Norwegian Air Shuttle ASA
Norwegian Air Shuttle ASA, together with its subsidiaries, provides air travel services in Norway and internationally. It is also involved in aircraft financing, leasing, and ownership, as well as cargo and other activities. The company was founded in 1993 and is headquartered in Fornebu, Norway.
Priced within the modelled range
5-year outlook: Not shown because confidence is low: Free-cash-flow DCF disagrees strongly.
Other models: NOK 12.10–90.65 (median 80.26). The recommended value is in line with them.
Why: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Details and the full model are below.
Market price within modeled range
Uses reported dividends of NOK 0.9000 per share from TTM through 30 Sep 2026, with 2.7% perpetual growth (base growth capped at the terminal rate) and 10% discount rates. The range varies growth and discount assumptions by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 11.97%, discount rate 10%, terminal growth 2.70% (sector defaults). See a worked example.
Blended growth assumption: 12.0% (sector default 6.2%, own revenue history 25.9%, analyst revenue consensus 7.9%).
Analyst consensus expects revenue growth of 7.9% a year; the growth assumption used is 12.0%.
Adjust assumptions
Why this model: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Compare models- Recommended: Dividend discount model — NOK 12.66 (-1.4%)
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EPS-based Gordon proxy
— NOK 12.10 (-5.8%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— NOK 114.63 (+792.7%)
Not used: Free cash flow is 6.1x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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FCFF (steady state)
— NOK 80.26 (+525.1%)
Not used: Free cash flow is 6.1x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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EV/EBITDA (12x)
— NOK 90.65 (+606.0%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— NOK 113.56 (+784.4%)
Not used: Free cash flow is 6.1x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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EV/Sales (Rule of 40)
— NOK 234.29 (+1724.7%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear NOK 9.84 | -30.5% |
| Base NOK 12.66 | -1.4% |
| Bull NOK 17.61 | 27.1% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At NOK 12.84 the market implies perpetual dividend growth of about this rate (discount rate 10.0%).
Compare: the market implies 2.8% a year, this model assumes 2.7%. The market expects more than this model does, which is why it reads as overvalued.
How the Dividend discount model value changes with growth (rows) and discount rate (columns). Green cells are above the current price. Dividend growth cannot exceed the long-run rate, so duplicate capped scenarios are omitted.
| Growth \ Discount | 8.0% | 9.0% | 10.0% | 11.0% | 12.0% |
|---|---|---|---|---|---|
| -1.3% | 9.55 | 8.62 | 7.86 | 7.22 | 6.68 |
| 0.7% | 12.42 | 10.92 | 9.75 | 8.80 | 8.02 |
| 2.7% | 17.44 | 14.67 | 12.66 | 11.14 | 9.94 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 90 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +19.6% a year | 20 / 20 |
| Balance sheet | net cash | 20 / 20 |
| Margins | EBITDA margin 19% | 10 / 20 |
Peers in Industrials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| NAS.OL (this company) | NOK 12.84 | -1.4% | 14.9 | 1.5 | 7.0% | 90 |
| EZJ.L easyJet plc | GBP 6.84 | 74.5% | 10.6 | 1.5 | 1.7% | 78 |
| WAWI.OL Wallenius Wilhelmsen ASA | NOK 160.60 | 64.8% | 7.1 | 2.2 | 0.3% | 100 |
| IAG.L International Consolidated Airlines Group S.A. | GBP 4.31 | 59.5% | 7.9 | 3.4 | 1.8% | 92 |
| TPK.L Travis Perkins plc | GBP 6.45 | 55.4% | – | 0.8 | 2.1% | 46 |
| DFDS.CO DFDS A/S | DKK 153.20 | 47.3% | – | 0.6 | – | 64 |
| SRP.L Serco Group plc | GBP 2.79 | 45.8% | 19.8 | 3.3 | 1.5% | 82 |
| DG.PA VINCI SA | EUR 110.60 | 42.8% | 12.8 | 2.0 | 4.2% | 90 |
| HAFNI.OL Hafnia Limited | NOK 89.65 | 40.4% | 7.2 | 1.8 | 1.2% | 100 |
| Peer median | 9.2 | 1.9 | ||||
Dividends
Paid in the last 12 months: NOK 0.80 per share · yield 6.23% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 0.800 |
| 2025 | 0.900 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 14:32
| Revenue | NOK 38,574,000,000 |
|---|---|
| EBITDA | NOK 7,356,000,000 |
| EBIT | NOK 2,421,000,000 |
| Net income | NOK 905,000,000 |
| Free cash flow | NOK 5,497,000,000 |
| Capital expenditures | NOK 7,262,000,000 |
| Debt | NOK 4,073,000,000 |
| Cash | NOK 11,222,000,000 |
| Working capital | NOK 1,496,000,000 |
| Shares outstanding | 1,052,620,900 |