The purpose of this thesis is to investigate whether Norwegian Air Shuttle ASA is priced correctly on the Oslo Stock Exchange, as of December 31st, 2019. In order to answer the research question, a thorough analysis of the airline industry, a strategic analysis of Norwegian, and a financial analysis against peers has been conducted. As uncovered in the strategic analysis, the airline industry is characterized by high competition, low margins, and high exit-costs. Nevertheless, Norwegian has managed to grow extensively during the last decade and achieved a unique market position as the leading low-cost long-haul airline between Europe and the U.S. Furthermore, Norwegian has a strong brand and has won numerous costumer- and airline awards. However, this growth has not come cheap, as seen in the financial analysis.
Norwegian has reported negative earnings for the last three years, which makes it a difficult company to value.
The findings from the anal sis , laid the fo ndation for forecasting realistic ass mptions on key value drivers going forward. However, it is important to acknowledge that there are limitations to the assumptions, as different assumptions would have yielded a different result. Especially future investments and intangible assets as a percentage of revenues, have a big effect on the final value estimate. Additionally, the sensitivity analysis also unveiled that the value estimate is sensitive to changes in the cost of capital, the growth rate, and the oil price. Thus, again, small changes in the value drivers significantly affect the value estimate. Nevertheless, by using the discounted cash flow model, the market value of one share of equity was retrieved. The price of one share of equity in Norwegian Air Shuttle ASA per 31st of December 2019 is estimated at NOK 37.45. This seems to be a reasonable estimate as it happens to be almost the same as the market price on the last day of trading on 2019. Furthermore, the relative valuation illustrates that Norwegian is undervalued compared to peers and the European industry as of 31st of December 2019. This because, Norwegian does not share the same characteristics on risk, profitability, and cost of capital as the peers.
The fundamental analysis assumes that Norwegian will be able to refinance or increase their borro ings going for ard. This is a limitation as Nor egian s e pected earnings are forecasted to be negative for the next two years. In the case of failure to meet commitments from bond holders and aircraft producers, the existing shareholders risk losing control of the company. It
is expected that Norwegian will receive a compensation from Boeing regarding the grounding of the 737 MAX aircraft. This has not been accounted for in the discounted cash flow, and thus important to recognize.
To conclude, this thesis uncovers that there is a significant risk involved in Norwegian. The company is exposed to external threats, and favorable- or unfavorable circumstances can have a significant impact on the stock price. Therefore, a watch recommendation on Norwegian is hereby given.
Bibliography
Aagaard, J. (2019, August 25). Alle britiske lufthavne skal have 3D-scannere. Retrieved from https://check-in.dk/alle-britiske-lufthavne-skal-have-3d-scannere/
Aftenposten. (2018, January 8). Russisk gjennombrudd for Norwegian. Retrieved from https://www.aftenposten.no/norge/i/G1QyxB/Russisk-gjennombrudd-for-Norwegian Airbus. (2018a, April 25). Autonomous Skies: Airbus is working towards a world of
self-piloted air travel. Retrieved from
https://www.airbus.com/newsroom/stories/Autonomous-skies.html
Airbus. (2018b, April 10). Global Networks, Global Citizens 2018-2037. Retrieved from Airbus: https://www.airbus.com/aircraft/market/global-market-forecast.html
Airbus. (2018c, July 01). A b a a e C Se e a e B ba d e a d Investissement Québec comes into effect. Retrieved from Airbus:
https://www.airbus.com/newsroom/press-releases/en/2018/07/airbus--majority-stake-in-c-series-partnership-with-bombardier-a.html
Andreasen, D. L. (2019, July 29). Norwegian tilbyder biometrisk boarding på USA-rute.
Retrieved from https://check-in.dk/norwegian-tilbyder-biometrisk-boarding-paa-usa-rute/
Asquith, J. (2019, October 4). As Thomas Cook Collapses Into Bankruptcy - Will Norwegian Be The Next Airline To Fail?. Retrieved from
https://www.forbes.com/sites/jamesasquith/2019/10/04/as-thomas-cook-collapses-into-bankruptcywill-norwegian-be-the-next-airline-to-fail/#5838cf85734c
Avinor. (2019, October 1). Elektriske fly. Retrieved from https://avinor.no/konsern/klima/elfly/elektriske-fly
Barney, J. (1995). Looking inside for Competitive Advantage. The Academy of Management Executive (1993-2005), 9(4), 49-61.
