Norse Atlantic ASA (NORSE) Fair Value & Analysis
Industrials · NO · Market cap 1.3B NOK (≈ $139M) · ISIN NO0010946445
Strengths
Risks
Fair value as of: Aug 30, 2026
From 9 valuation models · updated today
Share price −13.9% over the past month.
Below-average quality, and trading another 68% above our fair value.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (kr 0.2465). The favourable scenario is already priced in.
- Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.
How to read this chart
60‑month range kr 0.2935 – kr 58.82 · fair‑value band kr 0.1445 – kr 0.2465 · the kr 0.3280 price screens above the kr 0.1955 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.
Analysis
Norse Atlantic ASA (NORSE) currently trades at kr 0.3280, while our model-based Fair Value estimate is kr 0.1955, implying the stock looks roughly 40.4% overvalued today. The Quality Score stands at 41/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, Norse Atlantic ASA generated revenue of 769M NOK at a net margin of -9.2%. Revenue grew 27.9% year over year. Net debt stands at 38.8M NOK. Fundamentals as of Aug 30, 2026
Our scenario range runs from kr 0.1445 (bear case) to kr 0.2465 (bull case); at kr 0.3280, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Industrials peers we cover trades at 39% fair-value upside, at -40%, NORSE screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 9 models by family
Widest divergence: Growth DCF (kr 0.3600) versus Multiples (kr 0.2100). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 41 · Market factors (momentum, volatility) 15
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Norse Atlantic ASA provides long-haul airline services in Norway, the United Kingdom, rest of Europe, the United States, and internationally. The company serves a scheduled network across destinations. It also engages in leasing of aircraft and technical services. The company was incorporated in 2021 and is headquartered in Arendal, Norway.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Norse Atlantic ASA reported revenue of $734M in FY2025 versus $3.0M in FY2021, a compound +296.4%/yr. Reported net income was −$61.9M in FY2025.
NORSE screens 40% overvalued. Compare with Delta Air Lines, Inc →
Peer Group
Airlines · 58 stocks
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.
Valuation Multiples vs Airlines median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Airlines stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Delta Air Lines, Inc DAL | $83.08 | $115.82 | +39% |
| United Airlines Holdings UAL | $114.83 | $175.62 | +53% |
| Ryanair Holdings RYA | €25.47 | €41.26 | +62% |
| Southwest Airlines Co LUV | $40.67 | $14.76 | -64% |
| InterGlobe Aviation Limited INDIGO | ₹5,166 | ₹3,073 | -41% |
| Singapore Airlines Limited C6L | 7.09 SGD | 7.89 SGD | +11% |
| Air China Limited 601111 | ¥5.94 | ¥7.16 | +21% |
| LATAM Airlines Group LTM | $52.50 | $106.79 | +103% |
| China Southern Airlines Company 600029 | ¥5.08 | ¥1.28 | -75% |
| Deutsche Lufthansa AG LHA | €8.00 | €18.94 | +137% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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