. The catch is that shareholders – either new or existing ones – must chip in at least $532 million as well. That could be a stretch.
Even after a 14% share price jump on Thursday morning, Norwegian’s market value is only $318 million, just over half the required cash injection. Nor has Oslo outlined the terms of its hybrid-loan largesse, other than to say it doesn’t want to end up a shareholder. Norwegian’s current owners probably felt the same before they agreed to a $4.3 billion debt-for-equity swap last year. Having to pay extra to stay on a potentially doomed flight doesn’t sound like fun.
. That partly reflects the 11% growth in Bankinter’s corporate loan book in 2020, fuelled by government guarantees. If the forecast proves accurate, the shares should trade closer to the bank’s book value. They’re currently valued at around 90% of their estimated 2021 book value, according to Refinitiv forecasts.
Caixabank and Banco de Sabadell, which trade at just 49% and 17% of 2021 book value, respectively, have even more scope to pleasantly surprise investors. Intel's logo is pictured during preparations at the CeBit computer fair, which will open its doors to the public on March 20, at the fairground in Hanover, Germany, March 19, 2017.
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