Baron, J. (2019, July 2). Flight-Shaming Is Now A Thing Will It Keep You From Traveling?
Retrieved from https://www.forbes.com/sites/jessicabaron/2019/07/02/flight-shaming-is-now-a-thing--will-it-keep-you-from-traveling/#46b0b8b471a3
BBC. (2019a, December 31). Trump sets date for US-C a dea . Retrieved from https://www.bbc.com/news/business-50960490
BBC. (2019b, November 29). UK and US agree post-Brexit flights deal. Retrieved from https://www.bbc.com/news/business-46380463
Belobaba, P., Odoni, A., & Barnhart, C. (2009). The Global Airline Industry. Chichester:
Wiley.
Bernhardsen, T. & Røisland, Ø. (2000). Hvilke faktorer påvirker kronekursen?. Retrieved from
https://www.norges-bank.no/globalassets/upload/publikasjoner/penger_og_kreditt/2000-03/bernh.pdf Browning, J. (2019, November 11). EU Stops the Clock on Review of Boeing Deal With
Embraer. Retrieved from https://www.bloomberg.com/news/articles/2019-11-11/eu-stops-the-clock-on-review-of-boeing-purchase-of-embraer-stake
Bøe, E., & Bach, D. (2019, August 30). Nye svake tall fra Tyskland: - Er kanskje i resesjon allerede. Retrieved from https://e24.no/makro-og-politikk/tyskland/nye-svake-tall-fra-tyskland-er-kanskje-i-resesjon-allerede/24686109
Callen, T. (2018, December 18). G D e c P d c : A Ec A . Retrieved from https://www.imf.org/external/pubs/ft/fandd/basics/gdp.htm
CAPA. (2018, May 16). Airline mergers: why Europe needs blue sky thinking. Retrieved from https://centreforaviation.com/analysis/reports/airline-mergers-why-europe-needs-blue-sky-thinking-417376
CAPA. (2019, March 24). Ryanair CEO predicts European consolidation into five groups.
Retrieved from CAPA: https://centreforaviation.com/analysis/reports/ryanair-ceo-predicts-european-consolidation-into-five-groups-463831
Damodaran, A. (2020a). Home page. Retrieved from http://people.stern.nyu.edu/adamodar/
Damodaran, A. (2020b). Ratings, Interest Coverage Ratios and Default Spread. Retrieved from http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ratings.htm Damodaran, A. (2020c). Estimating market value of debt. Retrieved from
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/valquestions/mktvalofdebt.ht m
Damodaran, A. (2020d, January 5). Data current. Retrieved from
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datacurrent.html
Damodaran, A. (2012). Investment valuation: Tools and techniques for determining the value of any asset. Hoboken, N.J.: Wiley.
Deloitte. (2016). Aircraft leasing sector - Implications of the new leasing standard. Retrieved from
https://www2.deloitte.com/content/dam/Deloitte/ie/Documents/FinancialServices/ie_2 016_Aircraft_Leasing_Sector_Brochure_Deloitte_Ireland.pdf
DNB. (2019, February 20). Fortrinnsrettsemisjon i flyselskapet Norwegian. Retrieved from YouTube: https://www.youtube.com/watch?v=ixOvW5_7tw4
Doganis, R. (2010). Flying off Course: Airline economics and marketing. Fourth edition.
Abingdon: Routledge.
EASA, EEA & EUROCONTROL. (2019, January 24). European Aviation Environmental Report 2019. doi: 10.2822/309946
EasyJet. (2019a, April 4). EasyJet plc. Retrieved from http://corporate.easyjet.com/default.aspx EasyJet. (2019b, October 1). Strategy. Retrieved from
http://corporate.easyjet.com/about/strategy
EasyJet. (2018). Annual Report and accounts 2018. Retrieved from
https://corporate.easyjet.com/~/media/Files/E/Easyjet/pdf/investors/results-centre/2018/2018-annual-report-and-accounts.pdf
European Commision. (2019a, December). An ambitious external aviation strategy. Retrieved from
https://ec.europa.eu/transport/modes/air/aviation-strategy/external_policy#timeline-entry-3202
European Commission. (2019b, October 1). Reducing emissions from aviation. Retrieved from https://ec.europa.eu/clima/policies/transport/aviation_en
European Commission. (2019c, September 03). An Aviation Strategy for Europe. Retrieved from https://ec.europa.eu/transport/modes/air/aviation-strategy
European Commission. (2019d, May 12). EU Aviation: 25 years of reaching new heights.
