OB:NAS

Stock Analysis Report

Norwegian Air Shuttle

Executive Summary

Norwegian Air Shuttle ASA, together with its subsidiaries, provides scheduled and charter airline services in Norway and internationally.

Snowflake

Fundamentals

Reasonable growth potential and fair value.


Similar Companies

Share Price & News

How has Norwegian Air Shuttle's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-1.2%

NAS

6.5%

NO Airlines

-1.0%

NO Market


1 Year Return

-82.1%

NAS

-6.8%

NO Airlines

-9.4%

NO Market

Return vs Industry: NAS underperformed the Norwegian Airlines industry which returned -6.8% over the past year.

Return vs Market: NAS underperformed the Norwegian Market which returned -9.4% over the past year.


Shareholder returns

NASIndustryMarket
7 Day-1.2%6.5%-1.0%
30 Day-13.3%9.3%-1.9%
90 Day-25.8%8.8%-0.9%
1 Year-68.9%-82.1%-0.7%-6.8%-4.5%-9.4%
3 Year-79.4%-88.1%33.1%19.6%40.1%21.9%
5 Year-73.0%-84.5%48.7%27.5%63.3%25.7%

Price Volatility Vs. Market

How volatile is Norwegian Air Shuttle's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Norwegian Air Shuttle undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: NAS (NOK33.91) is trading below our estimate of fair value (NOK308.19)

Significantly Undervalued: NAS is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: NAS is unprofitable, so we can't compare its PE Ratio to the Airlines industry average.

PE vs Market: NAS is unprofitable, so we can't compare its PE Ratio to the Norwegian market.


Price to Earnings Growth Ratio

Low PEG Ratio: Insufficient data to calculate NAS's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: NAS is good value based on its PB Ratio (1.6x) compared to the XE Airlines industry average (1.9x).


Next Steps

Future Growth

How is Norwegian Air Shuttle forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

69.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NAS is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.8%).

Earnings vs Market: NAS is forecast to become profitable over the next 3 year, which is considered above average market growth.

High Growth Earnings: NAS's loss is forecast to worsen by 0% next year.

Revenue vs Market: NAS's revenue (4.9% per year) is forecast to grow faster than the Norwegian market (4.9% per year).

High Growth Revenue: NAS's revenue (4.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: NAS's Return on Equity is forecast to be low in 3 years time (9%).


Next Steps

Past Performance

How has Norwegian Air Shuttle performed over the past 5 years?

-26.6%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: NAS is unprofitable, and losses have increased over the past 5 years at a rate of -26.6% per year.

Accelerating Growth: Unable to compare NAS's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: NAS is unprofitable, making it difficult to compare its past year earnings growth to the Airlines industry (-7%).


Return on Equity

High ROE: NAS has a negative Return on Equity (-107.69%), as it is currently unprofitable.


Return on Assets

ROA vs Industry: NAS is currently unprofitable, so its Return on Assets is negative.


Return on Capital Employed

ROCE Improving: NAS is currently unprofitable, so its Return on Capital Employed is negative.


Next Steps

Financial Health

How is Norwegian Air Shuttle's financial position?


Financial Position Analysis

Short Term Liabilities: NAS's short term assets (NOK16.6B) do not cover its short term liabilities (NOK31.9B)

Long Term Liabilities: NAS's short term assets (16.6B) do not cover its long term liabilities (55.8B)


Debt to Equity History and Analysis

Debt Level: NAS's debt to equity ratio (997.7%) is considered high

Reducing Debt: NAS's debt to equity ratio has increased from 360.6% to 997.7% over the past 5 years.


Balance Sheet

Inventory Level: NAS has a high level of physical assets or inventory.

Debt Coverage by Assets: NAS's debt is not covered by short term assets (assets are 0.6x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: NAS has less than a year of cash runway based on its current free cash flow.

Forecast Cash Runway: NAS has less than a year of cash runway if free cash flow continues to reduce at historical rates of -42.4% each year


Next Steps

Dividend

What is Norwegian Air Shuttle's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%2.6%markettop25%6.3%industryaverage5.2%forecastin3Years0%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: Unable to evaluate NAS's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate NAS's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.

Stable Dividend: Insufficient data to determine if NAS's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if NAS's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of NAS's dividend in 3 years as they are not forecast to pay a notable one for the Norwegian market.


Next Steps

Management

What is the CEO of Norwegian Air Shuttle's salary, the management and board of directors tenure and is there insider trading?

2.3yrs

Average management tenure


CEO

Geir Karlsen (54yo)

0.3yrs

Tenure

kr2,614,711

Compensation

Mr. Geir Magne Karlsen has been Acting Chief Executive Officer of Norwegian Air Shuttle ASA since July 11, 2019. He has been Chief Financial Officer of Norwegian Air Shuttle ASA since April 2018. Mr. Karls ...


