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Norwegian Air Shuttle ASA (0FGH) fair value: what the stock is really worth
As of Jul 17, 2026: fair value of Norwegian Air Shuttle ASA NOK 18.48, price NOK 12.95, upside +42.7%, quality 37 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? No
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Some data
Sep 24, 2026
Norwegian Air Shuttle ASA
0FGH · LSESpeculativeUpside exists, but weak quality makes the signal speculative.
✓Fair value kr 18.48 · Undervalued (+42.7%)
!Quality 37/100
!Weak Growth (revenue 3y −33.5 %/yr)
!Thin margins · 4.3% net margin (TTM)
!Negative equity (buybacks among others)
·6.2% dividend yield · Safety not assessed
!Narrow moat 36/100
!Evidence only medium, so the estimate is less certain
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 5.87 – kr 53.32 · fair‑value band kr 14.23 – kr 25.26 · the kr 12.95 price screens below the kr 18.48 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Norwegian Air Shuttle ASA, together with its subsidiaries, provides air travel services in Norway and internationally. It is also involved in aircraft financing, leasing, and ownership, as well as cargo and other activities. The company was founded in 1993 and is headquartered in Fornebu, Norway.
Stock analysis
Norwegian Air Shuttle ASA (0FGH) currently trades at kr 12.95, while our model-based Fair Value estimate is kr 18.48, implying the stock looks roughly 29.9% undervalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of kr 17.09 per share, and 6 of the 8 models we run sit above the kr 12.95 price.
Bear case: the Multiples group reads lowest at kr 13.14, and 2 of the 8 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 14.23 (bear) to kr 25.26 (bull), the price of kr 12.95 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 37/100 (below-average quality), in the Industrials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Norwegian Air Shuttle ASA reported revenue of 9.1B NOK in FY2020 versus 26.0B NOK in FY2016, a compound −23.1%/yr. Reported net income was −23.1B NOK in FY2020.
Key figures
Market cap 12.0B NOK (≈ $1.3B) · P/S ratio 0.32 · Dividend yield 6.2% · Net margin 4.3% · Return on equity 25.7% · Return on assets (EBIT) −10.7% · Operating margin −5.0% · Revenue growth (YoY) +1.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 24% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 34% fair-value upside, at 43%, 0FGH screens cheaper than that median.
Fair Value models
Bear kr 14.23
Fair Value kr 18.48
Bull kr 25.26
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
kr 16.70
kr 23.13
kr 33.92
77
Growth DCF
kr 17.39
kr 23.48
kr 32.92
75
5Y Revenue Exit
kr 11.17
kr 16.43
kr 24.03
69
All 8 models by family
DCF Models
FCF DCF
kr 16.70
kr 23.13
kr 33.92
77
5Y Revenue Exit
kr 11.17
kr 16.43
kr 24.03
69
10Y Revenue Exit
kr 13.23
kr 17.09
kr 21.06
65
Dividend Discount
Gordon GGM
kr 0.0600
kr 0.0700
kr 0.0800
67
DDM Multi-Stage
kr 0.0600
kr 0.0800
kr 0.0900
65
Multiples
EV/Revenue
kr 7.85
kr 13.14
kr 18.42
52
Growth DCF
Growth DCF
kr 17.39
kr 23.48
kr 32.92
75
Rev-Margin DCF
kr 11.17
kr 16.98
kr 24.30
69
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Set up alert →Quality Score breakdown
Overall quality
37/100
Of which business quality 35 · Market factors (momentum, volatility) 34
Profitability
4
Margins and returns on capital today
Quality Growth
0
Are margins and returns improving?
Cashflow
95
Earnings quality: real cash, not paper profit
Fin. Strength
0
Balance sheet, leverage, solvency risk
Investment
93
Disciplined investing over empire-building
Low Volatility
57
Calm price path (market factor)
Momentum
33
Price trend over the last 3–12 months (market factor)
52W Momentum
10
Distance to the 52-week high (market factor)
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
34/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−79.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−33.5%
’16
’17
’18
’19
’20
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
7.0% (2016) → −261.3% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
not computed
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: UK Stocks
- Valuation of the UK market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Airlines stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Delta Air Lines, Inc DAL | $84.13 | $121.83 | +45% |
| United Airlines Holdings UAL | $111.51 | $149.61 | +34% |
| Ryanair Holdings RYA | €23.79 | €48.63 | +104% |
| Southwest Airlines Co LUV | $42.28 | $14.74 | −65% |
| InterGlobe Aviation Limited INDIGO | ₹4,940 | ₹3,073 | −38% |
| Singapore Airlines Limited C6L | 6.65 SGD | 7.88 SGD | +18% |
| LATAM Airlines Group LTM | $52.45 | $106.79 | +104% |
| China Southern Airlines Company 600029 | ¥4.86 | ¥2.78 | −43% |
| Cathay Pacific Airways Limited 0293 | HK$14.37 | HK$31.02 | +116% |
| Deutsche Lufthansa AG LHA | €7.60 | €9.90 | +30% |
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Frequently asked questions
Is Norwegian Air Shuttle ASA (0FGH) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 18.48 versus the last price from Jul 17, 2026 of kr 12.95, about +43% upside (undervalued).
