Financials Norwegian Air Shuttle LIQUIDNET SYSTEMS

Equities

NO0010196140

Airlines

Delayed LIQUIDNET SYSTEMS 5-day change 1st Jan Change
- NOK -.--% Intraday chart for Norwegian Air Shuttle -.--% -.--%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 6,174 3,456 9,982 6,830 10,310 12,082 - -
Enterprise Value (EV) 1 64,456 43,678 11,664 9,156 14,858 13,796 11,499 7,739
P/E ratio -3 x -0.09 x 6.32 x 8.25 x 6.96 x 6.67 x 6.11 x 5.99 x
Yield - - - - - - - -
Capitalization / Revenue 0.14 x 0.38 x 1.97 x 0.36 x 0.4 x 0.38 x 0.36 x 0.33 x
EV / Revenue 1.48 x 4.8 x 2.3 x 0.49 x 0.58 x 0.43 x 0.34 x 0.21 x
EV / EBITDA 9.97 x -25 x -5.18 x 7.34 x 2.57 x 1.9 x 1.49 x 0.94 x
EV / FCF 5.67 x 34.4 x 2.22 x 5.57 x 3.12 x 1.99 x 2.73 x 1.89 x
FCF Yield 17.6% 2.91% 45.1% 18% 32.1% 50.2% 36.6% 53%
Price to Book 1.5 x -0.52 x 3.07 x 1.63 x 1.79 x 1.52 x 1.2 x 1.12 x
Nbr of stocks (in thousands) 1,636 39,749 928,518 929,990 961,771 963,880 - -
Reference price 2 3,775 86.94 10.75 7.344 10.72 12.54 12.54 12.54
Announcement Date 2/13/20 2/26/21 2/18/22 2/16/23 2/16/24 - - -
1NOK in Million2NOK
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 43,522 9,096 5,068 18,869 25,539 31,819 33,371 36,951
EBITDA 1 6,468 -1,750 -2,254 1,247 5,789 7,280 7,706 8,267
EBIT 1 856 -10,953 -3,524 1,495 2,267 2,860 2,956 2,615
Operating Margin 1.97% -120.42% -69.53% 7.92% 8.88% 8.99% 8.86% 7.08%
Earnings before Tax (EBT) 1 -1,688 -22,133 1,876 1,046 1,804 2,334 2,622 3,052
Net income 1 -1,615 -23,051 1,870 1,006 1,737 1,923 2,141 2,360
Net margin -3.71% -253.43% 36.91% 5.33% 6.8% 6.04% 6.42% 6.39%
EPS 2 -1,260 -1,022 1.700 0.8900 1.540 1.879 2.052 2.093
Free Cash Flow 1 11,370 1,271 5,257 1,644 4,762 6,920 4,212 4,101
FCF margin 26.13% 13.98% 103.74% 8.71% 18.65% 21.75% 12.62% 11.1%
FCF Conversion (EBITDA) 175.8% - - 131.86% 82.26% 95.05% 54.66% 49.6%
FCF Conversion (Net income) - - 281.06% 163.49% 274.19% 359.79% 196.71% 173.81%
Dividend per Share 2 - - - - - - - -
Announcement Date 2/13/20 2/26/21 2/18/22 2/16/23 2/16/24 - - -
1NOK in Million2NOK
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 2,550 1,916 4,868 7,116 4,969 3,975 6,871 8,776 5,917 6,144 9,194 11,159 7,536 - -
EBITDA 1 -86.9 - - 1,569 349.4 -154.5 1,568 3,150 1,170 427.1 1,937 3,829 1,325 - -
EBIT 1 -463.7 -833 1,354 1,074 -99.9 -916.5 700.7 2,179 298.4 -636.6 447 2,627 201 - -
Operating Margin -18.19% -43.48% 27.81% 15.1% -2.01% -23.06% 10.2% 24.83% 5.04% -10.36% 4.86% 23.54% 2.67% - -
Earnings before Tax (EBT) 1 117.4 -1,031 1,248 909.7 -80.3 -991.6 538 2,050 207.8 -903.4 571.7 2,533 40.62 -624.8 712.9
Net income 1 111.8 -1,034 1,248 909.7 -118.9 -992.8 537.9 2,039 152.8 -936.1 477.7 2,256 6.055 -487.4 556.1
Net margin 4.38% -53.95% 25.64% 12.78% -2.39% -24.98% 7.83% 23.24% 2.58% -15.24% 5.2% 20.21% 0.08% - -
EPS 2 0.1000 -1.100 - 0.8000 -0.1600 -1.070 0.4800 1.810 0.1300 -0.9700 0.4246 1.743 -0.0372 -0.4310 0.4918
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 2/18/22 5/13/22 8/25/22 10/25/22 2/16/23 5/11/23 8/24/23 11/2/23 2/16/24 4/24/24 - - - - -
1NOK in Million2NOK
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 58,282 40,222 1,683 2,326 4,548 1,713 - -
Net Cash position 1 - - - - - - 583 4,343
Leverage (Debt/EBITDA) 9.011 x -22.98 x -0.7466 x 1.866 x 0.7855 x 0.2354 x - -
Free Cash Flow 1 11,370 1,271 5,257 1,644 4,762 6,920 4,212 4,101
ROE (net income / shareholders' equity) -55.8% - - 26.9% 34.8% 27% 22.9% 19.5%
ROA (Net income/ Total Assets) -2.29% -34.2% 5.47% 4.85% 6.53% 5.63% 5.1% 5.84%
Assets 1 70,665 67,448 34,190 20,747 26,610 34,139 41,997 40,410
Book Value Per Share 2 2,520 -167.0 3.500 4.500 6.000 8.230 10.40 11.20
Cash Flow per Share 2 2,375 - - 2.160 4.670 5.480 6.600 -
Capex 1 - - 6.1 782 495 1,351 2,151 2,221
Capex / Sales - - 0.12% 4.14% 1.94% 4.25% 6.44% 6.01%
Announcement Date 2/13/20 2/26/21 2/18/22 2/16/23 2/16/24 - - -
1NOK in Million2NOK
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
7
Last Close Price
12.54 NOK
Average target price
18.16 NOK
Spread / Average Target
+44.85%
Consensus
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  5. Financials Norwegian Air Shuttle