NAS came out of its restructuring with one of the strongest balance sheets in Europe, while retaining a flexible fleet of 70 modern short-haul airplanes. Looking ahead, we expect attractive credit multiples with leverage in the 3.5-1.0x range in 22-24e, while the downside is protected through a strong cash position (NOK 7.5bn) and a NIBD/EV of 29%. The bonds screen attractively in terms of credit multiples and on a relative basis against peers.
