NORWEGIAN AIR SHUTTLE AS (NAS.OL) Stock Fundamental Analysis
OSL:NAS - Euronext Oslo - NO0010196140 - Common Stock - Currency: NOK
Overall NAS gets a fundamental rating of 5 out of 10. We evaluated NAS against 12 industry peers in the Passenger Airlines industry. NAS has only an average score on both its financial health and profitability. NAS may be a bit undervalued, certainly considering the very reasonable score on growth These ratings could make NAS a good candidate for value investing.
1. Profitability
1.1 Basic Checks
NAS had positive earnings in the past year.
In the past year NAS had a positive cash flow from operations.
Of the past 5 years NAS 4 years were profitable.
NAS had a positive operating cash flow in 4 of the past 5 years.
1.2 Ratios
With a decent Return On Assets value of 4.43%, NAS is doing good in the industry, outperforming 75.00% of the companies in the same industry.
Looking at the Return On Equity, with a value of 33.08%, NAS belongs to the top of the industry, outperforming 91.67% of the companies in the same industry.
Looking at the Return On Invested Capital, with a value of 7.87%, NAS is in the better half of the industry, outperforming 66.67% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.43% | ||
| ROE | 33.08% | ||
| ROIC | 7.87% |
ROA(3y)4.57%
ROA(5y)-4.57%
ROE(3y)24.24%
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
1.3 Margins
The Profit Margin of NAS (5.33%) is better than 66.67% of its industry peers.
In the last couple of years the Profit Margin of NAS has declined.
The Operating Margin of NAS (7.30%) is better than 66.67% of its industry peers.
NAS's Operating Margin has improved in the last couple of years.
NAS has a better Gross Margin (52.12%) than 66.67% of its industry peers.
NAS's Gross Margin has improved in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 7.3% | ||
| PM (TTM) | 5.33% | ||
| GM | 52.12% |
OM growth 3YN/A
OM growth 5Y26.07%
PM growth 3Y-52.98%
PM growth 5YN/A
GM growth 3Y29.93%
GM growth 5Y4.87%
2. Health
2.1 Basic Checks
NAS has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
NAS has more shares outstanding than it did 1 year ago.
Compared to 5 years ago, NAS has more shares outstanding
NAS has a better debt/assets ratio than last year.
2.2 Solvency
The Debt to FCF ratio of NAS is 3.54, which is a good value as it means it would take NAS, 3.54 years of fcf income to pay off all of its debts.
NAS's Debt to FCF ratio of 3.54 is amongst the best of the industry. NAS outperforms 83.33% of its industry peers.
NAS has a Debt/Equity ratio of 1.98. This is a high value indicating a heavy dependency on external financing.
NAS has a Debt to Equity ratio (1.98) which is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.98 | ||
| Debt/FCF | 3.54 | ||
| Altman-Z | N/A |
ROIC/WACC0.93
WACC8.43%
2.3 Liquidity
A Current Ratio of 1.08 indicates that NAS should not have too much problems paying its short term obligations.
Looking at the Current ratio, with a value of 1.08, NAS belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
NAS has a Quick Ratio of 1.06. This is a normal value and indicates that NAS is financially healthy and should not expect problems in meeting its short term obligations.
NAS has a better Quick ratio (1.06) than 100.00% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.08 | ||
| Quick Ratio | 1.06 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an nice 8.63% over the past year.
Measured over the past years, NAS shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -23.42% on average per year.
Looking at the last year, NAS shows a very strong growth in Revenue. The Revenue has grown by 21.58%.
The Revenue has been decreasing by -4.09% on average over the past years.
EPS 1Y (TTM)8.63%
EPS 3Y-23.42%
EPS 5YN/A
EPS Q2Q%95.24%
Revenue 1Y (TTM)21.58%
Revenue growth 3Y91.01%
Revenue growth 5Y-4.09%
Sales Q2Q%10.08%
3.2 Future
The Earnings Per Share is expected to grow by 25.63% on average over the next years. This is a very strong growth
NAS is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 6.04% yearly.
EPS Next Y82.1%
EPS Next 2Y38.97%
EPS Next 3Y26.79%
EPS Next 5Y25.63%
Revenue Next Year2.95%
Revenue Next 2Y6.51%
Revenue Next 3Y6.1%
Revenue Next 5Y6.04%
3.3 Evolution
The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings ratio is 11.51, which indicates a very decent valuation of NAS.
Compared to the rest of the industry, the Price/Earnings ratio of NAS indicates a slightly more expensive valuation: NAS is more expensive than 75.00% of the companies listed in the same industry.
NAS's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.91.
The Price/Forward Earnings ratio is 9.37, which indicates a very decent valuation of NAS.
Compared to the rest of the industry, the Price/Forward Earnings ratio of NAS indicates a slightly more expensive valuation: NAS is more expensive than 75.00% of the companies listed in the same industry.
