New Risk • 10h
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Jun 09
First quarter 2026 earnings released: kr0.34 loss per share (vs kr0.82 loss in 1Q 2025) First quarter 2026 results: kr0.34 loss per share (improved from kr0.82 loss in 1Q 2025). Revenue: kr6.90b (up 4.9% from 1Q 2025). Net loss: kr362.0m (loss narrowed 54% from 1Q 2025). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr14.06, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Airlines industry in Europe. Total returns to shareholders of 25% over the past three years. New Risk • May 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Upcoming Dividend • Apr 30
Upcoming dividend of kr0.80 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 15 May 2026. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of British dividend payers (5.8%). Higher than average of industry peers (2.9%). Reported Earnings • Apr 16
Full year 2025 earnings released: EPS: kr2.60 (vs kr1.26 in FY 2024) Full year 2025 results: EPS: kr2.60 (up from kr1.26 in FY 2024). Revenue: kr37.6b (up 6.6% from FY 2024). Net income: kr2.65b (up 118% from FY 2024). Profit margin: 7.0% (up from 3.4% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. New Risk • Feb 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Feb 13
Norwegian Air Shuttle ASA Proposes Dividend for 2025, Payable from 15 May 2026 The Board of Directors of Norwegian Air Shuttle ASA will propose to distribute a dividend of NOK 0.80 per share for 2025. The formal decision regarding the dividend will be made on the company's Annual General Meeting, to be held on the 6 May 2026. Date of approval: 6 May 2026, Last day including right: 6 May 2026. Ex-date: 7 May 2026. Record date (shareholder registration date): 8 May 2026. Payment date: from 15 May 2026. Announcement • Nov 21
Norwegian Air Shuttle Asa Approves Board Changes Norwegian Air Shuttle ASA at the Extraordinary General Meeting held on 20 November 2025 approved the resolution: Mr. Svein Harald Øygard shall resign as Chair of the Board of Directors. Mr. Dag Mejdell is elected as Chair of the Board of Directors for a period until the annual General Meeting of 2026. New Risk • Oct 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 23
Third quarter 2025 earnings released: EPS: kr2.42 (vs kr2.04 in 3Q 2024) Third quarter 2025 results: EPS: kr2.42 (up from kr2.04 in 3Q 2024). Revenue: kr12.0b (up 6.0% from 3Q 2024). Net income: kr2.55b (up 30% from 3Q 2024). Profit margin: 21% (up from 17% in 3Q 2024). Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 23% per year. Announcement • Jul 13
Norwegian Air Shuttle Asa Provides Production Guidance for the Third Quarter of Year 2025 Norwegian Air Shuttle ASA provided production guidance for the third quarter of year 2025. For the quarter, year-on-year production growth for the third quarter of 2025 is forecasted at 2%. Reported Earnings • Jul 12
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: kr10.3b (up 13% from 2Q 2024). Net income: kr932.0m (up 110% from 2Q 2024). Profit margin: 9.1% (up from 4.9% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Airlines industry in Europe. Announcement • Jul 11
Norwegian Air Shuttle Asa Announces Quarterly Dividend, Payable on 20 August 2025 Norwegian Air Shuttle ASA announced dividend of NOK 0.90 per share for the second quarter of 2025. Payable on 20 August 2025; Record date: 13 August 2025; Ex-date: 12 August 2025. Date of approval: 10 July 2025. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr14.46, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Airlines industry in Europe. Total returns to shareholders of 66% over the past three years. Board Change • Jun 25
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Daniel Skjeldam was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 04
An unknown buyer acquired 6.26% stake in Norwegian Air Shuttle ASA (OB : NAS) for approx. NOK 892 million. An unknown buyer agreed to acquire 6.26% stake in Norwegian Air Shuttle ASA (OB : NAS) for approx. NOK 892 million on June 4, 2025.
