NORWEGIAN AIR SHUTTLE AS (NAS.OL) Stock Fundamental Analysis
Europe - OSL:NAS - NO0010196140 - Common Stock
15.865 NOK
-0.46 (-2.85%)
Overall NAS gets a fundamental rating of 5 out of 10. We evaluated NAS against 12 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 may be a bit undervalued, certainly considering the very reasonable score on growth These ratings would make NAS suitable for value investing!
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.
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.
NAS has a better Return On Equity (33.08%) than 91.67% of its industry peers.
With a Return On Invested Capital value of 7.87%, NAS perfoms like the industry average, outperforming 41.67% 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
NAS has a better Profit Margin (5.33%) than 66.67% of its industry peers.
In the last couple of years the Profit Margin of NAS has declined.
With a decent Operating Margin value of 7.30%, NAS is doing good in the industry, outperforming 66.67% of the companies in the same industry.
In the last couple of years the Operating Margin of NAS has grown nicely.
NAS has a Gross Margin of 52.12%. This is in the better half of the industry: NAS outperforms 75.00% of its industry peers.
In the last couple of years the Gross Margin of NAS has grown nicely.
| 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
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), NAS is destroying value.
The number of shares outstanding for NAS has been increased compared to 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 has a Debt to FCF ratio of 3.54. This is amongst the best in 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 in line with its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.98 | ||
| Debt/FCF | 3.54 | ||
| Altman-Z | N/A |
ROIC/WACC0.92
WACC8.53%
2.3 Liquidity
A Current Ratio of 1.08 indicates that NAS should not have too much problems paying its short term obligations.
NAS has a Current ratio of 1.08. This is amongst the best in the industry. NAS outperforms 100.00% of its industry peers.
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.
With an excellent Quick ratio value of 1.06, NAS belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
| 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 23.13% on average over the next years. This is a very strong growth
Based on estimates for the next years, NAS will show a quite strong growth in Revenue. The Revenue will grow by 9.27% on average per year.
EPS Next Y99.55%
EPS Next 2Y42.55%
EPS Next 3Y34.86%
EPS Next 5Y23.13%
Revenue Next Year6.56%
Revenue Next 2Y6.61%
Revenue Next 3Y6.59%
Revenue Next 5Y9.27%
3.3 Evolution
The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
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
The Price/Earnings ratio is 10.51, which indicates a very decent valuation of NAS.
Based on the Price/Earnings ratio, NAS is valued a bit more expensive than 75.00% of the companies in the same industry.
When comparing the Price/Earnings ratio of NAS to the average of the S&P500 Index (27.77), we can say NAS is valued rather cheaply.
NAS is valuated reasonably with a Price/Forward Earnings ratio of 8.13.
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.
Compared to an average S&P500 Price/Forward Earnings ratio of 23.23, NAS is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.51 | ||
| Fwd PE | 8.13 |
4.2 Price Multiples
75.00% of the companies in the same industry are more expensive than NAS, based on the Enterprise Value to EBITDA ratio.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of NAS indicates a somewhat cheap valuation: NAS is cheaper than 75.00% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 4.01 | ||
| EV/EBITDA | 2.41 |
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.
The decent profitability rating of NAS may justify a higher PE ratio.
A more expensive valuation may be justified as NAS's earnings are expected to grow with 34.86% in the coming years.
PEG (NY)0.11
PEG (5Y)N/A
EPS Next 2Y42.55%
EPS Next 3Y34.86%
5. Dividend
5.1 Amount
No dividends for NAS!.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | N/A |
OSL:NAS (10/22/2025, 1:27:07 PM)
15.865
-0.46 (-2.85%)
Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryPassenger Airlines
Earnings (Last)
Earnings (Next)
Inst Owners35.88%
Inst Owner ChangeN/A
Ins Owners0.36%
Ins Owner ChangeN/A
Market Cap16.74B
Revenue(TTM)36.70B
Net Income(TTM)1.96B
Analysts74.55
Price Target16.58 (4.51%)
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)0%
PT rev (3m)-2.36%
EPS NQ rev (1m)0%
EPS NQ rev (3m)21.8%
EPS NY rev (1m)-3.72%
EPS NY rev (3m)9.58%
Revenue NQ rev (1m)-0.28%
Revenue NQ rev (3m)0.1%
Revenue NY rev (1m)-0.08%
Revenue NY rev (3m)3.5%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.51 | ||
| Fwd PE | 8.13 | ||
| P/S | 0.46 | ||
| P/FCF | 4.01 | ||
| P/OCF | 2.1 | ||
| P/B | 2.83 | ||
| P/tB | 4.7 | ||
| EV/EBITDA | 2.41 |
EPS(TTM)1.51
EY9.52%
EPS(NY)1.95
Fwd EY12.3%
FCF(TTM)3.96
FCFY24.96%
OCF(TTM)7.56
OCFY47.66%
SpS34.78
BVpS5.6
TBVpS3.37
PEG (NY)0.11
PEG (5Y)N/A
Graham Number13.8
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
ROICexgc growth 3YN/A
ROICexgc 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
WACC8.53%
ROIC/WACC0.92
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 Y99.55%
EPS Next 2Y42.55%
EPS Next 3Y34.86%
EPS Next 5Y23.13%
Revenue 1Y (TTM)21.58%
Revenue growth 3Y91.01%
Revenue growth 5Y-4.09%
Sales Q2Q%10.08%
Revenue Next Year6.56%
Revenue Next 2Y6.61%
Revenue Next 3Y6.59%
Revenue Next 5Y9.27%
EBIT growth 1Y14.97%
EBIT growth 3YN/A
EBIT growth 5Y20.92%
EBIT Next Year292.43%
EBIT Next 3Y68.31%
EBIT Next 5Y45.55%
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%