Cadeler A/S Sponsored ADR (CDLR) AI Stock Analysis

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Cadeler A/S Sponsored ADR

(NYSE:CDLR)

Rating:77Outperform

Price Target:

$23.00

▲(8.34%Upside)

Cadeler A/S shows strong financial performance and a positive outlook from the earnings call. The main risks include high leverage and increased operational costs. Technical analysis and valuation indicate a neutral stance, suggesting the stock is fairly valued with potential for growth despite industry challenges.

Cadeler A/S Sponsored ADR (CDLR) vs. SPDR S&P 500 ETF (SPY)

Market Cap

$1.85B

Dividend YieldN/A

Average Volume (3M)72.62K

Price to Earnings (P/E)19.0

Beta (1Y)0.72

Revenue GrowthN/A

EPS GrowthN/A

CountryUS

Employees659

SectorGeneral

Sector StrengthN/A

IndustryMarine Shipping

Share Statistics

EPS (TTM)0.03

Shares Outstanding87,739,395

10 Day Avg. Volume40,770

30 Day Avg. Volume72,623

Financial Highlights & Ratios

PEG Ratio0.11

Price to Book (P/B)1.31

Price to Sales (P/S)0.00

P/FCF Ratio-1.82

Enterprise Value/Market CapN/A

Enterprise Value/RevenueN/A

Enterprise Value/Gross ProfitN/A

Enterprise Value/EbitdaN/A

Forecast

1Y Price Target

$22.00

Price Target Upside3.63% Upside

Rating ConsensusModerate Buy

Number of Analyst Covering0

Cadeler A/S Sponsored ADR Business Overview & Revenue Model

Company DescriptionCadeler A/S is a leading offshore wind farm services provider, specializing in the installation and maintenance of offshore wind turbines. Operating primarily in the renewable energy sector, the company offers a range of services including project management, engineering, and vessel operations designed to support the development and sustainability of offshore wind infrastructure. Cadeler's fleet of advanced, purpose-built vessels positions it as a key player in the transition to clean energy, providing essential support to wind farm developers and operators across Europe and beyond.

How the Company Makes MoneyCadeler A/S generates revenue primarily through its service contracts with offshore wind farm developers and operators. The company offers installation services for wind turbines, where it leverages its fleet of specialized vessels to transport and install turbines at sea. Additionally, Cadeler provides maintenance and operations support to ensure the optimal performance of these wind farms. Key revenue streams include long-term service agreements, project-based installation contracts, and maintenance service contracts. The company also benefits from strategic partnerships with major energy companies and equipment manufacturers, which help secure its position in the growing offshore wind market. These partnerships often lead to repeat business and long-term collaborations, further stabilizing and enhancing its revenue model.

Cadeler A/S Sponsored ADR Earnings Call Summary

Earnings Call Date:May 21, 2025

(Q1-2025)

% Change Since: 5.15%|

Next Earnings Date:Aug 26, 2025

Earnings Call Sentiment Positive

The earnings call highlights Cadeler's strong financial performance, strategic growth in fleet operations, and successful entry into the O&M market with the launch of Nexra. The company's robust backlog and positive financial outlook further underscore its strong market position. However, challenges such as market unpredictability in the US, project delays, and increased operational costs present concerns. Despite these challenges, Cadeler's future prospects remain promising, with significant growth opportunities identified across global markets.

Q1-2025 Updates

Positive Updates

On-Schedule Delivery of Newbuilds

Two newbuilds, the Wind Maker and the Wind Pace, were delivered on or ahead of schedule and on budget in Q1 2025, representing 50% of the newbuilds planned for the year.

Significant Backlog Growth

Cadeler's contract backlog increased to over EUR 2.5 billion, with 100% of the backlog having reached Final Investment Decision (FID).

Strong Financial Performance

Revenue reached EUR 65.5 million, significantly up from the previous year, with an EBITDA of EUR 23.7 million. The equity ratio remains strong at 49.7% despite increasing debt.

Successful Expansion of Fleet Operations

Seven vessels are now active globally, with operations in Europe, APAC, and the US, showcasing Cadeler’s expanding global footprint.

Introduction of Nexra Division

Cadeler launched 'Nexra,' a new division focused on Operations and Maintenance (O&M) services, positioning the company to meet growing O&M demand.

Positive Full-Year Financial Outlook

Full-year revenue is projected between EUR 485 million and EUR 525 million, with an EBITDA between EUR 278 million and EUR 318 million, reflecting significant growth from 2024.

Negative Updates

Uncertainty in US Offshore Wind Market

Executive orders are halting projects in the US, creating unpredictability in the market despite long-term potential.

Project Delays and Cancellations

Increased project delays and uncertainty, as seen with the Hornsea 4 project, which impacts market confidence.

Increased Operational Costs

SG&A and operational expenses have increased due to organizational ramp-up and additional trainee positions, which are impacting overall profitability.