An unknown buyer completed acquisition of 6.26% stake in Norwegian Air Shuttle ASA (OB : NAS) on June 4, 2025. Recent Insider Transactions • May 27
Independent Chairman of Board recently bought kr324k worth of stock On the 22nd of May, Svein Øygard bought around 25k shares on-market at roughly kr12.95 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Svein has been a buyer over the last 12 months, purchasing a net total of kr648k worth in shares. New Risk • May 09
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 83% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (83% net debt to equity). Profit margins are more than 30% lower than last year (3.8% net profit margin). Reported Earnings • Apr 14
Full year 2024 earnings released: EPS: kr1.26 (vs kr1.70 in FY 2023) Full year 2024 results: EPS: kr1.26 (down from kr1.70 in FY 2023). Revenue: kr35.3b (up 38% from FY 2023). Net income: kr1.21b (down 25% from FY 2023). Profit margin: 3.4% (down from 6.3% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Feb 14
Full year 2024 earnings released: EPS: kr1.26 (vs kr1.70 in FY 2023) Full year 2024 results: EPS: kr1.26 (down from kr1.70 in FY 2023). Revenue: kr35.3b (up 38% from FY 2023). Net income: kr1.36b (down 16% from FY 2023). Profit margin: 3.8% (down from 6.3% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: kr2.04 (vs kr2.09 in 3Q 2023) Third quarter 2024 results: EPS: kr2.04 (down from kr2.09 in 3Q 2023). Revenue: kr11.6b (up 36% from 3Q 2023). Net income: kr2.00b (flat on 3Q 2023). Profit margin: 17% (down from 24% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Oct 15
Norwegian Air Shuttle ASA, Annual General Meeting, May 14, 2025 Norwegian Air Shuttle ASA, Annual General Meeting, May 14, 2025. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr10.96, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Airlines industry in Europe. Total returns to shareholders of 13% over the past three years. Reported Earnings • Jul 13
Second quarter 2024 earnings released: EPS: kr0.46 (vs kr0.54 in 2Q 2023) Second quarter 2024 results: EPS: kr0.46 (down from kr0.54 in 2Q 2023). Revenue: kr9.35b (up 41% from 2Q 2023). Net income: kr477.1m (down 5.5% from 2Q 2023). Profit margin: 5.1% (down from 7.6% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 153% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr10.54, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Airlines industry in Europe. Total loss to shareholders of 14% over the past three years. Announcement • Jul 04
Norwegian Air Shuttle ASA Revises Group Earnings Guidance for the Year 2024 Norwegian Air Shuttle ASA revised group earnings guidance for the year 2024. For the year, the group expects operating profit (EBIT) to be in the range of NOK 2.1 billion to NOK 2.6 billion, including Widerøe against previous guidance of operating profit (EBIT) to be in the range of NOK 2.5 billion to NOK 3.2 billion. The profit outlook excluded any profits from Widerøe, the regional carrier which Norwegian acquired in January of 2024. The adjustment in the results outlook is predominantly a result of four factors. Firstly, softer traffic demand during the second quarter, with a contraction in both load factor and yield compared to last year. Secondly, a higher than projected wage settlement for pilots following the conclusion of new collective-bargaining agreements this quarter. Thirdly, aircraft delivery delays from Boeing, which has forced the company to source external capacity corresponding to between one and two aircraft during the summer season. And finally, the NOK exchange rate has been weaker as compared to the US dollar. Reported Earnings • Apr 19
Full year 2023 earnings released: EPS: kr1.70 (vs kr0.99 in FY 2022) Full year 2023 results: EPS: kr1.70 (up from kr0.99 in FY 2022). Revenue: kr25.5b (up 35% from FY 2022). Net income: kr1.61b (up 75% from FY 2022). Profit margin: 6.3% (up from 4.9% in FY 2022). The increase in margin was driven by higher revenue. Available seat kilometres (ASK): 32.32b (up 18% from FY 2022). Passenger load factor: 84.7% (up from 83.1% in FY 2022). Total aircraft: 87 (up by 17 from FY 2022). Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 154% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr17.47, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Airlines industry in Europe. Total loss to shareholders of 31% over the past three years. Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: kr1.70 (vs kr0.99 in FY 2022) Full year 2023 results: EPS: kr1.70 (up from kr0.99 in FY 2022). Revenue: kr25.5b (up 41% from FY 2022). Net income: kr1.74b (up 89% from FY 2022). Profit margin: 6.8% (up from 5.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 154% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Board Change • Feb 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Stephen Kavanagh was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 25
Norwegian Air Shuttle ASA Revises Earnings Guidance for the Full-Year of 2023 Norwegian Air Shuttle ASA revised earnings guidance for the full-year of 2023. For the period, the company revised operating profit (EBIT) guidance to approximately NOK 2.2 billion from the range of between NOK 1.8 billion to NOK 2.0 billion. Announcement • Dec 22
