2026 Q1 -tulosraportti
52 päivää sitten
‧39 min
0,80 NOK/osake
Viimeisin osinko
10,67%Tuotto/v
Tarjoustasot
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 150 | - | - | ||
| 3 | - | - | ||
| 29 788 | - | - | ||
| 4 083 | - | - | ||
| 4 735 | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Välittäjätilasto
Dataa ei löytynyt
Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q2 -tulosraportti 14.7. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q1 -tulosraportti 28.4. | ||
2025 Q4 -tulosraportti 13.2. | ||
2025 Q3 -tulosraportti 22.10.2025 | ||
2025 Q2 -tulosraportti 11.7.2025 | ||
2025 Q1 -tulosraportti 8.5.2025 |
Asiakkaat katsoivat myös
Foorumi
Liity keskusteluun Nordnet Socialissa
·6 t sitten · MuokattuThe visible short has now covered down to 2.68 from 3.19, so this probably has something to do with yesterday's rise..
·5 t sittenThe question is who makes such large volumes available at the end of the day? Small investors don't sit and wait to sell right until the end of the day.
·7 t sittenhttps://www.finansavisen.no/reise-og-fritid/2026/06/19/8359930/analytiker-petter-nystrom-mener-markedet-tar-feil-ser-store-synergier-etter-norwegian-oppkjop Believes the market is wrong: Sees significant synergies after acquisition The market gave Norwegian the cold shoulder after the acquisition of Stordalen's travel venture. – We believe the market risks focusing on the wrong things, says analyst Petter Nystrøm. The market did not react enthusiastically when Norwegian announced the acquisition of Nordic Leisure Travel Group (NLTG) earlier this week. The agreement means that Petter Stordalen and Altor will become major owners in the airline, while Norwegian will henceforth transition from being a pure-play airline to including both charter airlines and several tour operators. On the Oslo Stock Exchange, investors reacted by sending the share down over 5 percent on Tuesday, but after a few days of trading, the share is down around 1.4 percent compared to the last closing price before the acquisition was announced. The fear among both investors and analysts has revolved around Norwegian transitioning from being a pure-play and profitable airline to becoming a broad travel conglomerate. Analyst Petter Nystrøm at ABG Sundal Collier, however, does not agree with this assessment. He believes the market misunderstands the deal. the deal. – We believe the market risks focusing on the wrong things. If this works, we believe we could see earnings estimates of close to 3 kroner per share for Norwegian in 2 years, he says. – In our view, Norwegian is not primarily buying a tour operator. They are buying the Nordics' leading leisure platform with strong brands, proprietary distribution, and a unique portfolio of concept hotels, says Nystrøm. According to the analyst, these hotels account for around 60 percent of NLTG's profitability, while only making up 25 percent of the volumes. Less attractive? Nystrøm also believes that NLTG differs from other tour operators. The analyst himself has used NLTG's travel services and points out that customers are more likely to buy a holiday experience than just flights and hotels. That makes the product harder to compare with competitors, it provides better pricing power and higher margins. Flight tickets are much more «commodity» and more often exposed to price pressure, he says. – Won't Norwegian become a less attractive acquisition target now? – We are not convinced of that. One objection could be that Norwegian becomes a more complex company, but we would argue that it is the airline business that is the truly complex part. Hotels, package tours, and distribution are fundamentally simpler businesses to scale than airline operations, he says. – Also remember that this is a very capital-light model. Growth primarily requires «only» entering into long-term lease agreements with new hotels on an already established platform. Becomes a separate segment On the contrary, Nystrøm believes Norwegian becomes more attractive, as strategic buyers rarely pay for planes alone, but rather for market positions, distribution, customers, and networks that take years to build themselves. themselves. – Should IAG, Lufthansa, or another industrial player one day wish to acquire Norwegian, it is not a given that the hotel platform must follow. It can theoretically stand on its own or be realized separately, he says and continues: – This should not be mixed together. Management has been clear that Norwegian and NLTG will be operated as two separate businesses. Just as Widerøe remains a clear and independent business area within the group, NLTG can also be analyzed and valued based on growth and earnings. In the transaction, NLTG is valued at around 8 billion kroner, with the settlement occurring in both cash and Norwegian shares. According to Nystrøm, Norwegian is paying around 8 times EV/EBITA for NLTG. In comparison, players like Scandic, Skistar, and Meliá trade at EV/EBIT multiples of between 10 and 12. NLTG's margins are currently around half of what they were before covid, and if they move back to these levels, the acquisition suddenly looks even cheaper. Sees significant synergies Nystrøm also believes that the synergy potential is significant. Management has indicated that cost synergies alone could contribute around two percent higher margins by 2027. Of a turnover of 17 billion Swedish kroner, this amounts to around 350 million Swedish kroner in increased EBITA. – The most exciting, however, are the revenue synergies. Norwegian flies around seven million passengers to Southern Europe every year. If the company succeeds in using this customer base to fill more concept hotels and establish new concepts at existing and new destinations, one gets a completely different growth engine. This is a distribution power few hotel players can match, says Nystrøm. – If one takes today's EBITA of around 800 million Swedish kroner and adds two years of synergies of around 350 million per year, one is suddenly close to 1.5 billion in EBITA. That is also approximately the level the company delivered before covid, he says.
