Equity Research, Broker Reports, and media content on Norwegian Air Shuttle ASA

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  • 28 May 20
Q1/20 heavily impacted by COVID-19

Clean Q1/20 EBITDAR of NOK 82m (Q1/19: NOK -717m) Q1/20 figures impacted by COVID-19 (consensus figures outdated) Additional USD 250-285m lease obligations could be converted Lifting of travel restrictions positive but risk remains high

Companies: Norwegian Air Shuttle ASA

Arctic Securities
  • 09 Apr 20
Severe turbulence expected

Norwegian will hold an EGM on 4 May and proposes several initiatives: a NOK 400m private placement, conversion of all or parts of its bond/lease debt and authorization to issue new shares and convertible loans. The current market cap of NOK 1.4bn compares to the nominal bond and lease debt of NOK 44.5bn and a potential dilution will be significant. We suspend our Hold recommendation as the outcome is uncertain and Covid-19 and lower GDP prospects add risk.

Companies: Norwegian Air Shuttle ASA

Arctic Securities
  • 06 Apr 20
March capacity down by 40% vs planned

ASK down by 53% y-o-y, load factor of 71.6% (down by 13.8% y-o-y) Yield of NOK 0.40 (up by 20% y-o-y), supported by FX and sector length Hedge loss now NOK 1,067m (NOK 362m in Feb/20) Uncertainty is still high

Companies: Norwegian Air Shuttle ASA

Arctic Securities
  • 19 Mar 20
State aid provided, others need to accept

The Norwegian government willing to guarantee up to NOK 3.0bn… … depending on acceptance from other parties to unlock max amount Normalization of demand is still uncertain

Companies: Norwegian Air Shuttle ASA

Arctic Securities
  • 12 Mar 20
Covid-19 represents a too high uncertainty

The share price has collapsed, reflecting the ongoing uncertainty related to Covid-19 and its impact on the aviation industry. We have not updated our figures in this update but given Norwegian’s earnings sensitivity coupled with lower demand prospects, we see significant downside risk and potential covenant breach scenarios. We stick to Hold while lowering our target price to NOK 7 (45), reflecting the ongoing uncertainty.

Companies: Norwegian Air Shuttle ASA

Arctic Securities
  • 10 Mar 20
Takes out 15% of capacity the next 3 months

Cancels 3,000 flights from mid-March to mid-June Temporary layoffs to reduce costs Increases uncertainty related to critical summer months, risk is high Authorities to announce measures to reduce financial burden on Friday

Companies: Norwegian Air Shuttle ASA

Arctic Securities
  • 05 Mar 20
2020 guidance removed

-22% y-o-y ASK reduction (Arctic: -22%, Cons.: -24%) RASK growth rate of +15% y-o-y (Arctic: +17%, Cons.: +16%) Feb/20 figures roughly in-line with expectations Covid-19 adds uncertainty, 2020 guidance removed

Companies: Norwegian Air Shuttle ASA

Arctic Securities
  • 06 Feb 20
DNO, NAS, PRS, SNI, AXANO, NSKOG, ++

DNO: Q4 revenue beat, EBITDA in line NAS: January figures beat expectations Prosafe weak Q4 report Stolt-Nielsen: new NOK 1.3bn senior unsecured bond Axactor: private placement raising gross proceeds of NOK 517.5m Norske Skog: strong operating performance, challenging markets Stendörren appoints Erik Ranje as new CEO EMGS: strong Q4, cash balance adversely affected by delayed payments SFL: Sale of VLCC

Companies: 0OHK NK1A NWC 0J5B 2LJ 0BQ 0J5Y 1EN

Arctic Securities

Norwegian Air Shuttle ASA

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