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    Norwegian Air Shuttle (OB:NAS) Hit A July Traffic High, Is The Stock Still A Bargain?

    Simply Wall St·08/15/2026 01:31:54
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    Why July’s traffic report matters for Norwegian Air Shuttle stock

    Norwegian Air Shuttle (OB:NAS) drew investor attention after reporting July 2026 traffic figures. The group carried 3,061,053 passengers, including 2,701,132 on Norwegian and 359,921 on Widerøe, with high operational regularity.

    See our latest analysis for Norwegian Air Shuttle.

    Despite July’s record traffic, Norwegian Air Shuttle’s share price tells a mixed story, with a 30 day share price return of 4.15% set against a year to date share price decline of 24.42% and a 3 year total shareholder return of 51.84%. This suggests that recent momentum has improved, while the longer term picture still reflects earlier volatility and changing views on the company’s risk and recovery profile.

    If this kind of rebound story interests you, it can be helpful to compare airlines and travel plays with other sectors and uncover 104 top founder-led companies

    After July’s traffic high and a modest 30 day share price gain, Norwegian Air Shuttle is still down sharply this year. Has most of the recovery already played out, or does the current valuation still leave room for upside?

    Most Popular Narrative: 93.3% Undervalued

    The most followed narrative on Norwegian Air Shuttle prices the stock at a fair value of NOK200, far above the last close of NOK13.31. That gap is built on a very specific view of how earnings and cash generation could develop from here.

    I have held the stock of this company for 5 years

    My target is 200 NOK. $NAS.OL (Norwegian Air ShuttleQ2 figures: Profitability soars, inaugural dividend declared Norwegian announced its first dividend since restructuring, with NOK 0.90 per share (approval 10July2025, ex-dividend date 12August 2025, payment date 20August 2025 ) The airline reported a profit before tax of NOK 1,055 million, a significant improvement from the NOK -611 million EBIT reported in Q1. Revenue growth was particularly impressive, with unit revenue up 10% year-over-year despite modest capacity growth of just 1%. Ancillary revenue reached NOK 205 per passenger, up 5% compared to Q2 2024. The balance sheet remains robust with a liquidity position of NOK 13.8 billion, providing financial flexibility for strategic initiatives Norwegian reported strong traffic figures for Q2 2025, carrying 7.6 million passengers, a 4% increase year-over-year The company highlighted its successful summer season ramp-up with zero cancellations, contributing to record high Q2 unit revenue. On-time performance remained strong at 86% for Norwegian and 89.3% for Widerøe operations Corporate travel continues to show growth in 2025, with Norwegian citing its on-time performance, frequency, and regularity as key factors attracting business travelers. The company also announced a new contract with the Swedish state/Kammarkollegiet, further strengthening its position in the corporate market. Looking ahead, Norwegian provided guidance for the remainder of 2025. For the full year, the company expects capacity growth of 3% with unit cost increases. For Q3 2025, capacity growth is projected at 2%, while Q4 2025 is expected to see a capacity reduction of 3%.

    Read the complete narrative.

    Want to understand why a NOK200 fair value is on the table for Norwegian Air Shuttle? The narrative leans heavily on compounding earnings, disciplined capacity plans and a future profit multiple more often associated with faster growing sectors. Curious which revenue mix, margin path and growth runway assumptions have to line up to justify that number and keep this story intact over time.

    Result: Fair Value of NOK200 (UNDERVALUED)

    Have a read of the narrative in full and understand what's behind the forecasts.

    However, investors still face risks if Norwegian Air Shuttle misses capacity or cost targets, or if passenger demand softens after recent traffic and profitability highs.

    Find out about the key risks to this Norwegian Air Shuttle narrative.

    Next Steps

    If this mix of optimism and risk around Norwegian Air Shuttle has you on the fence, take a moment to review the full set of rewards before making up your mind. Start by checking the 2 key rewards

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    If Norwegian Air Shuttle has sharpened your interest in airline and travel stocks, do not stop here. Broaden your watchlist with other focused ideas that could suit your approach.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.