Norwegian Air Shuttle ASA (OB:NAS) acquired Widerøe AS from WF Holding AS. Norwegian Air Shuttle ASA (OB:NAS) entered into a transaction agreement to acquire Widerøe AS from WF Holding AS for approximately NOK 1.13 billion on July 6, 2023. Norwegian will finance the cash consideration of NOK 1,125 million through available funds. The purchase price is subject to certain adjustments after closing, including in respect to the profitability of Widerøe in 2023. Widerøe’s debt facilities are intended to remain in place following the transaction. In 2022, Widerøe reported group revenues of NOK 5.7 billion and EBIT of NOK 80 million. Both companies will continue to operate under their separate brands, and Widerøe will be organised as a separate business unit to Norwegian, independent from Norwegian´s core low-cost carrier operation. Employees will remain in existing companies under existing collective agreements. Closing of the transaction is subject to certain closing conditions, including regulatory review process from the Norwegian Competition Authorities and is expected by the end of the fourth quarter of 2023. ABG Sundal Collier has acted as financial advisor and BAHR has acted as legal advisor to Norwegian in connection with the transaction. As of September 15, 2023. Norwegian competition Authority has said temporary no to purchase the Widerøe AS. The supervisory authority is asking for two months to assess the acquisition.Norwegian Air Shuttle ASA (OB:NAS) acquired Widerøe AS from WF Holding AS on December 21, 2023. Announcement • Dec 01
Norwegian Air Shuttle ASA Announces Resignation of Sondre Gravir from the Board of Directors Norwegian Air Shuttle ASA announced Mr. Sondre Gravir has decided to resign from the Board of Directors with immediate effect to focus on other commitments. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr9.70, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Airlines industry in Europe. Total loss to shareholders of 61% over the past three years. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: kr2.12 (vs kr0.98 in 3Q 2022) Third quarter 2023 results: EPS: kr2.12 (up from kr0.98 in 3Q 2022). Revenue: kr8.78b (up 26% from 3Q 2022). Net income: kr2.04b (up 124% from 3Q 2022). Profit margin: 23% (up from 13% in 3Q 2022). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 137% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. New Risk • Aug 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 92% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Recent Insider Transactions • Jul 14
Independent Chairman of Board recently bought kr507k worth of stock On the 12th of July, Svein Oygard bought around 50k shares on-market at roughly kr10.14 per share. This transaction amounted to 2.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Svein has been a buyer over the last 12 months, purchasing a net total of kr2.1m worth in shares. Announcement • Jul 07
Norwegian Air Shuttle ASA (OB:NAS) entered into a transaction agreement to acquire Widerøe AS for approximately NOK 1.13 billion. Norwegian Air Shuttle ASA (OB:NAS) entered into a transaction agreement to acquire Widerøe AS for approximately NOK 1.13 billion on July 6, 2023. Norwegian will finance the cash consideration of NOK 1,125 million through available funds. The purchase price is subject to certain adjustments after closing, including in respect to the profitability of Widerøe in 2023. Widerøe’s debt facilities are intended to remain in place following the transaction. In 2022, Widerøe reported group revenues of NOK 5.7 billion and EBIT of NOK 80 million. Both companies will continue to operate under their separate brands, and Widerøe will be organised as a separate business unit to Norwegian, independent from Norwegian´s core low-cost carrier operation. Employees will remain in existing companies under existing collective agreements. Closing of the transaction is subject to certain closing conditions, including regulatory review process from the Norwegian Competition Authorities and is expected by the end of the fourth quarter of 2023. ABG Sundal Collier has acted as financial advisor and BAHR has acted as legal advisor to Norwegian in connection with the transaction. New Risk • Jun 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (4.7% net profit margin). Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Reported Earnings • Apr 30
Full year 2022 earnings released: EPS: kr1.08 (vs kr3.52 in FY 2021) Full year 2022 results: EPS: kr1.08 (down from kr3.52 in FY 2021). Revenue: kr18.9b (up 272% from FY 2021). Net income: kr1.01b (down 45% from FY 2021). Profit margin: 5.3% (down from 36% in FY 2021). The decrease in margin was driven by higher expenses. Available seat kilometres (ASK): 27.38b (up 190% from FY 2021). Passenger load factor: 83.1% (up from 72.8% in FY 2021). Operating revenue per available seat kilometre (Oper. RASK): kr0.66 (up from kr0.54 in FY 2021). Total aircraft: 70 (up by 19 from FY 2021). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Airlines industry in Europe. Reported Earnings • Feb 22