What is the fair value of 0FGH?
Our model-based fair value for Norwegian Air Shuttle ASA is kr 18.48 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Jul 17, 2026): kr 12.95.
What is the quality score of 0FGH?
Norwegian Air Shuttle ASA has a Quality Score of 37/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Norwegian Air Shuttle ASA (0FGH)?
Our model-based price target is the fair value of kr 18.48 (as of Sep 24, 2026) from 8 valuation models. Cautious scenario kr 14.23, optimistic scenario kr 25.26. It is a calculation from audited fundamentals, not an analyst target.
What is the Norwegian Air Shuttle ASA stock forecast for 2026?
Our models put fair value at kr 18.48, about +43% upside versus the last price from Jul 17, 2026 of kr 12.95 (undervalued). Cautious scenario kr 14.23, optimistic scenario kr 25.26. The calculation is refreshed regularly with new filings.
Does Norwegian Air Shuttle ASA pay a dividend?
Norwegian Air Shuttle ASA currently shows a dividend yield of about 6.18% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Norwegian Air Shuttle ASA (0FGH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Norwegian Air Shuttle ASA it is kr 18.48 per share (as of Sep 24, 2026), against a price of kr 12.95. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Norwegian Air Shuttle ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0FGH trades below its calculated fair value: price kr 12.95, fair value kr 18.48, a gap of about +43% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0FGH?
No. The price is what the market pays today (kr 12.95); the fair value is what the company's own numbers justify (kr 18.48). For Norwegian Air Shuttle ASA the two are kr 5.53 per share apart. That gap is exactly why we show both numbers side by side.
How much is Norwegian Air Shuttle ASA worth?
The market values Norwegian Air Shuttle ASA at about 12.0B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 12.95; our models calculate a fair value of kr 18.48 per share.
What do the bullish and bearish scenarios say about 0FGH?
Our models span a range for Norwegian Air Shuttle ASA: cautious scenario kr 14.23, base kr 18.48, optimistic kr 25.26 per share (as of Sep 24, 2026, price kr 12.95). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0FGH from its 52-week high?
Norwegian Air Shuttle ASA trades at kr 12.95, about 24% below its 52-week high of kr 16.95 and 2% above the low of kr 12.70 (as of Jul 17, 2026). Distance from the high says nothing about value: that is what the fair value of kr 18.48 is for.
Which stocks are comparable to Norwegian Air Shuttle ASA?
From the same area (Industrials) we also value Delta Air Lines, Inc, United Airlines Holdings, Ryanair Holdings, Southwest Airlines Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Norwegian Air Shuttle ASA stock attractive at the current price?
The data as of Sep 24, 2026: price kr 12.95, calculated fair value kr 18.48 (+43%), Quality Score 37/100, from 8 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0FGH calculated?
We run Norwegian Air Shuttle ASA through 8 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 18.48, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Norwegian Air Shuttle ASA currently trades 30 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Norwegian Air Shuttle ASA (0FGH)?
The latest price we hold is from Jul 17, 2026 and stands at kr 12.95. Our model-based fair value is kr 18.48, about +43% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Norwegian Air Shuttle ASA right now?
The large discount to fair value meets weak quality (37/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 14.23). The market is more pessimistic than our downside scenario.
Key figures of Norwegian Air Shuttle ASA
How large is the market capitalisation of Norwegian Air Shuttle ASA (0FGH)?
The market capitalisation of Norwegian Air Shuttle ASA is 12.0B NOK (≈ $1.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Norwegian Air Shuttle ASA (0FGH)?
The price-to-sales ratio of Norwegian Air Shuttle ASA is 0.32 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Norwegian Air Shuttle ASA (0FGH)?
The dividend yield of Norwegian Air Shuttle ASA is 6.2%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Norwegian Air Shuttle ASA (0FGH)?
The net margin of Norwegian Air Shuttle ASA is 4.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Norwegian Air Shuttle ASA (0FGH)?
The return on equity (ROE) of Norwegian Air Shuttle ASA is 25.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Norwegian Air Shuttle ASA (0FGH)?
On an EBIT basis the return on assets of Norwegian Air Shuttle ASA is −10.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Norwegian Air Shuttle ASA (0FGH)?
The operating margin of Norwegian Air Shuttle ASA is −5.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Norwegian Air Shuttle ASA (0FGH)?
Revenue at Norwegian Air Shuttle ASA is growing +1.2% versus a year earlier (3y avg −33.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Norwegian Air Shuttle ASA (0FGH)?
Earnings per share at Norwegian Air Shuttle ASA are growing +35.5% versus a year earlier. How much earnings per share grew versus a year earlier.
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