Retrieved from https://ec.europa.eu/transport/modes/air/25years-eu-aviation_en European Commission. (2016, February). Annual Analyses of the EU Transport Market 2015.
Croydon: Mott MacDonald.
European Commission. (2015, December 7). Directorate-General for Mobility and Transport.
Retrieved from EUR-Lex: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52015DC0598&from=EN European Union (2019, December 16). The EU in brief. Retrieved from
https://europa.eu/european-union/about-eu/eu-in-brief_en
Gapper, J. (2019, March 13). Do not fear flying on the Boeing 737 Max. Retrieved from https://www.ft.com/content/4a496d0e-44bc-11e9-a965-23d669740bfb
Glesnes, G. (2009, Desember 11). Her er toget raskere enn fly. Retrieved from https://www.vg.no/reise/i/e1GK6y/her-er-toget-raskere-enn-fly
Graver, B. & Rutherford, D. (2018, September 9). Transatlantic Airline Fuel Efficiency Rankin, 2017. The International Council on Clean Transport. Retrieved from
https://theicct.org/sites/default/files/publications/Transatlantic_Fuel_Efficiency_Ranki ng_20180912.pdf
Gregg, A. (2019, May 7). Fliers plan to avoid Boeing 737 Max jets for a year or more, Barclays survey concludes. Retrieved from
https://www.washingtonpost.com/business/2019/05/07/fliers-plan-avoid-boeing-max-jets-year-or-more-barclays-survey-concludes/
Harrison, V. (2019, April 28). Ca C a a e-maker take on Boeing and Airbus?
Retrieved from https://www.bbc.com/news/business-47689386
Haugen, A. (2019, November 6). Velykket Norwegian-emisjon: Henter 2,5 milliarder.
Retrieved from https://e24.no/naeringsliv/i/g7xBaA/vellykket-norwegian-emisjon-henter-25-milliarder
Hawkins, A. J. (2019, January 23). B e g e e e a a a craft completes its first test flight. Retrieved from
https://www.theverge.com/2019/1/23/18194332/boeing-electric-autonomous-aircraft-test-flight-vtol-aurora-flight-sciences
Hofschire, D., Emsbo-Mattingly, L., Weinstein, J., & Dourney, C. (2019, May 22). W a ahead for stocks? Retrieved from https://www.fidelity.com/viewpoints/market-and-economic-insights/business-cycle-update-may-2019
Høgseth, M. H.. (2017, September 13). Norwegian og EasyJet inngår samarbeid. Retrieved from https://e24.no/boers-og-finans/i/OnKJLA/norwegian-og-easyjet-inngaar-samarbeid
Høyland, K. (2019, August 30). Deeskalering men for hvor lenge? Retrieved from
https://investor.nordea.dk/oetoi/noi/publication/prod/30.08.2019/publication.174.2437 917.2179517.35ukerapportnorgefinal.pdf
IAG. (2019a, October 1). IAG Overview. Retrieved from https://www.iairgroup.com/en/the-group/iag-overview
IAG. (2019b, May 5). Annual report and accounts 2018. Retrieved from
http://www.iairgroup.com/phoenix.zhtml?c=240949&p=irol-reportsannual
IAG. (2019c, April 4). Our brands. Retrieved from https://www.iairgroup.com/en/our-brands IAG. (2018, April 12). Response to press speculation on Norwegian Air Shuttle ASA.
