Norwegian Air Shuttle ASA

BATS-CHIXE:NASO Stock Report

Market Cap: NOK 10.5b

Norwegian Air Shuttle Valuation

Is NASO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of NASO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NASO (NOK11.36) is trading below our estimate of fair value (NOK38.52)

Significantly Below Fair Value: NASO is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NASO?

Key metric: As NASO is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NASO. This is calculated by dividing NASO's market cap by their current earnings.
What is NASO's PE Ratio?
PE Ratio6.6x
EarningsNOK 1.60b
Market CapNOK 10.49b

Price to Earnings Ratio vs Peers

How does NASO's PE Ratio compare to its peers?

The above table shows the PE ratio for NASO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average7.2x
WIZZ Wizz Air Holdings
6.1x18.3%UK£1.5b
JET2 Jet2
6.9x-0.3%UK£3.4b
EZJ easyJet
9.5x9.5%UK£4.3b
IAG International Consolidated Airlines Group
6.3x5.6%UK£14.9b
NASO Norwegian Air Shuttle
6.6x6.0%NOK 10.5b

Price-To-Earnings vs Peers: NASO is good value based on its Price-To-Earnings Ratio (6.6x) compared to the peer average (7.2x).

Price to Earnings Ratio vs Industry

How does NASO's PE Ratio compare vs other companies in the Global Airlines Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No. of Companies9PE0612182430+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NASO is good value based on its Price-To-Earnings Ratio (6.6x) compared to the Global Airlines industry average (9.5x).

Price to Earnings Ratio vs Fair Ratio

What is NASO's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NASO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio6.6x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate NASO's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst NASO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentn/a
NOK 13.79
0%
18.5%NOK 18.10NOK 10.90n/a6
Dec ’25n/a
NOK 13.79
0%
18.5%NOK 18.10NOK 10.90n/a6
Nov ’25n/a
NOK 13.79
0%
18.5%NOK 18.10NOK 10.90n/a6
Oct ’25n/a
NOK 14.75
0%
14.3%NOK 18.10NOK 10.90n/a7
Sep ’25NOK 10.89
NOK 14.61
+34.2%
14.5%NOK 18.10NOK 10.90n/a7
Aug ’25NOK 11.30
NOK 14.61
+29.2%
14.5%NOK 18.10NOK 10.90n/a7
Jul ’25n/a
NOK 18.16
0%
14.2%NOK 22.00NOK 13.00n/a7
Jun ’25n/a
NOK 19.30
0%
15.6%NOK 22.00NOK 13.00n/a7
May ’25n/a
NOK 19.59
0%
15.6%NOK 22.00NOK 13.00n/a7
Apr ’25n/a
NOK 19.44
0%
16.4%NOK 24.00NOK 13.00n/a7
Mar ’25n/a
NOK 18.87
0%
16.1%NOK 24.00NOK 13.00n/a7
Feb ’25n/a
NOK 15.01
0%
10.3%NOK 18.10NOK 13.00n/a7
Jan ’25n/a
NOK 13.66
0%
14.7%NOK 18.10NOK 12.00n/a7
Dec ’24NOK 9.94
NOK 13.66
+37.4%
14.7%NOK 18.10NOK 12.00n/a7
Nov ’24NOK 7.93
NOK 13.35
+68.4%
16.8%NOK 18.10NOK 12.00n/a6
Oct ’24NOK 8.43
NOK 14.18
+68.2%
16.7%NOK 18.10NOK 12.00n/a6
Sep ’24NOK 9.09
NOK 14.85
+63.3%
16.8%NOK 18.10NOK 12.00NOK 10.896
Aug ’24n/a
NOK 16.22
0%
15.3%NOK 20.00NOK 12.00NOK 11.306
Jul ’24NOK 10.49
NOK 16.22
+54.7%
15.3%NOK 20.00NOK 12.00n/a6
Jun ’24NOK 13.27
NOK 16.46
+24.0%
16.1%NOK 20.00NOK 12.00n/a5
May ’24NOK 10.06
NOK 13.76
+36.8%
20.9%NOK 16.30NOK 8.50n/a5
Apr ’24n/a
NOK 13.76
0%
20.9%NOK 16.30NOK 8.50n/a5
Mar ’24NOK 11.29
NOK 13.76
+21.9%
20.9%NOK 16.30NOK 8.50n/a5
Feb ’24NOK 9.04
NOK 11.10
+22.8%
30.0%NOK 15.80NOK 8.50n/a3
Jan ’24n/a
NOK 12.70
0%
21.3%NOK 15.40NOK 10.00n/a2
Dec ’23n/a
NOK 12.25
0%
18.4%NOK 14.50NOK 10.00NOK 9.942

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 20:03
End of Day Share Price 2024/12/05 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Norwegian Air Shuttle ASA is covered by 27 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Petter NyströmABG Sundal Collier
Kenneth SivertsenArctic Securities ASA
Andrew LobbenbergBarclays