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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Norwegian Air Shuttle ASA    NAS   NO0010196140

NORWEGIAN AIR SHUTTLE ASA

(NAS)
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Norwegian Air's July traffic down 90% year on year

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08/06/2020 | 02:58am EDT
FILE PHOTO: Norwegian Air Sweden Boeing 737-800 plane SE-RRJ approaches Riga International Airport in Riga

Norwegian Air's July passenger volume fell by 90.4% from a year earlier as most of its fleet remained grounded due to the coronavirus pandemic, it said on Thursday.

The budget carrier flew just 356,093 passengers during the month compared to 3.71 million in July 2019.

"Although customer demand has increased compared to the almost non-existent levels in April, May and June, the market situation remains challenging," Norwegian said in a statement.

Competitor Virgin Atlantic Airways [VA.UL] on Tuesday became the latest carrier to seek bankruptcy protection from a U.S. court as the hard-hit industry seeks to restructure.

Norwegian used only 20 of its aircraft in July, up from eight in June, but more than 100 jetliners are still parked amid a sharp fall in global travel.

The company, which revolutionised transatlantic travel by offering cheap fares, won backing in May from owners and creditors for a conversion of debt to equity and aims to rebuild operations, albeit on a smaller scale.

"Norwegian will continue to evaluate demand, travel advice and infection control measures while adjusting its network accordingly," it said.

Initially limiting its operations during COVID-19 to domestic flights in Norway, the airline now flies more widely in Europe while its transatlantic business is on hold.

On June 29 the airline cancelled orders for 97 new Boeing aircraft and said it would claim compensation from the U.S. planemaker for the grounding of the 737 MAX and engine problems on its 787 Dreamliner jets.

Boeing said it was working with Norwegian on a path forward, as it was with other operators, but would not comment on commercial discussions.

Originally a small regional airline in Scandinavia, Norwegian made its breakthrough on the global stage with a multi-year order in 2012 for up to 372 aircraft, of which 222 were from Boeing and 150 from Airbus.

Its shares have fallen 95% so far this year.

By Terje Solsvik

Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE 0.45% 62.59 Real-time Quote.-52.03%
NORWEGIAN AIR SHUTTLE ASA 0.57% 0.92 Delayed Quote.-97.56%
THE BOEING COMPANY -1.49% 163.6 Delayed Quote.-49.02%
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Financials
Sales 2020 9 928 M 1 052 M 1 052 M
Net income 2020 -8 063 M -854 M -854 M
Net Debt 2020 51 517 M 5 456 M 5 456 M
P/E ratio 2020 -0,34x
Yield 2020 -
Capitalization 3 330 M 351 M 353 M
EV / Sales 2020 5,52x
EV / Sales 2021 2,16x
Nbr of Employees 9 389
Free-Float 59,5%
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Technical analysis trends NORWEGIAN AIR SHUTTLE ASA
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
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Mean consensus UNDERPERFORM
Number of Analysts 9
Average target price 4,54 NOK
Last Close Price 0,91 NOK
Spread / Highest target 1 540%
Spread / Average Target 396%
Spread / Lowest Target -100%
EPS Revisions
Managers
NameTitle
Jacob Schram Chief Executive Officer
Niels Smedegaard Chairman
Johan Gauermann Executive Vice President-Operations
Geir Magne Karlsen Chief Financial Officer & Deputy CEO
Kurt Simonsen Chief Information Officer
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