Cadeler (Buy, TP: NOK45.00) - Overlooked in renewables recovery
While share prices for several renewables and offshore wind-focused companies moved significantly higher late last week in anticipation of even stronger growth for offshore wind and renewable energy in Europe, those for Cadeler and other offshore wind installation companies were largely flattish. Despite the tragic backdrop for these movements, it should be noted that wind-park developers (like Ørsted) and equipment makers (like Vestas) are highly dependent on the services of installation companies like Cadeler. We already considered turbine-installation vessel availability a potential bottleneck for the expected growth in offshore wind, and we believe further growth could result in an even more favourable business environment for vessel owners such as Cadeler, and reiterate our BUY and NOK45 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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