Marius Borthen of Blueberry Capital Invests Millions in Norwegian Airline Shares, Analysts Positive on Future Growth

Marius Borthen has picked up Norwegian shares for millions in May. Several analysts are positive about the airline share going forward.

Several airline shares have gained air under their wings on the stock exchange this year, and on Oslo Børs the Norwegian share is a winner with an increase of 65 per cent since the turn of the year.

Among the investors who have recently invested in Norwegian shares is manager Marius Borthen through his fund, Blueberry Capital.

E24’s investor lists show that.

Million bet

Throughout May, Borthen has built up a position of 900,000 shares, where the last trade was registered in the shareholder overviews on 16 May, it appears.

The holding corresponds to Norwegian shares worth NOK 11 million.

At the same time, Borthen has bought into a former aviation bet on the stock exchange, Norse Atlantic, and is now registered with 600,000 Norse shares worth just under ten million kroner.

The administrator did not have the opportunity to comment on the flight bet when E24 contacted him on Saturday. Borthen founded Blueberry from school at NHH in 2010.

The shareholder lists have a two-day lag and thus do not capture changes that have occurred in these two days. The changes can stem from ordinary purchases or sales, but also from other types of transactions or events.

Positive analysts

Norwegian’s share price ended Friday at NOK 12.12. After the airline presented the figures for the first quarter earlier in May, several brokerage houses raised their expectations for the share price.

An overview at Bloomberg shows that the average price target, an expectation of what the share will be at in 12 months, is NOK 15.88. DNB Markets recently set its price target to NOK 18, while Pareto jacked up its target to NOK 20. Both recommend their customers to buy the airline shares.

– The results in the first quarter were slightly better than expected, and the strong booking for the summer combined with falling fuel prices paint a positive picture for 2023, despite the fact that the company adjusted down the expected available seat kilometers and higher unit costs, writes DNB Markets, according to Infront TDN Direkt.

Nordea Markets expects that Norwegian’s profit will increase considerably this year and in the future, on the expectation that unit costs will fall further as a result of the fleet expansion this year and next year, which combined with a tight market balance and increasing number of business travelers will support the yield.

There are no analysts who recommend their clients to sell the Norwegian share, according to Bloomberg’s overviews.