We reiterate our Buy recommendation and raise our target price to NOK 19.5 (from NOK 18.5), reflecting a strong outlook and upward revisions to our estimates. We have raised our adjusted EPS estimates by 6/0% for 2026/2027. We now estimate CASK ex-fuel of NOK 0.55, implying 5.6% Y/Y growth. While this is slightly above company guidance of low-single-digit growth, our assumptions are based on an average USD/NOK of 9.75 (L3M average). The primary driver behind our 6% upward revision to 2026 EPS is ....