Retrieved from http://www.iairgroup.com/phoenix.zhtml?c=240949&p=irol-rnsArticle_Print&ID=2342210
IATA. (2019a, June 2). Annual Review. Retrieved from
https://www.iata.org/publications/pages/annual-review.aspx IATA. (2019b, August 31). Jet Fuel Price Monitor. Retrieved from
https://www.iata.org/publications/economics/fuel-monitor/Pages/index.aspx IATA. (2019c, May 1). 100 Years of Commercial Flight. Retrieved from
https://www.iata.org/about/Pages/flying-100-years.aspx
ICAO. (2020, April 28). Effects of Novel Coronavirus (COVID-19) on Civil Aviation:
Economic Impact Analysis. Retrieved from
https://www.icao.int/sustainability/Documents/COVID-19/ICAO_Coronavirus_Econ_Impact.pdf
IndexMundi. (2020, January 1). Crude Oil (petroleum); Dated Brent Daily Price. Retrieved from
https://www.indexmundi.com/commodities/?commodity=crude-oil-brent&months=240&commodity=jet-fuel
International Energy Agency. (2019, March 11). Oil 2019: Analysis and forecast to 2024.
Retrieved from https://www.iea.org/oil2019/
International Monetary Fund. (2019, April). World Economic Outlook. Retrieved from https://www.imf.org/en/Publications/WEO/Issues/2019/03/28/world-economic-outlook-april-2019
Jakobsen, G. (2019, March 4). Niels Smedegaard to step down as CEO of DFDS. Torben Carlsen to take over. Retrieved from
https://www.dfds.com/en/about/media/news/niels-smedegaard-to-step-down-as-ceo-of-dfds
Johnsen, L. W. (2019, 12 February). Ingen tårer for Norwegian. Retrieved from https://www.dagsavisen.no/debatt/ingen-tarer-for-norwegian-1.1276957
Johnson, G., Whittington, R., Scholes, K., Angwin, D., & Regnér, P. (2017). Exploring Strategy 11th edition. Harlow: Pearson.
Kaspersen, L. (2015, ). De e e b g e f e a e e e a d a e . Retrived from https://www.dn.no/luftfart/dette-er-bookingtrikset-flyselskapene-ikke-vil-at-du-skal-vite-om/1-1-5316691
KPMG. (2019). The Aviation Industry Leaders Report 2019. Retrieved from
https://assets.kpmg/content/dam/kpmg/ie/pdf/2019/01/ie-aviation-industry-leaders-report-2019.pdf
Koller, T., Goedhart M., Wessels, D. (2015). Valuation: Measuring and Managing the Value of Companies. Hoboken, NJ: John Wiley & Sons.
Levi, M. (2009). International finance (5.th ed.). London: Routledge.
Lim, S., & Hong, Y. (2014). Fuel hedging and airline operating costs. Journal of Air Transport Management,36, 33-40.
Lucky, B. (2019, October 31). Quid Pro Quo: Norwegian To Lease Russian Sukhoi
Superjets?! Retrieved from https://onemileatatime.com/norwegian-sukhoi-superjets/
Lorentzen, M. (2019, December 17). Norwegian dropper Oakland: Flytter alle ruter til San Francisco. Retrieved from https://e24.no/boers-og-finans/i/6jv90O/norwegian-dropper-oakland-flytter-alle-ruter-til-san-francisco
Lorentzen, M., & Kvale N. A. (2019, September 2). Norwegian ber kreditorene om låneutsettelse: Tilbyr avgangstider i London som pant. Retrieved from https://e24.no/boers-og-finans/i/K3qgkM/norwegian-ber-kreditorene-om-laaneutsettelse-tilbyr-avgangstider-i-london-som-pant
MarketLine. (2018, April 27). Global Airlines. Retrieved from https://advantage-marketline-com.esc-web.lib.cbs.dk:8443/Analysis/ViewasPDF/global-airlines-78189
MarketLine. (2018, July 26). Norwegian Air: How a market disruptor became a major player in aviation. Retrieved from
https://advantage-marketline-com.esc- web.lib.cbs.dk:8443/Analysis/ViewasPDF/norwegian-air-how-a-market-disruptor-became-a-major-player-in-aviation-66222
Matoulkova, K. (2019, July 4). IMO 2020: Understanding the potential impact of the maritime sulphur limit on aviation. Retrieved from
https://www.iata.org/publications/economics/Reports/IMO-2020.pdf
Mazareanu, E. (2019, December). Revenue of airlines worldwide 2003-2020. Retrieved from https://www.statista.com/statistics/278372/revenue-of-commercial-airlines-worldwide/
Minter M. (2018, June). Klimabarometeret 2018. CINCITO. Retrieved from
https://concito.dk/files/dokumenter/artikler/klimabarometeret_2018_endelig_rev2.pdf Mood s In estors Ser ice. (2018, A g st 9). Financial Statement Adjustments in the
Analysis of Non-Financial Corporations. Retrieved from
https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1106999 Moe, S. & Aga Nilsen, A. (2019, March 18). Bjørn Kise slutter som styreleder i Norwegian i
mai. Retrieved from https://e24.no/naeringsliv/i/m6XnmO/bjoern-kise-slutter-som-styreleder-i-norwegian-i-mai
Oslo Stock Exchange. Norwegian Air Shuttle. Retrieved from
https://www.oslobors.no/ob_eng/markedsaktivitet/#/details/NAS.OSE/overview NASA. (2019, August 28). Global Climate Change: Vital Signs of the Planet. Retrieved from
https://climate.nasa.gov
Nikel, D. (2019, October, 26). Norwegian Fights Back with Record Quarterly Profit.
