Cadeler (Buy, TP: NOK80.00) - Investment case unfolding
Following a neutral Q2 report, we have made small estimate changes. The investment case is about out-year earnings when the full fleet is in operation, and recent contract awards have been at further improved economics, leading us to increase our 2026–2027e EBITDA by 3–5%. Timely delivery of the first newbuild is also important to help de-risk the equity story. The stock is trading at 2026–2027e adj. EV/EBITDAs of 4.7–3.5x, well below the 6–8x at which asset-heavy companies have traded historically. We reiterate our BUY and NOK80 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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