Cadeler (Buy, TP: NOK72.00) - Guidance in focus for H2 results
As the H2 results will be the first with Eneti consolidated in the balance sheet and partly included in the P&L (merger closed mid-December), there could be noise on the reported numbers versus sell-side modelling. Based on company guidance, H2 EBITDA should be just above breakeven, and we forecast 2024 adj. EBITDA of EUR117m (large consensus spread; median EUR115m). Given the record tender pipeline, we expect positive contract news flow ahead, and consider the valuation attractive at a 2026e adj. EV/EBITDA of 3.6x. We reiterate our BUY and NOK72 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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