Retrieved from https://www.forbes.com/sites/davidnikel/2019/10/26/norwegian-fights-back-with-record-quarterly-profit/#15f38930212f
Norges Bank. (2019, June 20). Monetary Policy Report with financial stability assessment.
Retrieved from:
https://static.norges-bank.no/contentassets/cda000898c914e7890fa1b545d81ace4/ppr_219.pdf?v=06/20/20 19091626&ft=.pdf
Norges-Bank. (2020a, April 17). Government bonds annual average. Retrieved from:
https://www.norges-bank.no/en/topics/Statistics/Interest-rates/Government-bonds-annual/
Norges-Bank. (2020b, March 15). Valutakurser. Retrieved from: https://www.norges-bank.no/tema/Statistikk/Valutakurser/?tab=all
Norwegian Air Shuttle ASA. (2020a, February 13). Interim report fourth quarter and full year 2019. Retrieved from
https://www.norwegian.no/globalassets/documents/quarterly-results/interim-report-q4-2019.pdf
Norwegian Air Shuttle ASA. (2020b, January 21). Norwegian wins two coveted accolades at the Airline Economics Aviation 100 Awards. Retrieved from
https://media.uk.norwegian.com/pressreleases/norwegian-wins-two-coveted-accolades-at-the-airline-economics-aviation-100-awards-2962733
Norwegian Air Shuttle ASA. (2019a, December). Awards and recognitions. Retrieved from https://www.norwegian.com/uk/about/our-story/awards-and-recognitions/
Norwegian Air Shuttle ASA. (2019b, December 31). Traffic Information. Retrieved from https://norwegian.custhelp.com/app/answers/detail/a_id/147/traffic-information Norwegian Air Shuttle ASA. (2019c, October 24). Interim Report. Retrieved from
https://www.norwegian.no/globalassets/documents/quarterly-results/interim-report_2019_q3_upd.picture_final.pdf
Norwegian Air Shuttle ASA. (2019d, October 24). Norwegian to establish a joint venture for parts of its aircraft fleet with China Construction Bank Leasing Corporation.
Retrieved from https://media.uk.norwegian.com/pressreleases/norwegian-to-establish- a-joint-venture-for-parts-of-its-aircraft-fleet-with-china-construction-bank-leasing-corporation-2935516
Norwegian Air Shuttle ASA. (2019e, October 24). Q3 2019 Presentation. Retrieved from https://www.norwegian.no/globalassets/documents/quarterly-results/norwegian-q3-2019-presentation.pdf
Norwegian Air Shuttle ASA. (2019f, September 20). Our story. Retrieved from https://www.norwegian.com/uk/about/our-story/
Norwegian Air Shuttle ASA. (2019g, September 20). Our Aircraft. Retrieved from https://www.norwegian.com/uk/about/our-story/our-aircraft/
Norwegian Air Shuttle ASA. (2019h, August 28). På vei mot en mer bærekraftig luftfart.
