Cadeler (OB:CADLR) Valuation in Focus After Record Earnings and Fleet Expansion Propel Order Backlog Growth

Cadeler (OB:CADLR) attracted attention after releasing its Q3 2025 earnings, featuring impressive jumps in both revenue and net income. Record vessel utilization and fleet growth helped the company land several new contracts.

See our latest analysis for Cadeler.

Even with upbeat earnings and a surging order backlog, Cadeler’s share price remains under pressure, falling 17.1% over the past month and down 38.7% year-to-date. While the recent performance has dragged, its five-year total shareholder return of nearly 70% shows that long-term holders have still come out ahead.

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Given robust results and a steep discount to analyst targets, is Cadeler’s recent selloff a rare value play in a booming sector, or is the market already anticipating the company’s future growth?

Most Popular Narrative: 57.9% Undervalued

Cadeler’s fair value, according to the most recent popular narrative, stands dramatically higher than its last close. This suggests a valuation gap that could present opportunity. The narrative points to multiple unique business drivers as reasons the market may be overlooking Cadeler’s full potential.

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 expansion enables it to meet increasing global demand while also increasing utilization on the existing fleet.

Read the complete narrative.

Curious what numbers power this eye-popping gap between price and fair value? This narrative’s forecast is built on aggressive top-line growth, robust profit margins, and a future valuation multiple that rivals industry leaders. Want to know what bold assumptions truly set this projection apart? Dive in to uncover the surprising formula behind this fair value calculation.

Result: Fair Value of $95.36 (UNDERVALUED)

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

However, persistent delays in vessel delivery or integration challenges after the Eneti merger could disrupt Cadeler’s projected growth and challenge the optimistic profit forecasts.

Find out about the key risks to this Cadeler narrative.

Build Your Own Cadeler Narrative

If you see the story differently or want to put your own analysis to the test, crafting your own Cadeler narrative takes just a few minutes. Do it your way

A great starting point for your Cadeler research is our analysis highlighting 4 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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