1 -305 -86.9 - - 1,569 349.4 -154.5 1,568 3,150 1,170 2,212 3,703 1,405 -
EBIT 1 -621 -463.7 -833 1,354 1,074 -99.9 -916.5 700.7 2,179 298.4 1,126 2,403 388 -
Operating Margin -32.23% -18.19% -43.48% 27.81% 15.1% -2.01% -23.06% 10.2% 24.83% 5.04% 12.03% 21.75% 5.13% -
Earnings before Tax (EBT) 1 169 117.4 -1,031 1,248 909.7 -80.3 -991.6 538 2,050 207.8 911 2,427 321 -624.8
Net income 1 169 111.8 -1,034 1,248 909.7 -118.9 -992.8 537.9 2,039 152.8 817.1 2,149 96 -487.4
Net margin 8.77% 4.38% -53.95% 25.64% 12.78% -2.39% -24.98% 7.83% 23.24% 2.58% 8.73% 19.45% 1.27% -
EPS 2 - 0.1000 -1.100 - 0.8000 -0.1600 -1.070 0.4800 1.810 0.1300 0.5892 1.743 -0.0372 -0.4310
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 21-10-28 22-02-18 22-05-13 22-08-25 22-10-25 23-02-16 23-05-11 23-08-24 23-11-02 24-02-16 - - - -
1NOK in Million2NOK
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 58,282 40,222 1,683 2,326 4,548 1,641 - -
Net Cash position 1 - - - - - - 2,903 -
Leverage (Debt/EBITDA) 9.011 x -22.98 x -0.7466 x 1.866 x 0.7855 x 0.2192 x - -
Free Cash Flow 1 11,370 1,271 5,257 1,644 4,762 7,229 5,079 3,682
ROE (net income / shareholders' equity) -55.8% - - 26.9% 34.8% 30.1% 23.8% 20.4%
ROA (Net income/ Total Assets) -2.29% -34.2% 5.47% 4.85% 6.53% 6.28% 5.65% 6.44%
Assets 1 70,665 67,448 34,190 20,747 26,610 33,931 40,958 39,570
Book Value Per Share 2 2,520 -167.0 3.500 4.500 6.000 8.360 10.70 11.20
Cash Flow per Share 2 2,375 - - 2.160 4.670 5.480 6.600 -
Capex 1 - - 6.1 782 495 1,352 2,624 2,250
Capex / Sales - - 0.12% 4.14% 1.94% 4.38% 7.89% 6.1%
Announcement Date 20-02-13 21-02-26 22-02-18 23-02-16 24-02-16 - - -
1NOK in Million2NOK
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Norwegian Air Shuttle ASA

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
7
Last Close Price
14.52 NOK
Average target price
19.59 NOK
Spread / Average Target
+34.89%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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