Cadeler (Buy, TP: NOK50.00) - Near-term noise should be ignored
H1 was affected by the phasing of revenues as Cadeler trimmed its full-year guidance by c4%, to EUR56m–65m (EUR56m–70m previously). Management seemed even more bullish on the market outlook than earlier, and we believe the company’s already-superior backlog coverage will improve further. We continue to see the shares as attractively priced versus our updated SOTP of NOK60 per share (NOK52 earlier) and an EV/EBITDA of 3.3x–4.0x in 2025–2026e when the newbuilds are in operation. We reiterate our BUY and NOK50 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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