·7 t sittenNow it's coming like a rocket!!
·7 t sittenRun and buy! will go over 16 next week, don't let go of the final stretch with Vance and CO!!- ·8 t sittenhttps://www.finansavisen.no/reise-og-fritid/2026/06/19/8359930/analytiker-petter-nystrom-mener-markedet-tar-feil-ser-store-synergier-etter-norwegian-oppkjop Can someone share what's in the article?
·8 t sittenThe market didn't make waves when Norwegian announced the acquisition of Nordic Leisure Travel Group (NLTG) earlier this week. The agreement means that Petter Stordalen and Altor will become major shareholders in the airline, while Norwegian will transition from being a pure-play airline to including both charter airlines and several tour operators. On the Oslo Stock Exchange, investors reacted by sending the stock down over 5 percent on Tuesday, but after a few days of trading, the stock is down around 1.4 percent compared to the last closing price before the acquisition was announced. The fear among both investors and analysts has revolved around Norwegian going from being a pure-play and profitable airline to becoming a broad travel conglomerate. Analyst Petter Nystrøm at ABG Sundal Collier, however, does not agree with this assessment. He believes the market misunderstands the deal. – We believe the market risks focusing on the wrong things. If this works, we believe we could see earnings estimates of closer to 3 kroner per share for Norwegian in 2 years, he says. – In our view, Norwegian is not primarily buying a tour operator. They are buying the Nordics' leading leisure platform with strong brands, proprietary distribution, and a unique portfolio of concept hotels, says Nystrøm. According to the analyst, these hotels account for around 60 percent of NLTG's profitability, while only making up 25 percent of the volumes. Less attractive? Nystrøm also believes that NLTG differs from other tour operators. The analyst himself has used NLTG's travel services and points out that customers are more likely to buy a holiday experience than just flights and hotels. – That makes the product harder to compare with competitors, it provides better pricing power and higher margins. Airline tickets are much more "commodity" and often exposed to price pressure, he says. – Won't Norwegian become a less attractive acquisition target now? – We are not convinced of that. One objection might be that Norwegian becomes a more complex company, but we would argue that airline operations are the truly complex part. Hotels, package tours, and distribution are fundamentally simpler businesses to scale than flight operations, he says. – Remember also that this is a very asset-light model. Growth primarily requires "just" entering into long-term lease agreements with new hotels on an already established platform. On the contrary, Nystrøm believes Norwegian becomes more attractive, as strategic buyers rarely pay for planes alone, but rather for market positions, distribution, customers, and networks that take years to build yourself. – Should IAG, Lufthansa, or another industrial player one day wish to acquire Norwegian, it is also not a given that the hotel platform must follow. It can theoretically stand on its own feet or be realized separately, he says and continues: – This should not be blended together. Management has been clear that Norwegian and NLTG will be operated as two separate businesses. Just as Widerøe remains a clear and independent business area within the group, NLTG will also be able to be analyzed and valued based on growth and earnings. In the transaction, NLTG is valued at around 8 billion kroner, with the settlement occurring in both cash and Norwegian shares. According to Nystrøm, Norwegian is paying around 8 times EV/EBITA for NLTG. By comparison, players like Scandic, Skistar, and Meliá trade at EV/EBIT multiples of between 10 and 12. NLTG's margins are currently around half of what they were before covid, and if they move back to those levels, the acquisition suddenly looks even cheaper. Nystrøm also believes that the synergy potential is significant. Management has indicated that cost synergies alone could contribute around two percent higher margins by 2027. Of a revenue of 17 billion Swedish kroner, that amounts to around 350 million Swedish kroner in increased EBITA. – The most exciting thing, however, is the revenue synergies. Norwegian flies around seven million passengers to Southern Europe