We initiate coverage of Norse Atlantic with a Buy recommendation, and a target price of NOK 15/sh. Since its inception in 2021, Norse has faced challenges in operating as a point-to-point transatlantic carrier within a competitive market. Norse has now shifted gears, adopting a dual strategy that blends the best of both worlds, unlocking the value of its highly attractive leases. The dual strategy offers Norse stable cash flow, lower risk, and zero fuel exposure on half the fleet via the IndiGo ....
