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1. Company Snapshot

1.a. Company Description

Cadeler A/S operates as an offshore wind farm transportation and installation contractor in Denmark.The company also provides wind farm maintenance, construction, decommissioning, and other tasks within the offshore industry.It owns and operates two offshore jack-up windfarm installation vessels.


The company was formerly known as Swire Blue Ocean A/S and changed its name to Cadeler A/S in October 2020.Cadeler A/S was founded in 2008 and is headquartered in Copenhagen, Denmark.

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1.b. Last Insights on CADLR

Cadeler A/S recent performance was negatively impacted by a lack of significant contract announcements in the past three months, despite signing a new vessel reservation agreement with Ocean Winds for the BC-Wind offshore wind farm in Poland. Additionally, the company's newbuild vessel Wind Mover secured two undisclosed contracts, but the lack of detail on these deals may have contributed to the negative sentiment. The absence of a recent earnings release and a notable presence of Cadeler's executives at a prominent shipping forum in March may have also contributed to the uncertainty surrounding the company.

1.c. Company Highlights

2. Cadeler's Q3 2025 Earnings: Strong Performance and Bright Outlook

Cadeler's third-quarter 2025 earnings presentation showcased a robust financial performance, with revenue reaching EUR 154.3 million, EBITDA of EUR 109.1 million, and a cash flow from operating activities of EUR 214 million. The company's EPS came in at EUR 2.05, significantly beating estimates of EUR 0.1644. The strong EPS was accompanied by a healthy EBITDA margin, underscoring the company's operational efficiency. With a current P/E Ratio of 5.7 and an EV/EBITDA of 7.82, the market appears to be pricing in a moderate growth trajectory.

Publication Date: Dec -02

📋 Highlights
  • Strong Q3 Financials: Revenue of EUR 154.3M, EBITDA of EUR 109.1M, and operating cash flow of EUR 214M.
  • High Utilization & Record Backlog: 92.2% utilization rate; EUR 2.9B backlog with 78% at Final Investment Decision (FID).
  • Newbuild Deliveries: Three of four 2025-scheduled vessels delivered; fourth (Wind Mover) to arrive within weeks.
  • Market Outlook & CapEx: Anticipates vessel undersupply by 2029–2030; EUR 320M CapEx for Wind Mover in Q4.
  • High Equity Ratio: Maintains 47.3% equity ratio with EUR 1.4B market cap and EUR 500M secured contract.

Operational Highlights

The company's utilization rate stood at 92.2%, with a record-high backlog of EUR 2.9 billion, of which 78% has reached Final Investment Decision (FID). Cadeler has signed several significant contracts, including a third full-scope foundation T&I contract and two turbine installation T&I contracts. The delivery of three out of four newbuilds scheduled for 2025 has been completed, with the remaining vessel, Wind Mover, on track for delivery within the next couple of weeks.

Commercial Outlook

Cadeler's commercial outlook reveals a recalibration in the market, with strong momentum in the inner years and a period of weaker momentum in between. The company expects a vessel undersupply towards the end of the decade and the beginning of the next decade, driven by clients committing to projects and a supply side that may be overestimating capacity. As per the management, "their assets drive efficiency on projects, making them a preferred solution." This expectation is backed by a growing O&M market and an increased share of the fleet.

Financial Position and Guidance

Cadeler maintains its full-year outlook for 2025, with a market capitalization of approximately EUR 1.4 billion and an equity ratio of 47.3%. The company has a strong balance sheet, sufficient funding for its remaining CapEx program, and solid support from banks. Analysts estimate next year's revenue growth at 69.6%, indicating a significant expansion in the company's top line. With a P/B Ratio of 0.97 and an ROE of 18.75%, Cadeler appears to be undervalued relative to its book value and return on equity.

Project Updates and Future Prospects

The company is making progress on the Hornsea 3 project, with all deliveries on target and on budget. Cadeler has secured a EUR 500 million contract, although details on the split between T&I services and installation are not disclosed. The company's flexible fleet and highly experienced team position it well for negotiating projects and delivering value to investors. With a record-high order backlog and a strong track record in capital markets, Cadeler is poised for growth in the coming years.