every year. If the company succeeds in using this customer base to fill more concept hotels and establish new concepts at existing and new destinations, you get a completely different growth engine. This is a distribution power few hotel players can match, says Nystrøm. – If you take today's EBITA of around 800 million Swedish kroner and add two years of synergies of around 350 million per year, you are suddenly close to 1.5 billion in EBITA. That is also roughly the level the company delivered before covid, he says. Adding NLTG's deferred tax asset of 578 million Swedish kroner, and assuming that Norwegian finances parts of the cash component of the acquisition in the bond market, Nystrøm believes the transaction could contribute 0.7 kroner per share in increased earnings for Norwegian. Then, earnings of 3 kroner per share in 2028 seem more realistic, compared to today's consensus expectations of 2.4 kroner per share, the analyst believes.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
2026 Q1 -tulosraportti
52 päivää sitten
‧39 min
0,80 NOK/osake
Viimeisin osinko
10,67%Tuotto/v
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Foorumi
Liity keskusteluun Nordnet Socialissa
- ·6 t sitten · MuokattuThe visible short has now covered down to 2.68 from 3.19, so this probably has something to do with yesterday's rise..·5 t sittenThe question is who makes such large volumes available at the end of the day? Small investors don't sit and wait to sell right until the end of the day.
- ·7 t sittenhttps://www.finansavisen.no/reise-og-fritid/2026/06/19/8359930/analytiker-petter-nystrom-mener-markedet-tar-feil-ser-store-synergier-etter-norwegian-oppkjop Believes the market is wrong: Sees significant synergies after acquisition The market gave Norwegian the cold shoulder after the acquisition of Stordalen's travel venture. – We believe the market risks focusing on the wrong things, says analyst Petter Nystrøm. The market did not react enthusiastically when Norwegian announced the acquisition of Nordic Leisure Travel Group (NLTG) earlier this week. The agreement means that Petter Stordalen and Altor will become major owners in the airline, while Norwegian will henceforth transition from being a pure-play airline to including both charter airlines and several tour operators. On the Oslo Stock Exchange, investors reacted by sending the share down over 5 percent on Tuesday, but after a few days of trading, the share is down around 1.4 percent compared to the last closing price before the acquisition was announced. The fear among both investors and analysts has revolved around Norwegian transitioning from being a pure-play and profitable airline to becoming a broad travel conglomerate. Analyst Petter Nystrøm at ABG Sundal Collier, however, does not agree with this assessment. He believes the market misunderstands the deal. the deal. – We believe the market risks focusing on the wrong things. If this works, we believe we could see earnings estimates of close to 3 kroner per share for Norwegian in 2 years, he says. – In our view, Norwegian is not primarily buying a tour operator. They are buying the Nordics' leading leisure platform with strong brands, proprietary distribution, and a unique portfolio of concept hotels, says Nystrøm. According to the analyst, these hotels account for around 60 percent of NLTG's profitability, while only making up 25 percent of the volumes. Less attractive? Nystrøm also believes that NLTG differs from other tour operators. The analyst himself has used NLTG's travel services and points out that customers are more likely to buy a holiday experience than just flights and hotels. That makes the product harder to compare with competitors, it provides better pricing power and higher margins. Flight tickets are much more «commodity» and more often exposed to price pressure, he says. – Won't Norwegian become a less attractive acquisition target now? – We are not convinced of that. One objection could be that Norwegian becomes a more complex company, but we would argue that it is the airline business that is the truly complex part. Hotels, package tours, and distribution are fundamentally simpler businesses to scale than airline operations, he says. – Also remember that this is a very capital-light model. Growth primarily requires «only» entering into long-term lease agreements with new hotels on an already established platform. Becomes a separate