When comparing the Price/Forward Earnings ratio of NAS to the average of the S&P500 Index (37.11), we can say NAS is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.51 | ||
| Fwd PE | 9.37 |
4.2 Price Multiples
NAS's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. NAS is cheaper than 75.00% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, NAS is valued cheaply inside the industry as 100.00% of the companies are valued more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 4.39 | ||
| EV/EBITDA | 2.53 |
4.3 Compensation for Growth
The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
NAS has a very decent profitability rating, which may justify a higher PE ratio.
A more expensive valuation may be justified as NAS's earnings are expected to grow with 26.79% in the coming years.
PEG (NY)0.14
PEG (5Y)N/A
EPS Next 2Y38.97%
EPS Next 3Y26.79%
5. Dividend
5.1 Amount
NAS does not give a dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | N/A |
OSL:NAS (7/30/2025, 10:50:40 AM)
17.375
+0.25 (+1.46%)
Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryPassenger Airlines
Earnings (Last)
Earnings (Next)
Inst Owners35.23%
Inst Owner ChangeN/A
Ins Owners0.36%
Ins Owner ChangeN/A
Market Cap18.33B
Analysts75
Price Target16.98 (-2.27%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | N/A |
Yearly DividendN/A
Dividend Growth(5Y)N/A
DP0%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)18.19%
Min EPS beat(2)8.52%
Max EPS beat(2)27.86%
EPS beat(4)2
Avg EPS beat(4)-5.72%
Min EPS beat(4)-52.76%
Max EPS beat(4)27.86%
EPS beat(8)5
Avg EPS beat(8)30.32%
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)2
Avg Revenue beat(2)1.32%
Min Revenue beat(2)1.01%
Max Revenue beat(2)1.64%
Revenue beat(4)3
Avg Revenue beat(4)1.71%
Min Revenue beat(4)-0.58%
Max Revenue beat(4)4.79%
Revenue beat(8)7
Avg Revenue beat(8)3.37%
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)14.78%
PT rev (3m)15.28%
EPS NQ rev (1m)10.23%
EPS NQ rev (3m)10.23%
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)25.81%
Revenue NQ rev (3m)25.81%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.7%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.51 | ||
| Fwd PE | 9.37 | ||
| P/S | 0.5 | ||
| P/FCF | 4.39 | ||
| P/OCF | 2.3 | ||
| P/B | 3.1 | ||
| P/tB | 5.15 | ||
| EV/EBITDA | 2.53 |
EPS(TTM)1.51
EY8.69%
EPS(NY)1.85
Fwd EY10.67%
FCF(TTM)3.96
FCFY22.79%
OCF(TTM)7.56
OCFY43.52%
SpS34.78
BVpS5.6
TBVpS3.37
PEG (NY)0.14
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.43% | ||
| ROE | 33.08% | ||
| ROCE | 10.22% | ||
| ROIC | 7.87% | ||
| ROICexc | 16.62% | ||
| ROICexgc | 20.51% | ||
| OM | 7.3% | ||
| PM (TTM) | 5.33% | ||
| GM | 52.12% | ||
| FCFM | 11.38% |
ROA(3y)4.57%
ROA(5y)-4.57%
ROE(3y)24.24%
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5Y60.91%
ROICexc growth 3YN/A
ROICexc growth 5Y59.71%
OM growth 3YN/A
OM growth 5Y26.07%
PM growth 3Y-52.98%
PM growth 5YN/A
GM growth 3Y29.93%
GM growth 5Y4.87%
F-Score6
Asset Turnover0.83
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.98 | ||
| Debt/FCF | 3.54 | ||
| Debt/EBITDA | 1.64 | ||
| Cap/Depr | 85.49% | ||
| Cap/Sales | 10.36% | ||
| Interest Coverage | 2.61 | ||
| Cash Conversion | 111.97% | ||
| Profit Quality | 213.54% | ||
| Current Ratio | 1.08 | ||
| Quick Ratio | 1.06 | ||
| Altman-Z | N/A |
F-Score6
WACC8.43%
ROIC/WACC0.93
Cap/Depr(3y)15.75%
Cap/Depr(5y)9.82%
Cap/Sales(3y)2.09%
Cap/Sales(5y)1.38%
Profit Quality(3y)307.13%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)8.63%
EPS 3Y-23.42%
EPS 5YN/A
EPS Q2Q%95.24%
EPS Next Y82.1%
EPS Next 2Y38.97%
EPS Next 3Y26.79%
EPS Next 5Y25.63%
Revenue 1Y (TTM)21.58%
Revenue growth 3Y91.01%
Revenue growth 5Y-4.09%
Sales Q2Q%10.08%
Revenue Next Year2.95%
Revenue Next 2Y6.51%
Revenue Next 3Y6.1%
Revenue Next 5Y6.04%
EBIT growth 1Y14.97%
EBIT growth 3YN/A
EBIT growth 5Y20.92%
EBIT Next Year262.27%
EBIT Next 3Y66.54%
EBIT Next 5Y46.13%
FCF growth 1Y-12.01%
FCF growth 3Y256.62%
FCF growth 5Y21.9%
OCF growth 1Y63.81%
OCF growth 3Y268.24%
OCF growth 5Y17.99%