Cadeler As (CADLR) Fair Value & Analysis
Industrials · NO · Market cap 21.2B NOK (≈ $2.3B) · ISIN DK0061412772
What is Cadeler As really worth?
Below-average quality, trading 61% below our fair value of kr 150.05.
Strengths
Risks
Fair value as of: Aug 13, 2026
From 14 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from kr 152.51 to kr 150.05 (−1.6%) since Jul 12, 2026. Share price +6.4% over the past month.
What runs behind every stock
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What matters now
- The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain.
- The price is below even our cautious bear case (kr 111.59). The market is more pessimistic than our downside scenario.
- The model range is unusually wide (kr 111.59 to kr 332.42). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range kr 29.55 – kr 77.00 · fair‑value band kr 111.59 – kr 332.42 · the kr 58.00 price screens below the kr 150.05 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Cadeler As (CADLR) currently trades at kr 58.00, while our model-based Fair Value estimate is kr 150.05, implying the stock looks roughly 61.3% undervalued today. The Quality Score stands at 44/100 (below-average quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of kr 33.24 per share, and 0 of the 13 models we run sit above the kr 58.00 price. Bear case: the Earnings-Based group reads lowest at kr 25.41, and 13 of the 13 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Cadeler As generated revenue of 680M NOK at a net margin of 39.9%. Revenue grew 90.5% year over year. It earns a return on equity of 18.7%. Net debt stands at 1.5B NOK. Fundamentals as of Aug 13, 2026
Our scenario range runs from kr 111.59 (bear case) to kr 332.42 (bull case); at kr 58.00, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. Analysts expect earnings well below the last reported figure (earnings in transition, for example expiring patents or contracts); a fair value that looks fair on trailing earnings may then be too optimistic. The share trades about 16% below its 52-week high and 46% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at 159%, CADLR screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 5.55 per share, which is 3.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 14 models by family
Widest divergence: Growth Earnings (kr 33.24) versus Asset-Based (kr 2.61). Highest evidence: EPV (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 48 · Market factors (momentum, volatility) 55
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Cadeler A/S, together with its subsidiaries, operates as an offshore wind installation vessel contractor in Denmark, the United Kingdom, Germany, Poland, rest of Europe, the United States, and Taiwan.
Full company description
Cadeler A/S, together with its subsidiaries, operates as an offshore wind installation vessel contractor in Denmark, the United Kingdom, Germany, Poland, rest of Europe, the United States, and Taiwan. The company engages in the transport and installation of offshore wind turbine generators, foundations, and topsides and substations; maintenance of offshore wind turbine generators, and offshore structures and platforms; and offshore construction within the renewable space. It is also involved offshore decommissioning within the renewable space; salvage assistance; and heavy lift and project cargo. In addition, the company owns and operates ten offshore jack-up windfarm installation vessels. Cadeler A/S was incorporated in 2008 and is headquartered in Copenhagen, Denmark.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Cadeler As reported revenue of €620M in FY2025 versus €60.9M in FY2021, a compound +78.6%/yr. Reported net income was €280M in FY2025, compounding +147.6%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
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Peer Group
Engineering & Construction · 816 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Engineering & Construction median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 30/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Quanta Services, Inc PWR | $620.06 | $143.92 | −77% |
| Vinci SA DG | €114.35 | €185.62 | +62% |
| Comfort Systems USA, Inc FIX | $1,615 | $519.97 | −68% |
| Larsen & Toubro Limited LT | ₹4,072 | ₹2,196 | −46% |
| Ferrovial N.V FER | €57.28 | €19.17 | −67% |
| HOCHTIEF Aktiengesellschaft HOT | €426.40 | €203.87 | −52% |
| Samsung C&T Corporation 028260 | 373,000 KRW | 261,411 KRW | −30% |
| EMCOR Group EME | $775.04 | $549.47 | −29% |
| MasTec, Inc MTZ | $241.00 | $100.00 | −59% |
| Bouygues SA EN | €46.65 | €65.67 | +41% |
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