segment On the contrary, Nystrøm believes Norwegian becomes more attractive, as strategic buyers rarely pay for planes alone, but rather for market positions, distribution, customers, and networks that take years to build themselves. themselves. – Should IAG, Lufthansa, or another industrial player one day wish to acquire Norwegian, it is not a given that the hotel platform must follow. It can theoretically stand on its own or be realized separately, he says and continues: – This should not be mixed together. Management has been clear that Norwegian and NLTG will be operated as two separate businesses. Just as Widerøe remains a clear and independent business area within the group, NLTG can also be analyzed and valued based on growth and earnings. In the transaction, NLTG is valued at around 8 billion kroner, with the settlement occurring in both cash and Norwegian shares. According to Nystrøm, Norwegian is paying around 8 times EV/EBITA for NLTG. In comparison, players like Scandic, Skistar, and Meliá trade at EV/EBIT multiples of between 10 and 12. NLTG's margins are currently around half of what they were before covid, and if they move back to these levels, the acquisition suddenly looks even cheaper. Sees significant synergies Nystrøm also believes that the synergy potential is significant. Management has indicated that cost synergies alone could contribute around two percent higher margins by 2027. Of a turnover of 17 billion Swedish kroner, this amounts to around 350 million Swedish kroner in increased EBITA. – The most exciting, however, are the revenue synergies. Norwegian flies around seven million passengers to Southern Europe every year. If the company succeeds in using this customer base to fill more concept hotels and establish new concepts at existing and new destinations, one gets a completely different growth engine. This is a distribution power few hotel players can match, says Nystrøm. – If one takes today's EBITA of around 800 million Swedish kroner and adds two years of synergies of around 350 million per year, one is suddenly close to 1.5 billion in EBITA. That is also approximately the level the company delivered before covid, he says.
- ·7 t sittenNow it's coming like a rocket!!
- ·7 t sittenRun and buy! will go over 16 next week, don't let go of the final stretch with Vance and CO!!
- ·8 t sittenhttps://www.finansavisen.no/reise-og-fritid/2026/06/19/8359930/analytiker-petter-nystrom-mener-markedet-tar-feil-ser-store-synergier-etter-norwegian-oppkjop Can someone share what's in the article?·8 t sittenThe market didn't make waves when Norwegian announced the acquisition of Nordic Leisure Travel Group (NLTG) earlier this week. The agreement means that Petter Stordalen and Altor will become major shareholders in the airline, while Norwegian will transition from being a pure-play airline to including both charter airlines and several tour operators. On the Oslo Stock Exchange, investors reacted by sending the stock down over 5 percent on Tuesday, but after a few days of trading, the stock is down around 1.4 percent compared to the last closing price before the acquisition was announced. The fear among both investors and analysts has revolved around Norwegian going from being a pure-play and profitable airline to becoming a broad travel conglomerate. Analyst Petter Nystrøm at ABG Sundal Collier, however, does not agree with this assessment. He believes the market misunderstands the deal. – We believe the market risks focusing on the wrong things. If this works, we believe we could see earnings estimates of closer to 3 kroner per share for Norwegian in 2 years, he says. – In our view, Norwegian is not primarily buying a tour operator. They are buying the Nordics' leading leisure platform with strong brands, proprietary distribution, and a unique portfolio of concept hotels, says Nystrøm. According to the analyst, these hotels account for around 60 percent of NLTG's profitability, while only making up 25 percent of the volumes. Less attractive? Nystrøm also believes that NLTG differs from other tour operators. The analyst himself has used NLTG's travel services and points out that customers are more likely to buy a holiday experience than just flights and hotels. – That makes the product harder to compare with competitors, it provides better pricing power and higher margins. Airline tickets are much more "commodity" and often exposed to