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Jul 12 2018, 08:00 IST/BST
Our long-standing concern about the Norwegian business model was that despite double-digit growth through 2016, 2017 and early 2018, it was not achieving any meaningful scale efficiencies. While we will look for follow-up improvement over the following quarters, this cost-led EBTIDA beat for Q2 is an encouraging sign. We expect that the stock price, however, will continue to largely reflect the likelihood of an acquisition.