European airlines have been facing their fair share of headwinds including Brexit, Boeing 737 Max delays and oil prices. Ryanair Holdings CEO Michael O’Leary has been consistent in his outlook that the airline industry is going to face further consolidation while unprofitable airlines will go into bankruptcy. “I think inexorably the market is moving towards consolidation. The bankruptcy of Thomas Cook was the latest … we clearly think the next failure will be that of Norwegian.” Looking at StarMine quantitative models and analytics, a challenging picture is painted for low-cost carrier Norwegian Air Shuttle: a secular decline in stock price