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CADLR: New Long-Term Offshore Contracts Will Drive Future Earnings Power

Global Offshore Wind Market Expansion Will Secure Fleet Leadership

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CADLR
AnalystConsensusTarget
Not Invested
Published 14 Mar 2025

Update shared on 04 Dec 2025

Fair value Decreased 11%
Previous
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AnalystConsensusTarget's Fair Value
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1Y
-27.6%
7D
-1.5%

Analysts have trimmed their price target on Cadeler to approximately $66.74 from about $75.16. This reflects expectations for slower revenue growth and slightly lower profit margins, which are only partly offset by a higher assumed future P/E multiple and a modestly higher discount rate.

What's in the News

  • Cadeler took delivery of Wind Mover, its second M class wind turbine installation vessel, ahead of schedule and within budget. This brings the operating fleet to ten vessels and supports immediate work on European offshore wind projects (company announcement).
  • The company reaffirmed its 2025 revenue guidance in the range of EUR 588 million to EUR 628 million, signaling confidence in its contracted backlog and market outlook (company guidance).
  • Cadeler signed two firm contracts for full scope transportation and installation of turbines and foundations for a major offshore wind farm, with a combined value of about EUR 500 million and work scheduled from 2029 to 2030. This further strengthens its long term order book (company announcement).
  • A new UK office in Norwich was opened to support a growing project pipeline in UK and European waters, providing a larger hub for engineering, project management, and commercial teams (company announcement).
  • The first A class vessel, Wind Ally, was delivered ahead of schedule and on budget. This enables Cadeler to handle full transport and installation scopes for XXL monopile foundations and increases fleet flexibility for large scale offshore wind projects (company announcement).

Valuation Changes

  • Fair Value Estimate was reduced from NOK 75.16 to NOK 66.74, a meaningful downgrade of roughly 11 percent.
  • The Discount Rate increased slightly from 10.06 percent to 10.43 percent, reflecting a modestly higher perceived risk profile.
  • Revenue Growth was lowered significantly from 32.73 percent to 22.89 percent, indicating more conservative expectations for top line expansion.
  • The Net Profit Margin was trimmed from 41.05 percent to 36.05 percent, pointing to somewhat weaker long term profitability assumptions.
  • The Future P/E was raised from 6.68x to 7.72x, implying that the valuation now assumes a modestly higher earnings multiple despite softer fundamentals.

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Disclaimer

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