Norwegian Air Shuttle ASA (NAS) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Norwegian Air Shuttle ASA NOK 15.04, price NOK 12.07, upside +24.6%, quality 44 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee 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 17.03 · fair‑value band kr 9.81 – kr 28.82 · the kr 12.07 price screens below the kr 15.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 4 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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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 (NAS) currently trades at kr 12.07, while our model-based Fair Value estimate is kr 15.04, implying the stock looks roughly 19.7% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 83.96 per share, and 24 of the 26 models we run sit above the kr 12.07 price.
Bear case: the Asset-Based group reads lowest at kr 4.88, and 2 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: kr 9.81 (bear) to kr 28.82 (bull), the price of kr 12.07 sits inside 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 44/100 (below-average quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Norwegian Air Shuttle ASA reported revenue of 37.6B NOK in FY2025 versus 5.1B NOK in FY2021, a compound +65.1%/yr. Reported net income was 2.7B NOK in FY2025, compounding +9.7%/yr from FY2021.
Key figures
Market cap 12.7B NOK (≈ $1.3B) · P/E ratio 8.0 · P/S ratio 0.58 · EPS (TTM) kr 1.50 · Dividend yield 6.6% · Net margin 7.2% · Return on equity 25.7% · Return on assets (EBIT) 0.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 29% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 31% fair-value upside, at 25%, NAS screens richer than that median.
Fair Value models
Bear kr 9.81Fair Value kr 15.04Bull kr 28.82
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 0.5140 per share) are deliberately not added.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.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.
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.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+6.6%
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.
+25.9%
Revenue growth 5 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.
+32.9%
Start year 2020 (pandemic). Over 10 years: +5.3% a year
Revenue growth 23 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.
+22.0%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+18.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.4%
Dividend (yield on the price)6.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−1% vs −49%, picking up
Profit margin 2020 to 2025 ⓘ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.−261% → 10%
2025 sits 83% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 52.3%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−23.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about −25.0% a year for the price and +3.0% for the forecasts.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Airlines · 59 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score44 · Below median
Fair Value upside+25% · Above median
Profitability
Return on equity (TTM)26% · Top 25%
Return on assets2% · Below median
Net margin (TTM)4% · Above median
Operating margin (TTM)−5% · Bottom 25%
Growth and dividend
Revenue growth1% · Bottom 25%
Dividend yield (TTM)6.6% · Top 25%
Balance sheet
Debt / equity0.49× · Below median
Valuation Multiplesvs Airlines median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Norwegian Air Shuttle ASA Fair Value". https://www.fairvalue-calculator.com/stock/NAS
Frequently asked questions
Is Norwegian Air Shuttle ASA (NAS) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 15.04 versus a price of kr 12.07, about +25% upside (undervalued).
What is the fair value of NAS?
Our model-based fair value for Norwegian Air Shuttle ASA is kr 15.04 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 12.07.
What is the quality score of NAS?
Norwegian Air Shuttle ASA has a Quality Score of 44/100. 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 (NAS)?
Our model-based price target is the fair value of kr 15.04 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario kr 9.81, optimistic scenario kr 28.82. 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 15.04, about +25% upside versus a price of kr 12.07 (undervalued). Cautious scenario kr 9.81, optimistic scenario kr 28.82. The calculation is refreshed regularly with new filings.
What is the revenue of Norwegian Air Shuttle ASA (NAS)?
Norwegian Air Shuttle ASA reported trailing-twelve-month revenue of about 38.1B NOK (latest available figure, as of Sep 24, 2026).
Does Norwegian Air Shuttle ASA pay a dividend?
Norwegian Air Shuttle ASA currently shows a dividend yield of about 6.63% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Norwegian Air Shuttle ASA (NAS)?
For today's price to be fair in a discounted-cash-flow model, Norwegian Air Shuttle ASA would have to grow free cash flow by -23.2 % per year for five years (discount rate 11.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +32.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of NAS use?
