Norwegian Air Shuttle ASA

OB:NAS Stock Report

Market Cap: NOK 13.7b

Norwegian Air Shuttle Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow 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 NAS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: NAS (NOK13.03) is trading below our estimate of future cash flow value (NOK68.8)

Significantly Below Future Cash Flow Value: NAS is trading below future cash flow value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for NAS. This is calculated by dividing NAS's market cap by their current earnings.
What is NAS's PE Ratio?
PE Ratio8.5x
EarningsNOK 1.62b
Market CapNOK 13.70b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NAS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average6.3x
SNI Stolt-Nielsen
8x0.076%NOK 16.9b
MPCC MPC Container Ships
5.7x-23.45%NOK 11.9b
ODF Odfjell
6.2x-3.89%NOK 9.0b
WWI Wilh. Wilhelmsen Holding
5.4x-21.39%NOK 31.7b
NAS Norwegian Air Shuttle
8.5x27.42%NOK 13.7b

Price-To-Earnings vs Peers: NAS is expensive based on its Price-To-Earnings Ratio (8.5x) compared to the peer average (6.3x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

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

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NAS 8.5xIndustry Avg. 9.8xNo. of Companies10PE0612182430+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NAS is good value based on its Price-To-Earnings Ratio (8.5x) compared to the Global Airlines industry average (9.7x).

Price to Earnings Ratio vs Fair Ratio

What is NAS'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.

NAS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.5x
Fair PE Ratio14.7x

Price-To-Earnings vs Fair Ratio: NAS is good value based on its Price-To-Earnings Ratio (8.5x) compared to the estimated Fair Price-To-Earnings Ratio (14.7x).

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 NAS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 13.03
NOK 16.50
+26.68%
15.80%NOK 20.00NOK 13.00n/a5
Jul ’27NOK 14.55
NOK 17.08
+17.45%
16.24%NOK 21.00NOK 13.00n/a6
Jun ’27NOK 16.37
NOK 17.36
+6.03%
12.19%NOK 21.00NOK 14.00n/a7
May ’27NOK 14.50
NOK 17.21
+18.76%
12.21%NOK 21.00NOK 14.00n/a7
Apr ’27NOK 14.72
NOK 18.08
+22.85%
9.89%NOK 20.00NOK 15.00n/a6
Mar ’27NOK 16.62
NOK 19.58
+17.87%
10.04%NOK 22.00NOK 17.00n/a6
Feb ’27NOK 16.28
NOK 18.63
+14.46%
3.49%NOK 19.30NOK 17.50n/a6
Jan ’27NOK 17.45
NOK 18.17
+4.11%
12.88%NOK 20.00NOK 13.00n/a6
Dec ’26NOK 17.34
NOK 18.17
+4.77%
12.88%NOK 20.00NOK 13.00n/a6
Nov ’26NOK 15.74
NOK 18.17
+15.45%
12.88%NOK 20.00NOK 13.00n/a6
Oct ’26NOK 15.83
NOK 17.75
+12.13%
12.99%NOK 20.00NOK 13.00n/a6
Sep ’26NOK 16.71
NOK 17.30
+3.53%
13.13%NOK 19.00NOK 13.00n/a5
Aug ’26NOK 16.80
NOK 17.40
+3.60%
13.40%NOK 19.00NOK 13.00NOK 13.035
Jul ’26NOK 14.50
NOK 15.00
+3.45%
9.43%NOK 17.00NOK 13.00NOK 14.555
Jun ’26NOK 14.28
NOK 14.71
+3.04%
14.72%NOK 18.10NOK 10.90NOK 16.377
May ’26NOK 13.62
NOK 14.00
+2.83%
15.61%NOK 18.10NOK 10.90NOK 14.507
Apr ’26NOK 12.67
NOK 13.43
+5.99%
17.61%NOK 18.10NOK 10.90NOK 14.727
Mar ’26NOK 11.46
NOK 13.14
+14.73%
17.32%NOK 18.10NOK 10.90NOK 16.627
Feb ’26NOK 10.86
NOK 13.17
+21.30%
18.67%NOK 18.10NOK 10.90NOK 16.286
Jan ’26NOK 11.00
NOK 13.79
+25.38%
18.54%NOK 18.10NOK 10.90NOK 17.456
Dec ’25NOK 11.25
NOK 13.79
+22.65%
18.54%NOK 18.10NOK 10.90NOK 17.346
Nov ’25NOK 10.58
NOK 13.79
+30.42%
18.54%NOK 18.10NOK 10.90NOK 15.746
Oct ’25NOK 12.58
NOK 14.75
+17.30%
14.28%NOK 18.10NOK 10.90NOK 15.837
Sep ’25NOK 11.08
NOK 14.61
+31.89%
14.50%NOK 18.10NOK 10.90NOK 16.717
Aug ’25NOK 10.95
NOK 14.61
+33.40%
14.50%NOK 18.10NOK 10.90NOK 16.807
NOK 16.5
Fair Value
21.1% undervalued intrinsic discount
5
Number of Analysts

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 Analysis2026/07/31 13:54
End of Day Share Price 2026/07/31 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

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.

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 Github.

Analyst Sources

Norwegian Air Shuttle ASA is covered by 22 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
null nullABG Sundal Collier
Andrew LobbenbergBarclays
Katherine SomervilleBerenberg