price pressure, he says. – Won't Norwegian become a less attractive acquisition target now? – We are not convinced of that. One objection might be that Norwegian becomes a more complex company, but we would argue that airline operations are the truly complex part. Hotels, package tours, and distribution are fundamentally simpler businesses to scale than flight operations, he says. – Remember also that this is a very asset-light model. Growth primarily requires "just" entering into long-term lease agreements with new hotels on an already established platform. On the contrary, Nystrøm believes Norwegian becomes more attractive, as strategic buyers rarely pay for planes alone, but rather for market positions, distribution, customers, and networks that take years to build yourself. – Should IAG, Lufthansa, or another industrial player one day wish to acquire Norwegian, it is also not a given that the hotel platform must follow. It can theoretically stand on its own feet or be realized separately, he says and continues: – This should not be blended together. Management has been clear that Norwegian and NLTG will be operated as two separate businesses. Just as Widerøe remains a clear and independent business area within the group, NLTG will also be able to be analyzed and valued based on growth and earnings. In the transaction, NLTG is valued at around 8 billion kroner, with the settlement occurring in both cash and Norwegian shares. According to Nystrøm, Norwegian is paying around 8 times EV/EBITA for NLTG. By comparison, players like Scandic, Skistar, and Meliá trade at EV/EBIT multiples of between 10 and 12. NLTG's margins are currently around half of what they were before covid, and if they move back to those levels, the acquisition suddenly looks even cheaper. Nystrøm also believes that the synergy potential is significant. Management has indicated that cost synergies alone could contribute around two percent higher margins by 2027. Of a revenue of 17 billion Swedish kroner, that amounts to around 350 million Swedish kroner in increased EBITA. – The most exciting thing, however, is the revenue synergies. Norwegian flies around seven million passengers to Southern Europe every year. If the company succeeds in using this customer base to fill more concept hotels and establish new concepts at existing and new destinations, you get a completely different growth engine. This is a distribution power few hotel players can match, says Nystrøm. – If you take today's EBITA of around 800 million Swedish kroner and add two years of synergies of around 350 million per year, you are suddenly close to 1.5 billion in EBITA. That is also roughly the level the company delivered before covid, he says. Adding NLTG's deferred tax asset of 578 million Swedish kroner, and assuming that Norwegian finances parts of the cash component of the acquisition in the bond market, Nystrøm believes the transaction could contribute 0.7 kroner per share in increased earnings for Norwegian. Then, earnings of 3 kroner per share in 2028 seem more realistic, compared to today's consensus expectations of 2.4 kroner per share, the analyst believes.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 150 | - | - | ||
| 3 | - | - | ||
| 29 788 | - | - | ||
| 4 083 | - | - | ||
| 4 735 | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Välittäjätilasto
Dataa ei löytynyt
Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q2 -tulosraportti 14.7. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q1 -tulosraportti 28.4. | ||
2025 Q4 -tulosraportti 13.2. | ||
2025 Q3 -tulosraportti 22.10.2025 | ||
2025 Q2 -tulosraportti 11.7.2025 | ||
2025 Q1 -tulosraportti 8.5.2025 |
2026 Q1 -tulosraportti
52 päivää sitten
‧39 min
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q2 -tulosraportti 14.7. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q1 -tulosraportti 28.4. | ||
2025 Q4 -tulosraportti 13.2. | ||
2025 Q3 -tulosraportti 22.10.2025 | ||
2025 Q2 -tulosraportti 11.7.2025 | ||
2025 Q1 -tulosraportti 8.5.2025 |
0,80 NOK/osake
Viimeisin osinko
10,67%Tuotto/v
Foorumi
Liity keskusteluun Nordnet Socialissa
- ·6 t sitten · MuokattuThe visible short has now covered down to 2.68 from 3.19, so this probably has something to do with yesterday's rise..·5 t sittenThe question is who makes such large volumes available at the end of the day? Small investors don't sit and wait to sell right until the end of the day.