Full year 2022 earnings released: EPS: kr1.08 (vs kr3.52 in FY 2021) Full year 2022 results: EPS: kr1.08 (down from kr3.52 in FY 2021). Revenue: kr18.9b (up 272% from FY 2021). Net income: kr1.01b (down 45% from FY 2021). Profit margin: 5.3% (down from 36% in FY 2021). The decrease in margin was driven by higher expenses. Available seat kilometres (ASK): 27.38b (up 190% from FY 2021). Passenger load factor: 83.1% (up from 72.8% in FY 2021). Operating revenue per available seat kilometre (Oper. RASK): kr0.69 (up from kr0.54 in FY 2021). Total aircraft: 70 (up by 19 from FY 2021). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Airlines industry in Europe. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr9.54, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Airlines industry in Europe. Total loss to shareholders of 99% over the past three years. Board Change • Jan 03
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Lars Boilesen was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jan 02
Chief Financial Officer recently bought kr183k worth of stock On the 29th of December, Hans-Joergen Wibstad bought around 25k shares on-market at roughly kr7.30 per share. This transaction amounted to 56% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Hans-Joergen has been a buyer over the last 12 months, purchasing a net total of kr626k worth in shares. Recent Insider Transactions • Nov 20
Independent Director recently bought kr84k worth of stock On the 17th of November, Ingrid Leisner bought around 10k shares on-market at roughly kr8.38 per share. This transaction amounted to 77% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr1.6m. Insiders have collectively bought kr3.3m more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improved over the past week After last week's 15% share price gain to kr8.38, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 11x in the Airlines industry globally. Total loss to shareholders of 100% over the past three years. Recent Insider Transactions • Sep 03
Chairman of Board recently bought kr1.6m worth of stock On the 1st of September, Svein Oygard bought around 200k shares on-market at roughly kr7.78 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Svein has been a buyer over the last 12 months, purchasing a net total of kr2.6m worth in shares. Reported Earnings • Aug 25
Second quarter 2022 earnings released: EPS: kr1.34 (vs kr8.95 in 2Q 2021) Second quarter 2022 results: EPS: kr1.34 (down from kr8.95 in 2Q 2021). Revenue: kr4.87b (up kr4.53b from 2Q 2021). Net income: kr1.25b (down 55% from 2Q 2021). Profit margin: 26% (down from 828% in 2Q 2021). Over the next year, revenue is forecast to grow 78%, compared to a 78% growth forecast for the Airlines industry in the United Kingdom. Recent Insider Transactions • Jul 02
Chief Financial Officer recently bought kr165k worth of stock On the 30th of June, Hans-Joergen Wibstad bought around 20k shares on-market at roughly kr8.23 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr1.1m. Hans-Joergen has been a buyer over the last 12 months, purchasing a net total of kr443k worth in shares. Recent Insider Transactions • Jun 01
Chairman of Board recently bought kr1.1m worth of stock On the 30th of May, Svein Oygard bought around 100k shares on-market at roughly kr10.64 per share. This was the largest purchase by an insider in the last 3 months. This was Svein's only on-market trade for the last 12 months. Reported Earnings • May 01
Full year 2021 earnings released: EPS: kr3.52 (vs kr1,022 loss in FY 2020) Full year 2021 results: EPS: kr3.52 (up from kr1,022 loss in FY 2020). Revenue: kr5.07b (down 44% from FY 2020). Net income: kr1.84b (up kr24.9b from FY 2020). Profit margin: 36% (up from net loss in FY 2020). Available seat kilometres (ASK): 9.44b (down 48% from FY 2020). Passenger load factor: 72.8% (down from 75.2% in FY 2020). Revenue per available seat kilometre (RASK): 53.7% (up from 50.1% in FY 2020). Total aircraft: 51 (down by 62 from FY 2020). Over the next year, revenue is forecast to grow 262%, compared to a 267% growth forecast for the airlines industry in the United Kingdom. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Lars Boilsen was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 15% share price decline to kr9.27, the stock trades at a trailing P/E ratio of 4.8x. Average forward P/E is 17x in the Airlines industry globally. Total loss to shareholders of 100% over the past three years. Reported Earnings • Feb 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr3.58 (up from kr1,022 loss in FY 2020). Revenue: kr5.07b (down 44% from FY 2020). Net income: kr1.87b (up kr24.9b from FY 2020). Profit margin: 37% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 355%, compared to a 249% growth forecast for the airlines industry in the United Kingdom. Breakeven Date Change • Jan 28
Forecast breakeven date pushed back to 2023 The analyst covering Norwegian Air Shuttle previously expected the company to break even in 2022. New forecast suggests the company will make a profit of kr1.22b in 2023. Average annual earnings growth of 112% is required to achieve expected profit on schedule. Recent Insider Transactions • Nov 14
