Cadeler (Buy, TP: NOK80.00) - Keep building visibility
Our Q3e EBITDA of EUR47m is just below consensus of EUR49m. Cadeler continues to build backlog, with visibility extending towards the end of the decade, as recent contracts are booked for 2027–2029 execution; 60% of our 2025–2027e EBITDA is covered by firm contracts. In the near term, we believe the short-cycle O&M market offers opportunities to boost utilisation and earnings in between larger installation contracts, likely at solid economics. We reiterate our BUY and NOK80 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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