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 4 out of 10. We evaluated NAS against 14 industry peers in the Passenger Airlines industry. Both the profitability and the financial health of NAS get a neutral evaluation. Nothing too spectacular is happening here. NAS has a decent growth rate and is not valued too expensively.
1. Profitability
1.1 Basic Checks
In the past year NAS was profitable.
NAS had a positive operating cash flow in the past year.
Of the past 5 years NAS 4 years were profitable.
Of the past 5 years NAS 4 years had a positive operating cash flow.
1.2 Ratios
Looking at the Return On Assets, with a value of 3.60%, NAS is in line with its industry, outperforming 57.14% of the companies in the same industry.
Looking at the Return On Equity, with a value of 18.72%, NAS is in the better half of the industry, outperforming 64.29% of the companies in the same industry.
NAS has a worse Return On Invested Capital (5.89%) than 78.57% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.6% | ||
| ROE | 18.72% | ||
| ROIC | 5.89% |
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
NAS has a Profit Margin (3.84%) which is comparable to the rest of the industry.
In the last couple of years the Profit Margin of NAS has declined.
NAS has a Operating Margin of 5.30%. This is comparable to the rest of the industry: NAS outperforms 42.86% of its industry peers.
In the last couple of years the Operating Margin of NAS has grown nicely.
The Gross Margin of NAS (52.86%) is better than 64.29% of its industry peers.
In the last couple of years the Gross Margin of NAS has grown nicely.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 5.3% | ||
| PM (TTM) | 3.84% | ||
| GM | 52.86% |
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
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so NAS is destroying value.
NAS has more shares outstanding than it did 1 year ago.
NAS has more shares outstanding than it did 5 years ago.
The debt/assets ratio for NAS has been reduced compared to a year ago.
2.2 Solvency
The Debt to FCF ratio of NAS is 2.55, which is a good value as it means it would take NAS, 2.55 years of fcf income to pay off all of its debts.
NAS has a better Debt to FCF ratio (2.55) than 85.71% of its industry peers.
A Debt/Equity ratio of 1.47 is on the high side and indicates that NAS has dependencies on debt financing.
NAS has a Debt to Equity ratio of 1.47. This is in the better half of the industry: NAS outperforms 64.29% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.47 | ||
| Debt/FCF | 2.55 | ||
| Altman-Z | N/A |
ROIC/WACC0.74
WACC7.99%
2.3 Liquidity
NAS has a Current Ratio of 1.16. 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 Current ratio (1.16) than 100.00% of its industry peers.
A Quick Ratio of 1.12 indicates that NAS should not have too much problems paying its short term obligations.
Looking at the Quick ratio, with a value of 1.12, NAS belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.16 | ||
| Quick Ratio | 1.12 |
3. Growth
3.1 Past
NAS shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -28.89%.
The earnings per share for NAS have been decreasing by -23.42% on average. This is quite bad
NAS shows a strong growth in Revenue. In the last year, the Revenue has grown by 38.28%.
NAS shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -4.09% yearly.
EPS 1Y (TTM)-28.89%
EPS 3Y-23.42%
EPS 5YN/A
EPS Q2Q%-307.69%
Revenue 1Y (TTM)38.28%
Revenue growth 3Y91.01%
Revenue growth 5Y-4.09%
Sales Q2Q%39.12%
3.2 Future
The Earnings Per Share is expected to grow by 18.53% on average over the next years. This is quite good.
NAS is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 6.14% yearly.
EPS Next Y82.1%
EPS Next 2Y38.97%
EPS Next 3Y26.79%
EPS Next 5Y18.53%
Revenue Next Year3.67%
Revenue Next 2Y6.97%
Revenue Next 3Y6.34%
Revenue Next 5Y6.14%
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
With a Price/Earnings ratio of 15.17, NAS is valued correctly.
Compared to the rest of the industry, the Price/Earnings ratio of NAS indicates a rather expensive valuation: NAS more expensive than 92.86% of the companies listed in the same industry.
NAS is valuated rather cheaply when we compare the Price/Earnings ratio to 28.10, which is the current average of the S&P500 Index.
NAS is valuated reasonably with a Price/Forward Earnings ratio of 8.33.
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 78.57% 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 (20.74), we can say NAS is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.17 | ||
| Fwd PE | 8.33 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of NAS indicates a somewhat cheap valuation: NAS is cheaper than 78.57% of the companies listed in the same industry.
