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Frodon
11.04.2019 kl 08:38 7309

Ny analyse ute fra Sparebank 1 - kursmål kr 35

«Keep Sell before Q1 2019 results - estimates updated with IFRS 16


Conclusion
We make no change to our recommendation/tp ahead of the Q1 2019 results (Sell report). We still find NAS expensive on EV/Sales when including operational leases in EV (this will become more visible in peer tables when estimates are updated with IFRS 16) and we expect the cash drain to continue in 2019. Our estimates are updated with IFRS 16 effects. Due to the change in accounting policies for operational leases, consensus estimates in Bloomberg for Q1 2019 seems outdated. Key focus areas when NAS reports Q1 will be pre-sold tickets (we expect NOK10.4bn), update on MAX problems/costs and update on cost-cutting programme (executing on a cost-cutting programme when the MAX aircraft is grounded could be harder to achieve). We expect production growth guidance for 2019 to be revised do«

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