Cadeler A/S

OB:CADLR Stock Report

Market Cap: NOK 22.8b

Cadeler Valuation

Is CADLR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CADLR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CADLR (NOK65.1) is trading below our estimate of fair value (NOK595.49)

Significantly Below Fair Value: CADLR is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CADLR?

Key metric: As CADLR is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for CADLR. This is calculated by dividing CADLR's market cap by their current revenue.
What is CADLR's PS Ratio?
PS Ratio15.9x
Sales€123.07m
Market Cap€1.96b

Price to Sales Ratio vs Peers

How does CADLR's PS Ratio compare to its peers?

The above table shows the PS ratio for CADLR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.9x
VEI Veidekke
0.4x3.8%NOK 17.7b
AFG AF Gruppen
0.5x3.3%NOK 14.7b
NORCO Norconsult
1.1x3.5%NOK 11.2b
IWS Integrated Wind Solutions
5.6x35.2%NOK 1.9b
CADLR Cadeler
15.9x50.4%NOK 22.8b

Price-To-Sales vs Peers: CADLR is expensive based on its Price-To-Sales Ratio (15.9x) compared to the peer average (1.9x).

Price to Sales Ratio vs Industry

How does CADLR's PS Ratio compare vs other companies in the European Construction Industry?

13 CompaniesPrice / SalesEstimated GrowthMarket Cap
CADLR 15.9xIndustry Avg. 0.4xNo. of Companies26PS00.40.81.21.62+
13 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: CADLR is expensive based on its Price-To-Sales Ratio (15.9x) compared to the European Construction industry average (0.4x).

Price to Sales Ratio vs Fair Ratio

What is CADLR's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CADLR PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio15.9x
Fair PS Ratio4.3x

Price-To-Sales vs Fair Ratio: CADLR is expensive based on its Price-To-Sales Ratio (15.9x) compared to the estimated Fair Price-To-Sales Ratio (4.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CADLR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 65.10
NOK 81.03
+24.5%
7.7%NOK 91.09NOK 71.44n/a7
Nov ’25NOK 74.00
NOK 81.38
+10.0%
7.6%NOK 93.03NOK 72.44n/a7
Oct ’25NOK 75.70
NOK 82.07
+8.4%
7.0%NOK 92.02NOK 73.32n/a7
Sep ’25NOK 70.30
NOK 79.59
+13.2%
7.1%NOK 89.68NOK 71.46n/a7
Aug ’25NOK 71.10
NOK 74.92
+5.4%
8.0%NOK 87.06NOK 69.26n/a7
Jul ’25NOK 67.60
NOK 74.92
+10.8%
8.0%NOK 87.06NOK 69.26n/a7
Jun ’25NOK 65.50
NOK 70.88
+8.2%
13.4%NOK 87.04NOK 59.06n/a7
May ’25NOK 52.80
NOK 64.69
+22.5%
8.8%NOK 71.45NOK 58.55n/a6
Apr ’25NOK 53.10
NOK 64.26
+21.0%
8.1%NOK 71.94NOK 58.95n/a6
Mar ’25NOK 46.40
NOK 64.01
+38.0%
9.0%NOK 72.58NOK 57.78n/a6
Feb ’25NOK 48.32
NOK 61.57
+27.4%
7.5%NOK 70.31NOK 57.19n/a6
Jan ’25NOK 46.92
NOK 56.41
+20.2%
12.2%NOK 70.02NOK 48.69n/a6
Dec ’24NOK 34.14
NOK 56.46
+65.4%
6.6%NOK 61.48NOK 51.20n/a5
Nov ’24NOK 35.10
NOK 57.36
+63.4%
7.1%NOK 62.04NOK 51.16NOK 74.005
Oct ’24NOK 36.42
NOK 55.31
+51.9%
6.6%NOK 59.45NOK 49.03NOK 75.706
Sep ’24NOK 40.50
NOK 56.55
+39.6%
6.4%NOK 60.15NOK 50.09NOK 70.305
Aug ’24NOK 42.26
NOK 57.13
+35.2%
5.2%NOK 60.16NOK 51.99NOK 71.105
Jul ’24NOK 44.90
NOK 57.13
+27.2%
5.2%NOK 60.16NOK 51.99NOK 67.605
Jun ’24NOK 49.92
NOK 56.37
+12.9%
6.4%NOK 61.42NOK 52.72NOK 65.505
May ’24NOK 46.44
NOK 54.34
+17.0%
5.8%NOK 59.14NOK 50.76NOK 52.805
Apr ’24NOK 42.48
NOK 53.75
+26.5%
5.9%NOK 58.36NOK 50.09NOK 53.105
Mar ’24NOK 48.16
NOK 54.93
+14.1%
4.8%NOK 57.85NOK 50.77NOK 46.404
Feb ’24NOK 41.78
NOK 52.15
+24.8%
9.8%NOK 56.95NOK 44.75NOK 48.324
Jan ’24NOK 38.40
NOK 48.71
+26.8%
12.9%NOK 54.96NOK 41.73NOK 46.924
Dec ’23NOK 38.08
NOK 48.71
+27.9%
12.9%NOK 54.96NOK 41.73NOK 34.144
Nov ’23NOK 33.28
NOK 48.40
+45.4%
11.1%NOK 55.12NOK 41.85NOK 35.104

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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