Retrieved from https://www.norwegian.no/om-oss/opplev-oss/barekraftig-luftfart/
Norwegian Air Shuttle ASA. (2019i, August 19). Norwegian Air Shuttle sells its shareholding in Norwegian Finans Holding for NOK 2,218 million. Retrieved from
https://newsweb.oslobors.no/message/483184
Norwegian Air Shuttle ASA. (2019j, February 21). Prospectus - Preferential Rights Issue, February 2019. Retrieved from
https://www.norwegian.no/globalassets/ip/media/about-us/company/investor-relations/norwegian-air-shuttle-asa---prospectus---rights-issue-2019.pdf
Norwegian Air Shuttle ASA. (2019k, February 21). Norwegian Leaps Forward as Largest Non-North American Airline to Serve New York City in 2018. Retrieved from https://media.uk.norwegian.com/pressreleases/norwegian-leaps-forward-as-largest-non-north-american-airline-to-serve-new-york-city-in-2018-2838937
Norwegian Air Shuttle ASA. (2019l, November 20). Jacob Schram appointed new CEO of Norwegian. Retrieved from https://media.uk.norwegian.com/pressreleases/jacob-schram-appointed-new-ceo-of-norwegian-2945543
Norwegian Air Shuttle ASA. (2018). Annual report 2018. Retrieved from
https://www.norwegian.no/globalassets/ip/media/about-us/company/investor-relations/annual-report-norwegian-2018.pdf
Norwegian Air Shuttle ASA. (2017). Annual report 2017. Retrieved from
https://www.norwegian.no/globalassets/ip/documents/investor-relations/annual-report-2017.pdf
Norwegian Air Shuttle ASA. (2016). Annual report 2016. Retrieved from
https://www.norwegian.no/globalassets/ip/documents/about-us/company/investor-relations/reports-and-presentations/annual-reports/norwegian-annual-report-2016.pdf Norwegian Air Shuttle ASA. (2015). Annual report 2015. Retrieved from
https://www.norwegian.no/globalassets/ip/documents/about-us/company/investor-relations/reports-and-presentations/annual-reports/norwegian-annual-report-2015.pdf Norwegian Air Shuttle ASA. (2012, January 25). Historiens største flyordre i Europa:
Norwegian kjøper 222 nye fly. Retrieved from
https://media.no.norwegian.com/pressreleases/historiens-stoerste-flyordre-i-europa-norwegian-kjoeper-222-nye-fly-726503
NRK. (2019). Skolestreik for klimaet. Retrieved from https://www.nrk.no/nyheter/skolestreik-for-klimaet-1.14409620
Nærings- og fiskeridepartementet. (2018, June 6). Staten har solgt seg ut av SAS. Retrieved from https://www.regjeringen.no/no/aktuelt/staten-har-solgt-seg-ut-av-sas/id2606104 Oslo Børs. (2019a, December 2019). Norwegian Air Shuttle. Retrieved from
https://www.oslobors.no/markedsaktivitet/#/details/NAS.OSE/overview Oslo Børs. (2019b, December 2019). Hovedindeksen. Retrieved from
https://www.oslobors.no/markedsaktivitet/#/details/OSEBX.OSE/overview OSM Aviation (2020). Our Services. Retrieved from https://osmaviation.com/about/
Oxley, D. (2017, May). Estimating the impact of recent terrorist attacks in Western Europe.
Retrieved from https://www.iata.org/publications/economic-briefings/European-terrorism-impact.pdf
Pearce, B. (2019, April 2). State of the Airline Industry in Europe. Retrieved from
https://www.iata.org/publications/economics/Pages/index.aspx?menu=Market+%26+I ndustry+Issues#
Penman, S. (2016). Valuation: The State of the Art. Schmalenbach Business Review. 17, 3-23.
10.1007/s41464-016-0002-y.
Penman, S. (2013). Financial statement analysis and security valuation (5.th ed.). New York:
McGraw-Hill/Irwin.
Petersen, C., Plenborg, T., & Kinserdal, F. (2017). Financial Statement Analysis. Bergen:
Fagbokforlaget.
Porter, M. E. (2008). The Five Competitive Forces That Shape Strategy. Harvard Business Review, 86(1), 25-40.
