Cadeler (Buy, TP: NOK80.00) - Keep building visibility

Our Q3e EBITDA of EUR47m is just below consensus of EUR49m. Cadeler continues to build backlog, with visibility extending towards the end of the decade, as recent contracts are booked for 2027–2029 execution; 60% of our 2025–2027e EBITDA is covered by firm contracts. In the near term, we believe the short-cycle O&M market offers opportunities to boost utilisation and earnings in between larger installation contracts, likely at solid economics. We reiterate our BUY and NOK80 target price.

Renewable Weekly – 11 November 2024

Energy Morning - 6 November 2024

Renewable Weekly – 1 November 2024

This week, we summarise this week's most important newsflow on the companies under our coverage.

Renewable Weekly – 25 October 2024

This week, we summarise this week's most important newsflow on the companies under our coverage.

Renewable Weekly – 17 October 2024

This week, we summarise our Q3 previews for the sector.

Energy Morning - 11 October 2024

Renewable Weekly – 8 Oct 2024

This week, we highlight the Norwegian Water Resources and Energy Directorate updated LCOE estimates.

VRA suggests another record for rates

Renewable Weekly – 24 Sept 2024

Renewable Weekly – 13 Sept 2024

On aggregate, the R&C stocks underperformed (equal weight) the MSCI Nordic by ~1% throughout the reporting season (10 July to today).

Renewable Weekly – 4 Sep 2024

A soft week for renewables: of our basket of 38 stocks, returns were positive for 10 and negative for 28 on the week.

Renewable Weekly – 30 August 2024

A soft week for renewables: of our basket of 38 stocks, returns were positive for 21 and negative for 17 on the week.

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 historica...

Progressing as planned

Delivery schedule reiterated, market outlook solid. A-class funding to be signed in H2. Smaller estimate changes; share should be up, not down: BUY.

Q2 first take: mostly as expected

Signed, sealed, and delivered

Renewable Weekly – 19 August 2024

Renewable Weekly – 8 August 2024

This week we provide a summary of news flow and research from our Renewables & Cleantech equity coverage (and related companies) released during the summer break.

Renewable Weekly – 8 July 2024

Wishing you all a good summer