Cadeler (Buy, TP: NOK72.00) - Extending the lead
The Cadeler growth journey continues with the order of a third A-class foundation installation vessel at accretive terms, as it is exercising an existing option with the yard. We see solid prospects for this vessel as we forecast an undersupplied market, supported by a tender pipeline up 100% since last summer. Management is also upbeat on near-term opportunities in the foundation space for its turbine vessels and purpose-built foundation newbuilds. The transaction is accretive; thus, we have raised our target price to NOK72 (70) 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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