Norwegian Air Shuttle ASA NAS.OL
Composite 45/100; the shares have moved about 42% annualised. Names that move more contribute more risk for the same amount invested, and our composite reflects how strong the evidence for this one is right now.
Momentum ranks 23/100 — a strong mark against it.
Valuation ranks 82/100 — a strong point in its favour. Income ranks 70/100 — a moderate point in its favour.
Momentum ranks 23/100 — a strong mark against it. Growth ranks 32/100 — a moderate mark against it. Balance-sheet strength ranks 33/100 — a moderate mark against it.
What the company does Norwegian Air Shuttle ASA provides air travel services in Norway and internationally, with additional operations in aircraft financing, leasing, cargo, and related activities. Founded in 1993 and headquartered in Fornebu, Norway, the company operates a low-cost carrier model with a focus on short-haul and long-haul routes.
Key financials The company reports gross margins of 19.8% but negative operating margins of -5.0%, with net margins at 4.2%. Revenue growth is modest at 1.2%, while EPS growth is stronger at 35.5%. Profitability metrics include ROE of 25.7% and ROA of 2.3%, but leverage is high with a debt/equity ratio of 2.85 and net debt/EBITDA of 1.73.
Stock health The stock shows weak quality (Sideravia Overall 47.9) but attractive valuation (Valuation 75.6) and high income potential (Income 67.6). Momentum is weak (Momentum 33.8), with a 3-month decline of -3.09% and a 12-month drop of -14.51%. The current ratio is 0.99, indicating liquidity concerns.
Price vs fair value The stock trades at a **discount** of 150.00% versus our fair-value estimate and a **discount** of 27.41% versus the analyst 12-month target. - High debt burden (Debt/Equity 2.85) and weak operating margins (-5.0%) (Key Financials) - Weak momentum (Momentum 33.8) with 12-month decline of -14.51% (Momentum) - Attractive valuation (Valuation 75.6) with P/E of 8.67 and EV/EBITDA of 2.53 (Valuation) - High dividend yield of 6.2% but payout ratio of 113.3% (Key Financials)
Looking forward Forward P/E is 13.24, suggesting moderate earnings expectations. Growth remains a concern given weak revenue growth (1.2%) and high leverage. The valuation discount likely reflects risk perceptions tied to profitability and leverage, despite attractive income metrics.
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Data as of 2026-09-04, compiled from third-party sources; errors and delays are possible and figures are not warranted. Investing puts your capital at risk; past performance does not predict future results. We publish our full track record, including the calls that lost, and our conflicts of interest.