Lerøy Seafood Group (OB:LSG) Reports Lower Harvest Volumes While Fair Value Still Looks Higher
Lerøy Seafood Group (OB:LSG) reported second quarter 2026 operating results, with harvested salmon and trout volumes at 44,750 GWT compared with 48,900 GWT a year earlier, while Lerøy Havfisk catch volumes reached 18.8 thousand tonnes.
See our latest analysis for Lerøy Seafood Group.
Lerøy Seafood Group's latest production update lands after a tough stretch, with the share price at NOK39.34 and the year to date share price return down 23.54%. The 3 year total shareholder return is positive at 10.91%, suggesting longer term holders have fared better than more recent buyers as momentum has faded in recent months.
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Lerøy Seafood Group now trades well below the average analyst price target and at a sizeable discount to some fair value estimates, yet the stock has been under pressure. Is the market’s caution still warranted?Most Popular Narrative: 25.1% Undervalued
Lerøy Seafood Group's most followed narrative anchors fair value at NOK52.50, well above the last close at NOK39.34, putting the recent share price weakness in a different light.
Lerøy's sustained investment in new farming technologies (such as submerged and shielding technology) and its in-house improvement program have already yielded higher survival rates, lower mortality, and cost reductions, positioning the company for continued increases in production volumes with better efficiency, which should positively impact both revenue growth and net margins.
Curious what sits behind that valuation gap? The narrative leans on a faster profit build, steadier revenue growth and a future earnings multiple that assumes tighter execution.
Result: Fair Value of NOK52.50 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, Lerøy Seafood Group still faces meaningful risks, including higher input costs and biological or regulatory setbacks that could pressure margins and challenge the current valuation narrative.
Find out about the key risks to this Lerøy Seafood Group narrative.
Another View: Lerøy Seafood Group Through a P/E Lens
The DCF-based fair value for Lerøy Seafood Group points to undervaluation, but the picture looks very different when you focus on the current P/E ratio. At 22.6x, the stock trades above the European food industry at 16.5x, the peer average at 19.5x, and a fair ratio of 20.9x. This suggests limited room for error if earnings or margins fall short. Which yardstick do you trust more when the signals diverge like this?
See what the numbers say about this price — find out in our valuation breakdown.
Next Steps
Unsure about the mixed signals surrounding Lerøy Seafood Group at the moment? Explore both the key concerns and the potential upside in more detail through the 3 key rewards and 2 important warning signs
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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