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Thursday's traffic figures showed that Norwegian had a total traffic growth (RPK) of 44% compared to June in 2017, with no appreciation of the valuation according to DNB's markets.
Income and business income per available square kilometer (RASK) ended at 0.42 and 0.38 kroner.
– As in May, net yields also came in just above our forecasts and the market expectations for June. However, we are not convinced that this will be enough for the company to avoid the need for capital rebuilding in 2019 if it wishes to stay on the safe side of the terms of the loan agreements, write the brokerage and add to it. ten.
– In our opinion, significant additional contributions to avoid a breach of these conditions would also be a significant decrease in fuel costs and / or acquisitions. Again, this means that IAG in its evaluations of a possible offer has time for its part.
IAG and Lufthansa flirted in early spring with the purchase of the airline in Kjos without agreement. At the same time, Bjørn Kjos said that he would not oppose a sale if the correct offer came.
– Based on our estimate of the total of NOK 259 per share, we have, with a small premium for possible synergies with a possible transaction with IAG, a price target of NOK 275 per share and a recommendation of 39; team.
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