Cadeler (Buy, TP: NOK80.00) - Record contract overlooked
As offshore wind names yesterday were affected by an inferred possible slowdown in the US in a scenario with a change in the presidency (limited relevance for Cadeler), the company’s new solid job for 2027e execution was overlooked. With an all-in dayrate of cEUR400k and an annual vessel EBITDA run-rate above EUR100m, the profitability of the contract exceeds our forecast by c50%. We have raised our 2027e EBITDA, which would imply a EV/EBITDA of 3.1x, dropping to 2.1x in a scenario with all units at leading-edge economics. We reiterate our BUY and have raised our target price to NOK80 (72).
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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