Cadeler (Buy, TP: NOK80.00) - Minor model adjustments
We have updated our estimates ahead of the Q1 results (due at c08:00 CEST on 28 May). We forecast Q1 EBITDA of EUR-14m (no consensus available). Q1 saw limited operational activity due to planned vessel upgrades and yard stays (now completed), which could lead to one-off items in the quarter. We consider the Q1 results a non-event, with focus on the company’s outlook and guidance (2024 EBITDA of EUR105m–125m guided). Our estimates do not reflect any reimbursable effects related to the three legacy Eneti vessels (NG2500). We do not consider our estimate changes to be material, and we have not changed our BUY recommendation. We reiterate our 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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