Cadeler (Buy, TP: NOK55.00) - The leading offshore wind installer
Cadeler is pulling ahead of its competitors and placing itself as the clear leader in offshore wind installation, with a fleet of six high-end installation vessels. The newbuild programme is supported by solid contracting success in recent months, and we like the shift towards more long-term contracts, providing even more earnings visibility to 2026 and beyond. The stock looks attractively valued at 2025–2026e EV/EBITDAs of 4.3–3.2x; we have raised our target price to NOK55 (50) 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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