Company Guidance

In the Q1 2025 call, Cadeler presented a comprehensive overview of their performance and future outlook. The company reported revenue of EUR 65.5 million, significantly higher than the previous year, and an EBITDA of EUR 23.7 million. Their contract backlog reached over EUR 2.5 billion, with 100% having reached Final Investment Decision (FID). Newbuild deliveries of Wind Maker and Wind Pace were completed on schedule and budget, contributing to the active global fleet of seven vessels. Utilization stood at 79.4%, with adjustments accounting for dry dock and transition periods. The company's equity ratio was 49.7%, and they maintained a strong balance sheet with cash reserves of EUR 94 million. Cadeler's full-year outlook anticipates revenue between EUR 485 million and EUR 525 million and EBITDA ranging from EUR 278 million to EUR 318 million. The introduction of the Nexra division focuses on enhancing O&M services, aiming to leverage their fleet for increased client engagement and utilization. Overall, Cadeler remains optimistic about growth opportunities in the offshore wind market despite industry challenges.

Cadeler A/S Sponsored ADR Financial Statement Overview

Summary

Cadeler A/S shows strong revenue growth and profitability with a robust equity position. However, challenges such as high leverage and negative free cash flow due to capital expenditures persist.

Income Statement

Very Positive

Cadeler A/S has demonstrated strong revenue growth with a significant increase in total revenue from $195.01M in 2020 to $295.15M in the TTM period. The gross profit margin has improved significantly, showing good operational efficiency. In the TTM period, the net profit margin also showed a healthy increase to almost 29.7%, reflecting strong profitability. While the EBIT and EBITDA margins have shown positive trends, the company should continue focusing on managing operational costs to sustain these margins.

Balance Sheet

Positive

The balance sheet indicates a strong equity position with a stockholders' equity of $1.23B in the TTM period. The debt-to-equity ratio is a bit high, which may pose a risk if interest rates rise or cash flows decrease. However, the equity ratio is stable, indicating a solid asset base. Return on equity has shown improvement, driven by increased net income, suggesting effective use of shareholder funds.

Cash Flow

Positive

Cadeler A/S has reported negative free cash flow due to high capital expenditures, though operating cash flow remains positive. The operating cash flow to net income ratio indicates good cash generation from operations, but the free cash flow to net income ratio is negative, highlighting the impact of heavy investments. The company should aim to balance capital investments with cash flow generation to ensure long-term sustainability.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	248.74M	108.62M	106.42M	60.94M	19.50M
Gross Profit	124.51M	48.76M	56.89M	22.06M	-26.26M
EBITDA	126.87M	37.42M	59.75M	27.36M	-7.26M
Net Income	65.07M	11.50M	35.54M	7.45M	-27.03M
Balance Sheet
Total Assets	1.94B	1.25B	670.03M	424.77M	336.81M
Cash, Cash Equivalents and Short-Term Investments	58.46M	96.61M	19.01M	2.31M	63.64M
Total Debt	581.99M	206.56M	115.28M	73.58M	74.29M
Total Liabilities	703.12M	293.52M	129.46M	99.51M	95.75M
Stockholders Equity	1.23B	959.04M	540.57M	325.26M	241.06M
Cash Flow
Free Cash Flow	-522.85M	-3.55M	-196.37M	-133.18M	-265.74M
Operating Cash Flow	93.10M	63.38M	29.04M	30.20M	-9.60M
Investing Cash Flow	-615.75M	-54.73M	-225.41M	-163.38M	-256.14M
Financing Cash Flow	481.99M	70.27M	213.07M	71.85M	338.81M

Cadeler A/S Sponsored ADR Technical Analysis

Technical Analysis Sentiment

Negative

Last Price21.23

Price Trends

50DMA

20.46

Positive

100DMA

20.07

Positive

200DMA

21.89

Negative

Market Momentum

MACD

<0.01

Negative

RSI

48.96

Neutral

STOCH

78.01

Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CDLR, the sentiment is Negative. The current price of 21.23 is above the 20-day moving average (MA) of 20.49, above the 50-day MA of 20.46, and below the 200-day MA of 21.89, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 48.96 is Neutral, neither overbought nor oversold. The STOCH value of 78.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CDLR.

Cadeler A/S Sponsored ADR Risk Analysis

Cadeler A/S Sponsored ADR disclosed 46 risk factors in its most recent earnings report. Cadeler A/S Sponsored ADR reported the most risks in the "Legal & Regulatory" category.

Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy

Latest Risks Added 0 New Risks

Cadeler A/S Sponsored ADR Peers Comparison

Overall Rating

UnderperformOutperform

Sector (57)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CDLR	77 Outperform	$1.85B	18.98	7.48%	―	―	―
CMRE	75 Outperform	$1.12B	3.92	12.57%	4.92%	17.77%	-5.90%
SBLK	74 Outperform	$2.10B	9.06	11.09%	1.10%	25.60%	-9.32%
ZIM	74 Outperform	$1.88B	0.79	72.40%	18.99%	65.83%	―
DAC	71 Outperform	$1.62B	3.72	14.14%	3.85%	4.93%	-17.08%
GOGL	63 Neutral	$1.62B	14.69	6.06%	2.46%	-7.73%	-39.13%
Sector *	57 Neutral	$5.81B	21.43	-28.61%	5.74%	10.78%	-34.04%

* General Sector Average

Performance Comparison

CDLR

Cadeler A/S Sponsored ADR

20.46

-4.00

-16.35%

CMRE

Costamare

9.55

-0.78

-7.55%

DAC

Danaos

90.58

8.92

10.92%

SBLK

Star Bulk Carriers

18.77

-3.25

-14.76%

GOGL

Golden Ocean Group

8.35

-3.57

-29.95%

ZIM

ZIM Integrated Shipping Services

15.40

4.82

45.56%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jul 18, 2025