CEO Compensation Analysis

Compensation vs. Market: Geir has recently become CEO, making it difficult to compare their total compensation against companies of similar size in the Norwegian market.

Compensation vs Earnings: Insufficient data to compare Geir's compensation with company performance.


Management Age and Tenure

2.3yrs

Average Tenure

56yo

Average Age

Experienced Management: NAS's management team is considered experienced (2.3 years average tenure).


Board Age and Tenure

1.4yrs

Average Tenure

49yo

Average Age

Experienced Board: NAS's board of directors are not considered experienced ( 1.4 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Buykr9,82812 Feb 19
Eric Holm
EntityIndividual
Role
Member of the Board of Directors
Employee Representative Director
Shares90
Max Pricekr109.20
Buykr347,42007 Feb 19
Sondre Gravir
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares2,900
Max Pricekr119.80

Ownership Breakdown


Management Team

  • Bjorn Kjos (73yo)

    Advisor To Chairman

    • Tenure: 0.3yrs
    • Compensation: kr3.02m
  • Asgeir Nyseth (62yo)

    Chief Operating Officer

    • Tenure: 3.8yrs
    • Compensation: kr2.79m
  • Anne-Sissel Skånvik (60yo)

    Chief Communications Officer

    • Tenure: 10.8yrs
    • Compensation: kr2.21m
  • Geir Karlsen (54yo)

    Acting CEO & CFO

    • Tenure: 0.3yrs
    • Compensation: kr2.61m
  • Frode Berg (51yo)

    Chief Legal Officer

    • Tenure: 6.7yrs
    • Compensation: kr2.23m
  • Tore Jenssen (41yo)

    Managing Director of Arctic Aviation Assets (AAA)

    • Tenure: 3.9yrs
    • Compensation: kr2.33m
  • Helga Bollmann Leknes (47yo)

    Chief Commercial Officer

    • Tenure: 0.9yrs
    • Compensation: kr2.25m
  • Bjørn Barman-Jenssen (56yo)

    Managing Director of Support Services

    • Tenure: 0yrs
    • Compensation: kr3.30m
  • Kurt Simonsen (61yo)

    Chief Customer & Digital Officer

    • Tenure: 0.7yrs
  • Stine Klund

    Investor Relations Officer

    • Tenure: 0yrs

Board Members

  • Niels Smedegaard (57yo)

    Chair of the Board

    • Tenure: 0.4yrs
  • Liv Berstad (58yo)

    Deputy Chair

    • Tenure: 0yrs
    • Compensation: kr300.00k
  • Ingrid Leisner (51yo)

    Director

    • Tenure: 0.4yrs
  • Sondre Gravir (42yo)

    Independent Director

    • Tenure: 1.4yrs
  • Christian Stray (41yo)

    Independent Director

    • Tenure: 4.8yrs
    • Compensation: kr275.00k
  • Geir Øien (47yo)

    Employee Representative Director

    • Tenure: 3.1yrs
    • Compensation: kr88.00k
  • Qaisar Khan

    Deputy Board Member

    • Tenure: 3.1yrs
  • Hans Strøm

    Deputy Board Member

    • Tenure: 3.1yrs
  • Katrine Gundersen (45yo)

    Employee Representative Director

    • Tenure: 0.7yrs
    • Compensation: kr12.00k
  • Eric Holm (52yo)

    Employee Representative Director

    • Tenure: 0.7yrs

Company Information

Norwegian Air Shuttle ASA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Norwegian Air Shuttle ASA
  • Ticker: NAS
  • Exchange: OB
  • Founded: 1993
  • Industry: Airlines
  • Sector: Transportation
  • Market Cap: kr4.622b
  • Shares outstanding: 136.31m
  • Website: https://www.norwegian.com

Number of Employees


Location

  • Norwegian Air Shuttle ASA
  • Oksenøyveien 3
  • Bærum
  • Akershus
  • 1330
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NASOB (Oslo Bors)YesClass A Common SharesNONOKDec 2003
NWCDB (Deutsche Boerse AG)YesClass A Common SharesDEEURDec 2003
0FGHLSE (London Stock Exchange)YesClass A Common SharesGBNOKDec 2003
NWAR.FOTCPK (Pink Sheets LLC)YesClass A Common SharesUSUSDDec 2003
NASOBATS-CHIXE (BATS 'Chi-X Europe')YesClass A Common SharesGBNOKDec 2003

Biography

Norwegian Air Shuttle ASA, together with its subsidiaries, provides scheduled and charter airline services in Norway and internationally. As of December 31, 2018, the company operated a fleet of 195 owned  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/15 20:39
End of Day Share Price2019/10/15 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.