← Back to portfolio

NAS.OL – Performance & Valuation Analysis

Python · yfinance · February 2026

An equity research report on Norwegian Air Shuttle (NAS.OL) covering the post-restructuring period from June 2021 to February 2026. Two Python scripts pull live market and financial data via yfinance, compute performance and valuation metrics, and generate all charts used in the report.

What it does

Performance script computes daily and cumulative returns, 21-day rolling annualised volatility, 252-day rolling Sharpe ratio (Rf = 4%), RSI with Wilder smoothing, and drawdown from peak.

Valuation script computes P/E (static, trailing, forward), P/B, P/S, EV/EBITDA, FCF yield, ROE, ROIC, operating margin, debt-to-equity, net debt/EBITDA, interest coverage, free cash flow, and FCF conversion. Outputs combined multi-panel charts and a summary table.

Key findings

MetricValue
Cumulative return (Jun 2021–Feb 2026)~60%
Max drawdown-50%
Operating margin (2025)~9%
ROIC (2025)~22%
P/E (static)6.69
EV/EBITDA3.10
Net debt/EBITDA trend0.83x → 1.43x
FCF yield16.8%
Norwegian has recovered convincingly since exiting bankruptcy—positive margins, a first-ever dividend, and 60% cumulative return. However, net debt/EBITDA has nearly doubled, free cash flow is declining amid heavy fleet investment (80 aircraft on order through 2031), and the stock trades at a steep discount to peers. The market appears to be pricing sustainability risk that the current financials don't yet fully reflect.

Peer context

The report benchmarks Norwegian against Ryanair, IAG, easyJet, and Wizz Air on P/E and EV/EBITDA, with sector-level data from Damodaran's January 2026 datasets. All peer data is sourced and footnoted in the PDF.

Limitations

All data sourced from yfinance (occasional inconsistencies noted). No programmatic peer comparison—peer multiples were sourced separately. Sample covers only the post-restructuring period (~4.5 years), which may not represent a full economic cycle.

Tags: Python · yfinance · Equity research · Financial analysis