Cadeler A/S

OB:CADLR Stock Report

Market Cap: NOK 17.5b

Cadeler Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings 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.

Discounted Cash Flow
Simply Wall St
NOK 458.08
Fair Value
89.1% undervalued intrinsic discount
6
Number of Analysts

Below Fair Value: CADLR (NOK50) is trading below our estimate of fair value (NOK458.08)

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 profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CADLR. This is calculated by dividing CADLR's market cap by their current earnings.
What is CADLR's PE Ratio?
PE Ratio17.4x
Earnings€87.66m
Market Cap€1.53b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for CADLR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.3x
VEI Veidekke
16.8x5.47%NOK 20.8b
AFG AF Gruppen
22.7x15.07%NOK 16.0b
NORCO Norconsult
21.7x9.97%NOK 14.1b
MULTI Multiconsult
11.9x-2.94%NOK 5.4b
CADLR Cadeler
17.4x44.67%NOK 17.5b

Price-To-Earnings vs Peers: CADLR is good value based on its Price-To-Earnings Ratio (17.4x) compared to the peer average (18.3x).

Price to Earnings Ratio vs Industry

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

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CADLR 17.4xIndustry Avg. 13.7xNo. of Companies21PE01020304050+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CADLR is expensive based on its Price-To-Earnings Ratio (17.4x) compared to the European Construction industry average (13.7x).

Price to Earnings Ratio vs Fair Ratio

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

CADLR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio17.4x
Fair PE Ratio45.8x

Price-To-Earnings vs Fair Ratio: CADLR is good value based on its Price-To-Earnings Ratio (17.4x) compared to the estimated Fair Price-To-Earnings Ratio (45.8x).

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 50.00
NOK 83.09
+66.17%
3.92%NOK 87.99NOK 78.03n/a6
May ’26NOK 54.10
NOK 85.41
+57.88%
4.91%NOK 90.13NOK 77.65n/a6
Apr ’26NOK 52.00
NOK 81.26
+56.28%
7.61%NOK 89.69NOK 69.11n/a7
Mar ’26NOK 51.50
NOK 81.08
+57.44%
7.42%NOK 89.46NOK 71.11n/a7
Feb ’26NOK 60.20
NOK 81.77
+35.83%
7.32%NOK 90.48NOK 71.92n/a7
Jan ’26NOK 63.70
NOK 82.78
+29.96%
8.53%NOK 92.05NOK 71.58n/a7
Dec ’25NOK 67.80
NOK 82.78
+22.10%
8.53%NOK 92.05NOK 71.58n/a7
Nov ’25NOK 74.00
NOK 81.38
+9.97%
7.66%NOK 93.03NOK 72.21n/a7
Oct ’25NOK 75.70
NOK 82.07
+8.41%
7.02%NOK 92.02NOK 73.09n/a7
Sep ’25NOK 70.30
NOK 79.59
+13.22%
7.16%NOK 89.68NOK 71.24n/a7
Aug ’25NOK 71.10
NOK 74.89
+5.33%
8.07%NOK 87.06NOK 69.26n/a7
Jul ’25NOK 67.60
NOK 74.89
+10.78%
8.07%NOK 87.06NOK 69.26n/a7
Jun ’25NOK 65.50
NOK 70.85
+8.17%
13.37%NOK 87.04NOK 59.06n/a7
May ’25NOK 52.80
NOK 64.69
+22.51%
8.76%NOK 71.45NOK 58.55NOK 54.106
Apr ’25NOK 53.10
NOK 64.26
+21.02%
8.09%NOK 71.94NOK 58.95NOK 52.006
Mar ’25NOK 46.40
NOK 64.01
+37.95%
8.95%NOK 72.58NOK 57.78NOK 51.506
Feb ’25NOK 48.32
NOK 61.57
+27.42%
7.53%NOK 70.31NOK 57.19NOK 60.206
Jan ’25NOK 46.92
NOK 56.41
+20.23%
12.22%NOK 70.02NOK 48.69NOK 63.706
Dec ’24NOK 34.14
NOK 56.46
+65.39%
6.61%NOK 61.48NOK 51.20NOK 67.805
Nov ’24NOK 35.10
NOK 57.36
+63.42%
7.12%NOK 62.04NOK 51.16NOK 74.005
Oct ’24NOK 36.42
NOK 55.31
+51.88%
6.61%NOK 59.45NOK 49.03NOK 75.706
Sep ’24NOK 40.50
NOK 56.55
+39.63%
6.43%NOK 60.15NOK 50.09NOK 70.305
Aug ’24NOK 42.26
NOK 57.13
+35.19%
5.18%NOK 60.16NOK 51.99NOK 71.105
Jul ’24NOK 44.90
NOK 57.13
+27.25%
5.18%NOK 60.16NOK 51.99NOK 67.605
Jun ’24NOK 49.92
NOK 56.37
+12.93%
6.42%NOK 61.42NOK 52.72NOK 65.505
May ’24NOK 46.44
NOK 54.34
+17.01%
5.84%NOK 59.14NOK 50.76NOK 52.805
AnalystConsensusTarget
Consensus Narrative from 6 Analysts
NOK 83.09
Fair Value
39.8% undervalued intrinsic discount
6
Number of Analysts

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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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/05/25 01:06
End of Day Share Price 2025/05/23 00:00
Earnings2025/03/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Cadeler A/S is covered by 10 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Mattias KarlkjellABG Sundal Collier
Daniel Vårdal HauglandABG Sundal Collier
Jørgen LandeDanske Bank