100.00% of the companies in the same industry are more expensive than NAS, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 2.49 | ||
| EV/EBITDA | 2.47 |
4.3 Compensation for Growth
NAS's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
A more expensive valuation may be justified as NAS's earnings are expected to grow with 26.79% in the coming years.
PEG (NY)0.18
PEG (5Y)N/A
EPS Next 2Y38.97%
EPS Next 3Y26.79%
5. Dividend
5.1 Amount
No dividends for NAS!.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | N/A |
OSL:NAS (5/6/2025, 4:19:43 PM)
14.56
+0.04 (+0.28%)
Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryPassenger Airlines
Earnings (Last)
Earnings (Next)
Inst Owners35.71%
Inst Owner ChangeN/A
Ins Owners0.38%
Ins Owner ChangeN/A
Market Cap14.03B
Analysts80
Price Target14.73 (1.17%)
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)0
Avg EPS beat(2)-29.63%
Min EPS beat(2)-52.76%
Max EPS beat(2)-6.51%
EPS beat(4)1
Avg EPS beat(4)-2.87%
Min EPS beat(4)-52.76%
Max EPS beat(4)89.02%
EPS beat(8)3
Avg EPS beat(8)21.4%
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)1
Avg Revenue beat(2)2.11%
Min Revenue beat(2)-0.58%
Max Revenue beat(2)4.79%
Revenue beat(4)3
Avg Revenue beat(4)5.28%
Min Revenue beat(4)-0.58%
Max Revenue beat(4)15.43%
Revenue beat(8)7
Avg Revenue beat(8)3.54%
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)7.94%
PT rev (3m)6.29%
EPS NQ rev (1m)-12.34%
EPS NQ rev (3m)-16.78%
EPS NY rev (1m)12.43%
EPS NY rev (3m)9.17%
Revenue NQ rev (1m)5.03%
Revenue NQ rev (3m)39.9%
Revenue NY rev (1m)-0.3%
Revenue NY rev (3m)2.36%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.17 | ||
| Fwd PE | 8.33 | ||
| P/S | 0.4 | ||
| P/FCF | 2.49 | ||
| P/OCF | 2.02 | ||
| P/B | 1.94 | ||
| P/tB | 2.92 | ||
| EV/EBITDA | 2.47 |
EPS(TTM)0.96
EY6.59%
EPS(NY)1.75
Fwd EY12.01%
FCF(TTM)5.85
FCFY40.17%
OCF(TTM)7.21
OCFY49.49%
SpS36.64
BVpS7.51
TBVpS4.99
PEG (NY)0.18
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.6% | ||
| ROE | 18.72% | ||
| ROCE | 7.65% | ||
| ROIC | 5.89% | ||
| ROICexc | 10.61% | ||
| ROICexgc | 12.91% | ||
| OM | 5.3% | ||
| PM (TTM) | 3.84% | ||
| GM | 52.86% | ||
| FCFM | 15.96% |
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 Turnover0.94
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.47 | ||
| Debt/FCF | 2.55 | ||
| Debt/EBITDA | 1.6 | ||
| Cap/Depr | 27.22% | ||
| Cap/Sales | 3.71% | ||
| Interest Coverage | 1.82 | ||
| Cash Conversion | 103.99% | ||
| Profit Quality | 416.01% | ||
| Current Ratio | 1.16 | ||
| Quick Ratio | 1.12 | ||
| Altman-Z | N/A |
F-Score6
WACC7.99%
ROIC/WACC0.74
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)-28.89%
EPS 3Y-23.42%
EPS 5YN/A
EPS Q2Q%-307.69%
EPS Next Y82.1%
EPS Next 2Y38.97%
EPS Next 3Y26.79%
EPS Next 5Y18.53%
Revenue 1Y (TTM)38.28%
Revenue growth 3Y91.01%
Revenue growth 5Y-4.09%
Sales Q2Q%39.12%
Revenue Next Year3.67%
Revenue Next 2Y6.97%
Revenue Next 3Y6.34%
Revenue Next 5Y6.14%
EBIT growth 1Y-16.1%
EBIT growth 3YN/A
EBIT growth 5Y20.92%
EBIT Next Year276.34%
EBIT Next 3Y64.17%
EBIT Next 5Y45.02%
FCF growth 1Y20.67%
FCF growth 3Y256.62%
FCF growth 5Y21.9%
OCF growth 1Y32.12%
OCF growth 3Y268.24%
OCF growth 5Y17.99%