The LSG stock has been soft recently and, although it is a case with substantial underlying values, we find the underlying operational momentum difficult. For Q4 we are 53% below Factset consensus and we see a risk of further cost disappointment into 2026 as the sea lice levels at submerged sites are disappointing. We reduce EPS by 4.2% in 2026e and reduce our TP to NOK 50/sh (old NOK 52/sh).
