Gigante Salmon-25G weighing on 2027e outlook-05/18/2026

研报英文原文证据摘录

Gigante Salmon-25G weighing on 2027e outlook-05/18/2026

Gigante Salmon

UPDATE | 18 MAY 2026

25G weighing on 2027e outlook Target price (NOK) 12.0

GIGA’s 25G sh (stocked in November 2025) has faced issues that leads Share price (NOK) 8.0

the company to lower its 2027e volume target from 10.6kt to 8.0-8.5kt,

while taking a cautionary approach with guiding EBIT-cost guidance at

NOK 60-65/kg in 2027e. The 25G-struggles is thus set to cast long lasting

shadows, although it seems more of “one-off” than anything structural

(future stocking will be done earlier in the year). Our DCF continue to

support values well in excess of the current share price, but we trim our Forecast changes

TP to NOK 12 (14) to reflect a softer 2027e outlook. % 2026e 2027e 2028e

EBITA adj (66) (39) (10)

25G struggles impacting cost and volumes EPS reported NM (47) (13)

The current state of the 25-generations leads GIGA to lower its 2027e guidance EPS adj NM (47) (13)

on volumes while increasing cost guidance. We pencil in 8kt (previously 10kt),

with NOK 64.4/kg in EBIT-cost for 2027e, putting PAS estimates in the lower end Source: Pareto Securities

of volume guidance and the higher end on cost guidance. We further increase

longer term cost slightly to reflect the inflationary pressure in feed. In addition, we

have trimmed our Q2’26e price achievement by ~NOK 9/kg to reflect the poor Ticker GIGA.OL, GIGA NO

timing of sales during the quarter. All in all, our FY26e Op. EBIT is trimmed NOK Sector Seafood

40m, while the 2027e impact is closer to NOK 108m (-40%). 2028e is trimmed Shares fully diluted (m) 224.6

10%. Taking a longer view, the stock screens attractive based on long term Market cap (NOKm) 1,797

volume potential, but the 25G issues makes the 2027e story less appealing and Net debt (NOKm) 471