In “Analysis of the Week”—a stock that’s had a rough time so far in 2026!
In this week’s analysis, Aksjeanalyser.com takes a closer look at Norwegian Air Shuttle
(Oslo Stock Exchange ticker: NAS)
There has been a lot of media coverage surrounding Norwegian recently, and Aksjeanalyser.com has conducted its own analysis of the stock this week.
Company Overview: Norwegian Air Shuttle ASA
(Oslo Stock Exchange ticker: NAS)
Norwegian Air Shuttle ASA is an airline engaged in the provision of air transportation, other transportation, and travel-related activities. It offers routes to destinations in Europe, North Africa, and the Middle East. The company operates through the Norwegian and Wideroe segments. It is also involved in aircraft financing, leasing, and ownership; cargo; and other activities. The company was founded on January 22, 1993, and is headquartered in Fornebu, Norway.
Norwegian Air Shuttle ASA (NAS) has a market capitalization of approximately 12.4 billion NOK at today’s stock price.
For more information about the company, please visit their website here!
Technical Analysis of Norwegian Air Shuttle ASA
(ticker on the Oslo Stock Exchange: NAS)
Norwegian Air Shuttle stock has had a rough time so far in 2026, falling from around 18 kroner at the start of the year to around 11 kroner now.
However, there are now some positive signs for the stock, which is currently breaking above an important technical resistance level around NOK 12.
The stock is also breaking above its 50-day moving average here.
Furthermore, the stock is breaking out of a descending wedge pattern.
Overall, the trend is now taking hold, and if the stock consolidates above the 12 level, there are several positive technical signals for Norwegian stock.
The next technical resistance levels will now be around NOK 14 and then up toward NOK 18.
Based on the overall technical picture for Norwegian stock, Aksjeanalyser.com considers the stock an interesting buy candidate at current price levels.
The stock is at the support level near the lower trendline of the long-term uptrend that began in late 2022, and it may therefore be a good time to buy it now.
The BEST model in Vikingen is also issuing a buy signal now for Norwegian Air Shuttle (NAS). This popular and effective technical analysis model was developed by Peter Östevik. He completed the BEST model around 2019, drawing on 30 years of experience with technical analysis and Vikingen Financial Software.
In the short term (1–2 weeks), the potential is expected to be close to the 200-day moving average and around the NOK 14 level.
In the medium term (3–6 months), the stock’s potential is estimated to be in the range of NOK 18–22.
The only thing that could potentially change the currently positive technical signals for Norwegian stock would be if the stock were to break below the NOK 11 level.
Recent developments involving Norwegian Air Shuttle ASA (NAS)
Finansavisen.no – Published Oct. 18, 2:40 p.m. | Updated Oct. 18, 5:55 p.m.
“I’ve been buying stocks every day!”
John Fredriksen has purchased 8 million Norwegian shares over seven trading days. Harald Espedal has also been buying up shares in the airline recently.
Earlier this week, Finansavisen reported that John Fredriksen had begun buying Norwegian shares following a difficult year for the airline on the stock market.
New shareholder lists show that Fredriksen has purchased Norwegian shares for seven consecutive trading days, for more than 88 million kroner. The most recent recorded purchase was on Tuesday, October 14.
In total, Fredriksen has purchased 8 million shares for 88.4 million kroner since the buying spree began. His ownership stake has consequently increased from 13.27 to 14.03 percent. At Friday’s closing price, the stake is worth approximately 1.64 billion kroner, corresponding to 148.1 million shares.
Norwegian shares have fallen 36 percent this year, after unrest in the Middle East sent jet fuel prices soaring.
“You have to believe in a reopening [of the Strait of Hormuz] to believe in the case,” Pareto analyst Marcus Gavelli told Finansavisen earlier this week.
Espedal is also buying
Fredriksen isn’t the only one buying Norwegian as the stock price falls.
Harald Espedal’s fund, Salt Value, has nearly doubled its position since July, reports E24.
The Vennefondet fund owns nearly 24 million shares, worth around 260 million kroner. The first purchase was made on March 5, shortly after the outbreak of war in the Middle East.
Norwegian’s operating profit well above expectations
Oct. 28, 7:11 a.m. ∙ Finwire
Norwegian Air reported revenue in line with expectations for the third quarter of 2026. Operating income, however, was significantly higher than analysts’ expectations.
Revenue rose 4.0 percent to 12,739 million Norwegian kroner (12,252). This result compares with the analyst consensus of 12,778 million Norwegian kroner.
EBITDAR amounted to 4,115 million Norwegian kroner (3,986), compared with an expected 3,564 million Norwegian kroner. This represents a positive variance of 15.5 percent.
Operating income was 2,728 million Norwegian kroner (3,071); the expected operating income was 2,330 million Norwegian kroner. The operating margin was 21.4 percent (25.1).
Profit before taxes was 2,520 million Norwegian kroner (2,891).
Profit after taxes was 1,838 million Norwegian kroner (2,549).
Norwegian states that its underlying earnings were virtually unchanged compared with the previous year. Last year’s earnings were positively impacted by gains from aircraft purchases and compensation for delayed deliveries.
The number of passengers in the Group increased by 4 percent to 8.8 million during the quarter. Cash and cash equivalents totaled 11.2 billion Norwegian kroner at the end of the period.
The company expects capacity growth of approximately 2 percent for the full year 2026 and approximately 5 percent in 2027. The underlying unit cost, excluding fuel, is expected to remain unchanged in 2026 compared with the previous year.
Norwegian is also raising the target for its Program X improvement initiative. The annual recurring profit improvements are expected to exceed 1.25 billion Norwegian kroner starting in 2027, compared with the previous target of over 1 billion.
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