Cadeler (OB:CADLR): Evaluating Valuation After Norwich Office Expansion Signals UK Offshore Wind Growth Ambitions

Cadeler (OB:CADLR) has just opened a new, much larger office in Norwich, moving its UK operations from Great Yarmouth. This expansion highlights Cadeler’s ongoing investment in the UK offshore wind sector as well as its future project ambitions.

See our latest analysis for Cadeler.

While the new Norwich office marks another stride in Cadeler’s UK ambitions, the stock has faced a tougher year. Its share price is down 33.6% year-to-date, with a 1-year total shareholder return of -37.3%. Despite this, the strong 31.5% three-year total return hints at underlying growth potential and renewed optimism around longer-term project execution.

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The question for investors now is whether Cadeler’s recent decline presents an undervaluation in light of its project pipeline, or if the market is already reflecting all the company’s growth prospects in its current price.

Most Popular Narrative: 54.5% Undervalued

Cadeler’s fair value according to the most followed narrative sits far above its recent close. This suggests significant upside potential driven by future cash flows, margins, and sector momentum.

Catalysts
• Structural market tailwinds: Offshore wind installations are projected to grow from approximately 8 GW in 2024 to 34 GW by 2030 (28% CAGR), supported by strong policy initiatives in the EU, U.S., and China targeting over 400 GW of capacity. Source.
• Fleet expansion: Cadeler operates 7 wind installation vessels as of mid-2025 and is on track to expand its fleet to 11 vessels by the end of 2027. This enables the company to meet increasing global demand while also increasing utilization on its existing fleet.

Read the complete narrative.

Want to see why the narrative hints at a target price that overshadows the current market drop? The secret is not just in sector optimism. There is a bold projection for revenue growth, margin expansion, and a future profit multiple that few rivals can claim. Curious which numbers shape this punchy thesis? Dive in now for the details.

Result: Fair Value of $95.36 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, risks remain, including possible vessel delays or tightening policy. Both of these factors could quickly shift margins and investor sentiment in the coming quarters.

Find out about the key risks to this Cadeler narrative.

Build Your Own Cadeler Narrative

If you want to dig deeper or find a different perspective, you can shape your own Cadeler story with just a few minutes of hands-on analysis. Do it your way

A great starting point for your Cadeler research is our analysis highlighting 5 key rewards and 2 important warning signs that could impact your investment decision.

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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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