PWC. (2016, February). A study on the impact of lease capitalisation, IFRS 16: The new leases standard. Retrieved from https://www.pwc.nl/nl/assets/documents/pwc-a-study-on-the-impact-of-lease-capitalisation.pdf
PWC. (2019, December). Risikopremien i det norske markedet. Retrieved from https://www.pwc.no/no/publikasjoner/pwc-risikopremie-2019.pdf Regjeringen.no. (2019, January 17). Granavolden-plattformen. Retrieved from
https://www.regjeringen.no/no/dokumenter/politisk-plattform/id2626036/#samferdsel Regjeringen.no (2018, June 27). Staten har solgt seg ut av SAS. Retrieved from:
https://www.regjeringen.no/no/aktuelt/staten-har-solgt-seg-ut-av-sas/id2606104/
Regjeringen.no (2017, April 5). Mer effektiv og konkurransedyktig luftfart. Retrieved from:
https://www.regjeringen.no/no/aktuelt/mer-effektiv-og-konkurransedyktig-luftfart/id2548495/
Rivers, M. (2019, August 12). How Bitcoin Is Taking Flight With Norwegian Air. Retrieved from https://www.forbes.com/sites/martinrivers/2019/08/12/revealed-how-norwegian-air-is-giving-wings-to-bitcoin/#40059136e182
Rosendahl, J. (2017, May 26). Finnair secures deal to increase flights to Asia over Siberia.
Retrived from https://www.reuters.com/article/us-finnair-russia/finnair-secures-deal-to-increase-flights-to-asia-over-siberia-idUSKBN18M0QD
Ryanair. (2019a, October 1). History of Ryanair. Retrieved from https://corporate.ryanair.com/about-us/history-of-ryanair/
Ryanair. (2019b, February). Q3 Feb 2019. Retrieved from https://investor.ryanair.com/wp-content/uploads/2019/02/Q3-FY19-Ryanair-Powerpoint-Final.pdf
Ryanair. (2018). Annual Report Ryan Air FY 2018. Retrieved from
https://investor.ryanair.com/wp-content/uploads/2018/07/Ryanair-FY-2018-Annual-Report.pdf
SAS. (2019, May 06). Annual report FY 2018. Retrieved from https://www.sasgroup.net/annualreports/2018/en.html SAS. (2019, May 06). History Milestones. Retrieved from
https://www.sasgroup.net/en/history-milestones/
Settæm, J. B. & Tollersrud, T. (2019, March 25). Burde tatt på pensjons-hatten for lenge siden. Retrieved from https://www.nrk.no/norge/snakker-ut-for-forste-gang-etter-ulykken-1.14489357
Sprague, K. (2019, January 26). Why the Airbus-Boeing duopoly dominate 99% of the large plane market. Retrieved from https://www.cnbc.com/2019/01/25/why-the-airbus-boeing-companies-dominate-99percent-of-the-large-plane-market.html
S&P Global Market Intelligence. (2019, February 13). Credit Analysis, Flying Into the Danger Zone; Norwegian Air Shuttle. Retrieved from
https://www.spglobal.com/marketintelligence/en/news-insights/blog/flying-into-the-danger-zone-norwegian-air-shuttle
Taneja, N. K. (2017). Airline Industry: Poised for Disruptive Innovation? Abingdon:
Routledge.
Taylor Airey. (2018, October). A study of the effects of the United Kingdom leaving the European Union on airlines flying to and from the UK. Retrieved from
https://www.iata.org/contentassets/e22c55cf063a47d5915886f6675c1f39/iata-brexit-study.pdf
Trumpy, J. (2019, May 29). SAS merker ingen flyskam i Norge bare i Sverige. Dagens Næringsliv. Retrieved from
https://www.dn.no/luftfart/rickard-gustafson/sas/avinor/sas-merker-ingen-flyskam-i-norge-bare-i-sverige/2-1-612240 Trumpy, J., & Wilke, F. (2019, May 8). Norwegians nye styreleder: - Jeg er utålmodig. Jeg
vil se om vi kan øke farten. Dagens Næringsliv. Retrieved from
https://www.dn.no/luftfart/norwegian/niels-smedegaard/sas/norwegians-nye-styreleder-jeg-er-utalmodig-jeg-vil-se-om-vi-kan-oke-farten/2-1-599465