3. NewsRoom

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Cadeler Strengthens Balance Sheet with Additional Unsecured Green Corporate Loan Facility

Dec -01

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Cadeler Expands Fleet With Delivery of 10th Wind Turbine Installation Vessel, Wind Mover

Nov -28

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Cadeler (OB:CADLR) Jumps After €500 Million Offshore Wind Contracts and Strong Earnings—Is Market Share Set to Expand?

Nov -22

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Cadeler (OB:CADLR) Valuation: Is the Recent Pullback Creating Opportunity for Investors?

Nov -21

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Q3 2025 Earnings Release: Cadeler Delivers Strong Q3 Performance With High Utilisation, Improved Earnings and Continued Fleet Expansion

Nov -20

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Cadeler Signs Two Significant Contracts for Full-Scope Foundation and Turbine Transportation and Installation

Nov -10

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Cadeler Opens New UK Office in Norwich, Reinforcing Its Commitment to the Region’s Growing Offshore Wind Industry

Nov -05

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How Global Offshore Wind Is Battling a Perfect Storm of Challenges

Oct -14

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.27%)

6. Segments

Windfarm Installations Vessels

Expected Growth: None%

None

7. Detailed Products

Offshore Wind Turbine Installation

Cadeler A/S provides installation services for offshore wind turbines, utilizing its fleet of specialized vessels and equipment to transport and install turbines in the offshore environment.

Offshore Wind Turbine Maintenance

Cadeler A/S offers maintenance services for offshore wind turbines, providing routine maintenance, repairs, and upgrades to ensure optimal performance and extend the lifespan of the turbines.

Offshore Construction Support

Cadeler A/S provides construction support services for offshore wind farms, including transportation, installation, and commissioning of foundations, cables, and other infrastructure.

Decommissioning and Recycling

Cadeler A/S offers decommissioning and recycling services for offshore oil and gas platforms, wind turbines, and other infrastructure, ensuring environmentally responsible disposal and recycling of materials.

Marine and Logistics Services

Cadeler A/S provides marine and logistics services, including vessel chartering, cargo transportation, and supply chain management, for the offshore energy industry.

8. Cadeler A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Cadeler A/S is medium, as there are some alternatives available in the market, but they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for Cadeler A/S is low, as the company operates in a niche market and customers have limited alternatives.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Cadeler A/S is medium, as the company relies on a few key suppliers, but they do not have a high level of bargaining power.

Threat Of New Entrants

The threat of new entrants for Cadeler A/S is high, as the company operates in a growing market and there are many new entrants trying to capture market share.

Intensity Of Rivalry

The intensity of rivalry for Cadeler A/S is high, as the company operates in a competitive market with many established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 17.72%
Debt Cost 3.95%
Equity Weight 82.28%
Equity Cost 6.72%
WACC 6.23%
Leverage 21.54%

11. Quality Control: Cadeler A/S passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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ZIM Shipping

A-Score: 5.8/10

Value: 10.0

Growth: 6.7

Quality: 6.9

Yield: 10.0

Momentum: 1.0

Volatility: 0.3

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HHLA

A-Score: 5.0/10

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Growth: 2.6

Quality: 2.4

Yield: 3.8

Momentum: 8.0

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KNOT Offshore Partners

A-Score: 4.6/10

Value: 8.9

Growth: 2.3

Quality: 4.9

Yield: 5.6

Momentum: 4.0

Volatility: 1.7

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Seanergy Maritime Holdings

A-Score: 4.5/10

Value: 7.8

Growth: 2.2

Quality: 3.8

Yield: 9.4

Momentum: 1.5

Volatility: 2.3

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Cadeler

A-Score: 4.0/10

Value: 7.3

Growth: 5.8

Quality: 5.9

Yield: 0.0

Momentum: 0.5

Volatility: 4.3

1-Year Total Return ->

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EuroDry

A-Score: 2.4/10

Value: 8.0

Growth: 2.9

Quality: 0.4

Yield: 0.0

Momentum: 0.5

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

47.04$

Current Price

47.04$

Potential

-0.00%

Expected Cash-Flows