- ·7 t sittenhttps://www.finansavisen.no/reise-og-fritid/2026/06/19/8359930/analytiker-petter-nystrom-mener-markedet-tar-feil-ser-store-synergier-etter-norwegian-oppkjop Believes the market is wrong: Sees significant synergies after acquisition The market gave Norwegian the cold shoulder after the acquisition of Stordalen's travel venture. – We believe the market risks focusing on the wrong things, says analyst Petter Nystrøm. The market did not react enthusiastically when Norwegian announced the acquisition of Nordic Leisure Travel Group (NLTG) earlier this week. The agreement means that Petter Stordalen and Altor will become major owners in the airline, while Norwegian will henceforth transition from being a pure-play airline to including both charter airlines and several tour operators. On the Oslo Stock Exchange, investors reacted by sending the share down over 5 percent on Tuesday, but after a few days of trading, the share is down around 1.4 percent compared to the last closing price before the acquisition was announced. The fear among both investors and analysts has revolved around Norwegian transitioning from being a pure-play and profitable airline to becoming a broad travel conglomerate. Analyst Petter Nystrøm at ABG Sundal Collier, however, does not agree with this assessment. He believes the market misunderstands the deal. the deal. – We believe the market risks focusing on the wrong things. If this works, we believe we could see earnings estimates of close to 3 kroner per share for Norwegian in 2 years, he says. – In our view, Norwegian is not primarily buying a tour operator. They are buying the Nordics' leading leisure platform with strong brands, proprietary distribution, and a unique portfolio of concept hotels, says Nystrøm. According to the analyst, these hotels account for around 60 percent of NLTG's profitability, while only making up 25 percent of the volumes. Less attractive? Nystrøm also believes that NLTG differs from other tour operators. The analyst himself has used NLTG's travel services and points out that customers are more likely to buy a holiday experience than just flights and hotels. That makes the product harder to compare with competitors, it provides better pricing power and higher margins. Flight tickets are much more «commodity» and more often exposed to price pressure, he says. – Won't Norwegian become a less attractive acquisition target now? – We are not convinced of that. One objection could be that Norwegian becomes a more complex company, but we would argue that it is the airline business that is the truly complex part. Hotels, package tours, and distribution are fundamentally simpler businesses to scale than airline operations, he says. – Also remember that this is a very capital-light model. Growth primarily requires «only» entering into long-term lease agreements with new hotels on an already established platform. Becomes a separate segment On the contrary, Nystrøm believes Norwegian becomes more attractive, as strategic buyers rarely pay for planes alone, but rather for market positions, distribution, customers, and networks that take years to build themselves. themselves. – Should IAG, Lufthansa, or another industrial player one day wish to acquire Norwegian, it is not a given that the hotel platform must follow. It can theoretically stand on its own or be realized separately, he says and continues: – This should not be mixed together. Management has been clear that Norwegian and NLTG will be operated as two separate businesses. Just as Widerøe remains a clear and independent business area within the group, NLTG can also be analyzed and valued based on growth and earnings. In the transaction, NLTG is valued at around 8 billion kroner, with the settlement occurring in both cash and Norwegian shares. According to Nystrøm, Norwegian is paying around 8 times EV/EBITA for NLTG. In comparison, players like Scandic, Skistar, and Meliá trade at EV/EBIT multiples of between 10 and 12. NLTG's margins are currently around half of what they were before covid, and if they move back to these levels, the acquisition suddenly looks even cheaper. Sees significant synergies Nystrøm also believes that the synergy potential is significant. Management has indicated that cost synergies alone could contribute around two percent higher margins by 2027. Of a turnover of 17 billion Swedish kroner, this amounts to around 350 million Swedish kroner in increased EBITA. – The most exciting, however, are the revenue synergies. Norwegian flies around seven million passengers to Southern Europe every year. If the company succeeds in using this customer base to fill more concept hotels and establish new concepts at existing and new destinations, one gets a completely different growth engine. This is a distribution power few hotel players can match, says Nystrøm. – If one takes today's EBITA of around 800 million Swedish kroner and adds two years of synergies of around 350 million per year, one is suddenly close to 1.5 billion in EBITA. That is also approximately the level the company delivered before covid, he says.
- ·7 t sittenNow it's coming like a rocket!!
- ·7 t sittenRun and buy! will go over 16 next week, don't let go of the final stretch with Vance and CO!!