Independent Director recently bought kr98k worth of stock On the 11th of November, Chris Browne bought around 8k shares on-market at roughly kr11.61 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS kr0.21 (vs kr28.78 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr1.93b (up 50% from 3Q 2020). Net income: kr168.7m (up kr1.19b from 3Q 2020). Profit margin: 8.8% (up from net loss in 3Q 2020). Breakeven Date Change • Oct 16
Forecast to breakeven in 2022 The 3 analysts covering Norwegian Air Shuttle expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr1.03b in 2022. Average annual earnings growth of 101% is required to achieve expected profit on schedule. Breakeven Date Change • Sep 23
Forecast to breakeven in 2021 The 4 analysts covering Norwegian Air Shuttle expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr910.3m in 2021. Earnings growth of 81% is required to achieve expected profit on schedule. Breakeven Date Change • Sep 10
Forecast to breakeven in 2021 The 4 analysts covering Norwegian Air Shuttle expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr910.3m in 2021. Earnings growth of 81% is required to achieve expected profit on schedule. Breakeven Date Change • Sep 08
Forecast to breakeven in 2023 The 4 analysts covering Norwegian Air Shuttle expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr258.9m in 2023. Average annual earnings growth of 71% is required to achieve expected profit on schedule. Reported Earnings • Sep 02
First half 2021 earnings released: EPS kr9.03 (vs kr636 loss in 1H 2020) First half 2021 results: Revenue: kr590.9m (down 92% from 1H 2020). Net income: kr1.59b (up kr6.99b from 1H 2020). Breakeven Date Change • Sep 02
Forecast to breakeven in 2021 The 3 analysts covering Norwegian Air Shuttle expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr1.01b in 2021. Earnings growth of 82% is required to achieve expected profit on schedule. Board Change • Jul 29
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Chris Browne was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Breakeven Date Change • Jul 29
No longer forecast to breakeven The 3 analysts covering Norwegian Air Shuttle no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of kr1.92b in 2023. New consensus forecast suggests the company will make a loss of kr574.0m in 2023. Reported Earnings • Apr 25
Full year 2020 earnings released: kr1,022 loss per share (vs kr1,263 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: kr9.10b (down 79% from FY 2019). Net loss: kr23.1b (loss widened kr21.4b from FY 2019). Available seat kilometres (ASK): 18.17b (down 82% from FY 2019). Passenger load factor: 75.2% (down from 86.6% in FY 2019). Revenue per available seat kilometre (RASK): 50.1% (up from 43.5% in FY 2019). Total aircraft: 113 (down by 25 from FY 2019). Reported Earnings • Feb 27
Full year 2020 earnings released: kr580 loss per share (vs kr1,263 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: kr9.10b (down 79% from FY 2019). Net loss: kr23.1b (loss widened kr21.4b from FY 2019). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 86% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue misses expectations Revenue missed analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 70%, compared to a 13% growth forecast for the Airlines industry in the United Kingdom. Is New 90 Day High Low • Dec 18
New 90-day high: kr45.78 The company is up 4,305% from its price of kr1.04 on 18 September 2020. The British market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Airlines industry, which is up 50% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr2,392 per share. Reported Earnings • Nov 11
Third quarter 2020 earnings released: kr0.28 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: kr1.29b (down 91% from 3Q 2019). Net loss: kr1.02b (down 161% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 86% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 11
Revenue beats expectations Revenue exceeded analyst estimates by 68%. Over the next year, revenue is expected to shrink by 5.0% compared to a 13% decline forecast for the Airlines industry in the United Kingdom. Is New 90 Day High Low • Nov 03
New 90-day low: kr0.60 The company is down 72% from its price of kr2.11 on 04 August 2020. The British market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Airlines industry, which is down 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr15.87 per share. Is New 90 Day High Low • Oct 10
New 90-day low: kr0.70 The company is down 74% from its price of kr2.71 on 10 July 2020. The British market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Airlines industry, which is down 33% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr16.05 per share. Is New 90 Day High Low • Sep 24
New 90-day low: kr1.01 The company is down 64% from its price of kr2.77 on 26 June 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Airlines industry, which is down 32% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr16.72 per share. 
