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The stock market value has been reduced by NOK 1.8 billion for Norwegian owners. IAG was surprised by the withdrawal on Thursday of its judicial proposal. The fall continued at the beginning of the session, before the action came back after 50 minutes.
After 55 minutes of trading, the stock is up 1.64%.
Stock Comment: (+) Have you really lost interest in Norwegian, Willie?
Reduces price targets by more than 70%
For Karl Johan Molnes, analyst at Norne, it is now a question of getting rid of the stock as soon as possible and, in an update, the brokerage reduces its price target to NOK 70 per share, down from previous recommendation of 240 NOK per share – and considerably lower than the course on Friday. morning at NOK 137.95 per share.
Molnes indicates that the accounting equity, which amounted to NOK 5.3 billion at the end of the third quarter of last year, the fourth quarter of last year during the season of Winter and the first quarter of this year will fall below the NOK 1.5 billion mark. violate the loan conditions.
– Clearly, IAG has been harshly hard
– The previous price target of NOK 240 was the average of the two most likely results that Norwegian would be bought up to around NOK 350 and that a new issue could be realized in the previous year of NOK 155 per action. Now that the AGI has been removed, it is much less likely that there is an acquisition for courses above NOK 300, Molnes writes.
Maybe bid on the war
SEB is also reducing its price target from NOK 275 per share to NOK 170 per share, but believes it's still plausible that many players are interested, Finwire writes.
According to SEB, potential stakeholders could be Lufthansa, Ryanair, Delta, financial actors or leasing companies.
Nordea Markets retains the team's recommendations on the title, despite increased financial risk, while Pareto qualifies yesterday's price movements as "irrational," writes Direkt.
– We believe that the fundamental risk is largely unchanged, while the market seems to believe that AGI was the only option for Norwegians, writes Pareto, who believes that the board of directors of the latter would be more willing to get an agreement on AGI. option.
Sissener about the Norwegian collapse: – It was heavy today, and it will be heavy also in the morning
Pareto also believes that the fact that the GIA is withdrawing now may indicate that a bid war is in progress and that the GIC has not been granted the exclusive right to bargain.
SEB stresses, on the other hand, that one of the possible reasons for the withdrawal of AGI is that the Norwegian tried to raise the price by having several competitors.
"Given the financial situation of Norway, it seems unwise to negotiate if the company does not have any other alternative en route," writes the investment bank.
Positive despite high risk
In his report on Friday morning, DNB Markets wrote that he had a recommendation to buy on the stock and a price target of NOK 270 per share. However, it is emphasized that the short-term risk is still high, and DNB is concerned about the terms of the loan.
– The announcement made yesterday by the IAG increased the risk in Norwegian and, in our opinion, the reaction of the action was justified.
– Our estimates for the sum of the parties indicate long-term values of NOK 286 per share (future deliveries) and NOK 171 per share (excluding new aircraft), respectively. However, in the meantime, estimates also show negative equity at the end of the first quarter. The risk that the company must collect new shares is therefore considerable, writes the brokerage.
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