Cadeler AS
Research Cadeler AS (CDLR) on Bullrun: valuation model: 29.7% undervalued, market cap USD 2.10B, P/E 8.7. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerCDLR
- ExchangeNYSE
- CountryDenmark
- SectorIndustrials
- IndustryEngineering & Construction
- CurrencyUSD
- Valuation signal29.7% undervalued
- Market capUSD 2.10B
- P/E8.7
- Financial periodQ2 2026
- RevenueEUR 282.80M
- Net incomeEUR 94.95M
- Free cash flow-EUR 4.22M
- Gross margin47.5%
Valuation Snapshot
Bullrun's latest valuation model marks Cadeler AS as 29.7% undervalued; latest market cap is USD 2.10B; P/E is 8.7.
Peer valuation comparison
Latest P/E is 8.73x versus a Industrials sector median of 21.26x (58.9% below).
Latest P/E is 8.73x versus a Denmark median of 17.65x (50.5% below).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | EUR 620.35M | EUR 280.18M | -EUR 842.98M | 61.8% | 3.16 | EUR 151.68M | EUR 1.62B | EUR 1.50B |
| FY2024 | EUR 248.74M | EUR 65.07M | -EUR 522.85M | 50.1% | 0.76 | EUR 51.25M | EUR 581.99M | EUR 1.23B |
| FY2023 | EUR 108.62M | EUR 11.50M | -EUR 3.55M | 44.9% | 0.24 | EUR 96.61M | EUR 206.57M | EUR 959.04M |
| FY2022 | EUR 106.42M | EUR 35.54M | -EUR 196.37M | 53.5% | 0.88 | EUR 19.01M | EUR 115.28M | EUR 540.57M |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-10-09 | USD 2.10B | 8.7 | n/a | n/a |
| 2025 | 2025-12-31 | USD 1.63B | 5.2 | n/a | n/a |
| 2024 | 2024-12-31 | USD 1.96B | 27.9 | n/a | n/a |
| 2023 | 2023-12-29 | USD 1.43B | n/a | n/a | n/a |
Company Brief
Cadeler recently completed the installation of 100 turbines at Sofia Wind Farm and continues its strategic expansion with strong revenue growth highlighted in Q1 2026 earnings. Recent analyst commentary indicates a shifting narrative regarding fair value as investor views on the company diverge.
The company reported exceptional year-over-year performance with revenue up 318.3% and net income surging 527.1%, supported by an improved gross margin of 60.9%. Cadeler remains profitable across its operations in offshore wind installation, maintenance, and decommissioning.
Investors should monitor the company's ability to sustain high growth rates given recent analyst skepticism about fair value estimates. Continued execution on major projects like Sofia Wind Farm will be critical as market views shift.
ETFs that hold Cadeler AS
Cadeler AS is one of the ten largest holdings of one ETF that investors in Europe can buy:
| ETF | Weight | TER |
|---|---|---|
| Global X Wind Energy UCITS ETF USD Acc | 4.28% | 0.50% |
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Frequently asked questions
Is Cadeler AS overvalued or undervalued?
Bullrun's valuation model currently marks Cadeler AS as 29.7% undervalued.
What is Cadeler AS's market cap?
Cadeler AS's market capitalization is USD 2.10B.
What is Cadeler AS's P/E ratio?
Cadeler AS's price-to-earnings (P/E) ratio is 8.7.
What does Cadeler AS do?
Cadeler A/S, together with its subsidiaries, operates as an offshore wind installation vessel contractor in Denmark, the United Kingdom, Germany, Poland, rest of Europe, the United States, and Taiwan. The company engages in the transport and installation of offshore wind turbine generators, foundations, and topsides and substations; maintenance of offshore wind turbine generators, and offshore structures and platforms; and offshore construction within the renewable space.