- ·8 t sittenhttps://www.finansavisen.no/reise-og-fritid/2026/06/19/8359930/analytiker-petter-nystrom-mener-markedet-tar-feil-ser-store-synergier-etter-norwegian-oppkjop Can someone share what's in the article?·8 t sittenThe market didn't make waves when Norwegian announced the acquisition of Nordic Leisure Travel Group (NLTG) earlier this week. The agreement means that Petter Stordalen and Altor will become major shareholders in the airline, while Norwegian will transition from being a pure-play airline to including both charter airlines and several tour operators. On the Oslo Stock Exchange, investors reacted by sending the stock down over 5 percent on Tuesday, but after a few days of trading, the stock is down around 1.4 percent compared to the last closing price before the acquisition was announced. The fear among both investors and analysts has revolved around Norwegian going from being a pure-play and profitable airline to becoming a broad travel conglomerate. Analyst Petter Nystrøm at ABG Sundal Collier, however, does not agree with this assessment. He believes the market misunderstands the deal. – We believe the market risks focusing on the wrong things. If this works, we believe we could see earnings estimates of closer to 3 kroner per share for Norwegian in 2 years, he says. – In our view, Norwegian is not primarily buying a tour operator. They are buying the Nordics' leading leisure platform with strong brands, proprietary distribution, and a unique portfolio of concept hotels, says Nystrøm. According to the analyst, these hotels account for around 60 percent of NLTG's profitability, while only making up 25 percent of the volumes. Less attractive? Nystrøm also believes that NLTG differs from other tour operators. The analyst himself has used NLTG's travel services and points out that customers are more likely to buy a holiday experience than just flights and hotels. – That makes the product harder to compare with competitors, it provides better pricing power and higher margins. Airline tickets are much more "commodity" and often exposed to price pressure, he says. – Won't Norwegian become a less attractive acquisition target now? – We are not convinced of that. One objection might be that Norwegian becomes a more complex company, but we would argue that airline operations are the truly complex part. Hotels, package tours, and distribution are fundamentally simpler businesses to scale than flight operations, he says. – Remember also that this is a very asset-light model. Growth primarily requires "just" entering into long-term lease agreements with new hotels on an already established platform. On the contrary, Nystrøm believes Norwegian becomes more attractive, as strategic buyers rarely pay for planes alone, but rather for market positions, distribution, customers, and networks that take years to build yourself. – Should IAG, Lufthansa, or another industrial player one day wish to acquire Norwegian, it is also not a given that the hotel platform must follow. It can theoretically stand on its own feet or be realized separately, he says and continues: – This should not be blended together. Management has been clear that Norwegian and NLTG will be operated as two separate businesses. Just as Widerøe remains a clear and independent business area within the group, NLTG will also be able to be analyzed and valued based on growth and earnings. In the transaction, NLTG is valued at around 8 billion kroner, with the settlement occurring in both cash and Norwegian shares. According to Nystrøm, Norwegian is paying around 8 times EV/EBITA for NLTG. By comparison, players like Scandic, Skistar, and Meliá trade at EV/EBIT multiples of between 10 and 12. NLTG's margins are currently around half of what they were before covid, and if they move back to those levels, the acquisition suddenly looks even cheaper. Nystrøm also believes that the synergy potential is significant. Management has indicated that cost synergies alone could contribute around two percent higher margins by 2027. Of a revenue of 17 billion Swedish kroner, that amounts to around 350 million Swedish kroner in increased EBITA. – The most exciting thing, however, is the revenue synergies. Norwegian flies around seven million passengers to Southern Europe every year. If the company succeeds in using this customer base to fill more concept hotels and establish new concepts at existing and new destinations, you get a completely different growth engine. This is a distribution power few hotel players can match, says Nystrøm. – If you take today's EBITA of around 800 million Swedish kroner and add two years of synergies of around 350 million per year, you are suddenly close to 1.5 billion in EBITA. That is also roughly the level the company delivered before covid, he says. Adding NLTG's deferred tax asset of 578 million Swedish kroner, and assuming that Norwegian finances parts of the cash component of the acquisition in the bond market, Nystrøm believes the transaction could contribute 0.7 kroner per share in increased earnings for Norwegian. Then, earnings of 3 kroner per share in 2028 seem more realistic, compared to today's consensus expectations of 2.4 kroner per share, the analyst believes.
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