Norwegian Air Shuttle ASA (NAS.OL)
ValueMarkers Composite Index
98% below intrinsic value ($66)
Norwegian Air Shuttle ASA (NAS.OL) — VMCI valuation read
Headline read on NAS.OL: VMCI of 64/100 versus a Industrials sector median of 50. The 14-point above-median position is what makes Norwegian Air Shuttle ASA a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on NAS.OL: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on NAS.OL: value (NAS.OL trades at 19.0x earnings, 6% above the Industrials median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Industrials median (10.0%)), and risk (net debt to EBITDA of 3.1x is the binding constraint on the bear case). The value read also implies an EV/EBITDA gap of +4.0x against the Industrials 12.0x baseline.
NAS.OL fell 2.4% over the trailing 7 days, with a -23.0% read on a 30-day basis.
Norwegian Air Shuttle ASA, together with its subsidiaries, provides scheduled and charter airline services in Norway and internationally. As of December 31, 2021, the company operated a fleet of 70 aircraft. It is also involved in aircraft financing, leasing, and ownership activities; and cargo activities. Norwegian Air Shuttle ASA was founded in 1993 and is headquartered in Fornebu, Norway.
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