Cadeler (Buy, TP: NOK50.00) - A hidden gem
Growth in the offshore wind sector keeps accelerating, with project awards under the UK CfD Round 4 likely to produce a wave of contracts for the installation industry. We see Cadeler as well positioned to increase its backlog, supporting its 2022–2026e EV/EBITDA valuation of c4x. We consider its business model to be well protected from project delays and have raised our target price to NOK50 (45) due to its recent newbuild order, and reiterate our BUY.
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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