Our models discount Norwegian Air Shuttle ASA at 11.1 %: a base by market capitalisation (small), damped by beta 1.05, country premium for Norway. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Norwegian Air Shuttle ASA that is -23.2 % per year a year over ten years, using the same discount rate (11.1 %) and the same formula as our fair value.
How much growth has Norwegian Air Shuttle ASA (NAS) delivered so far?
Over the past 5 years revenue at Norwegian Air Shuttle ASA grew +32.9 % a year. The price currently implies -23.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Norwegian Air Shuttle ASA (NAS) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Norwegian Air Shuttle ASA (-23.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Norwegian Air Shuttle ASA (NAS)?
The free-cash-flow yield on the price is 23.31 %: that much free cash flow Norwegian Air Shuttle ASA produces per unit of market value. When it exceeds the discount rate of our models (11.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Norwegian Air Shuttle ASA (NAS)?
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 15.04 per share (as of Sep 24, 2026), against a price of kr 12.07. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Norwegian Air Shuttle ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NAS trades below its calculated fair value: price kr 12.07, fair value kr 15.04, a gap of about +25% (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 NAS?
No. The price is what the market pays today (kr 12.07); the fair value is what the company's own numbers justify (kr 15.04). For Norwegian Air Shuttle ASA the two are kr 2.97 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 12.7B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 12.07; our models calculate a fair value of kr 15.04 per share.
What do the bullish and bearish scenarios say about NAS?
Our models span a range for Norwegian Air Shuttle ASA: cautious scenario kr 9.81, base kr 15.04, optimistic kr 28.82 per share (as of Sep 24, 2026, price kr 12.07). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NAS?
Norwegian Air Shuttle ASA trades at a price-to-earnings ratio of 8.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 15.04 is built from several models across several years. Other multiples: PEG 3.3, P/B 1.7, P/S 0.3, EV/EBITDA 3.0.
What is the PEG ratio of NAS?
The PEG ratio of Norwegian Air Shuttle ASA is 3.35 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Norwegian Air Shuttle ASA (NAS)?
Balance-sheet figures for Norwegian Air Shuttle ASA (as of Sep 24, 2026): return on equity 25.7%, debt of 0.49 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is NAS from its 52-week high?
Norwegian Air Shuttle ASA trades at kr 12.07, about 29% below its 52-week high of kr 17.03 and 1% above the low of kr 11.93 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 15.04 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 12.07, calculated fair value kr 15.04 (+25%), Quality Score 44/100, from 26 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 NAS calculated?
We run Norwegian Air Shuttle ASA through 26 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 15.04, 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 14.0 % above its aggregate fair value. Norwegian Air Shuttle ASA currently trades 25 % 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 (NAS)?
The closing price on Sep 24, 2026 was kr 12.07. Our model-based fair value is kr 15.04, about +25% 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 model range is unusually wide (kr 9.81 to kr 28.82). The outcome hinges heavily on assumptions, so read the point estimate with caution. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Norwegian Air Shuttle ASA
How large is the market capitalisation of Norwegian Air Shuttle ASA (NAS)?
The market capitalisation of Norwegian Air Shuttle ASA is 12.7B 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 (NAS)?
The price-to-sales ratio of Norwegian Air Shuttle ASA is 0.58 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Norwegian Air Shuttle ASA (NAS)?
Earnings per share at Norwegian Air Shuttle ASA are kr 1.50 (price ÷ EPS = P/E 8.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Norwegian Air Shuttle ASA (NAS)?
The dividend yield of Norwegian Air Shuttle ASA is 6.6% (payout 53.3%). 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 (NAS)?
The net margin of Norwegian Air Shuttle ASA is 7.2% (fiscal year 2025). 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 (NAS)?
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 (NAS)?
On an EBIT basis the return on assets of Norwegian Air Shuttle ASA is 0.9% (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 (NAS)?
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 (NAS)?
Revenue at Norwegian Air Shuttle ASA is growing +1.2% versus a year earlier (3y avg +25.9%). 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 (NAS)?
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.
How much net debt does Norwegian Air Shuttle ASA (NAS) carry?
The net debt of Norwegian Air Shuttle ASA is 5.6B NOK (fiscal year 2023, ≈ 1.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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