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Cadeler As (CADLR) fair value: what the stock is really worth

As of Nov 5, 2026: fair value (intrinsic value) of Cadeler As stock NOK 108, price NOK 58.05, upside +85.9%, quality 48 out of 100. Rating: strongly undervalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.

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Industrials NO · Home Denmark · ISIN DK0061412772

CA Cadeler As logo Some data Nov 13, 2026

Cadeler As

CADLR · OL

Cheap (46% below fair value) and rising price, but weak company: meets 2 of 3 rules.

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Fair value kr 107.92 · Strongly undervalued 
Rising price (uptrend) 
Highly profitable · 27.5% net margin (TTM) 
Ranks above peers (9/12) 
Revenue last quarter +21% vs. a year ago. 
Quality 48/100 
Expensive Growth (revenue 5y +99.8 %/yr in EUR) 
Moderate debt 
Wide moat 74/100 · thin data
Some data 
Negative free cash flow 
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 77.00 kr 29.55 Fair Value kr 107.92 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 13, 2026.

How to read this chart

60‑month range kr 29.55 – kr 77.00 · fair‑value band kr 70.95 – kr 144.88 · the kr 58.05 price screens below the kr 107.92 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 13, 2026.

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Company profile

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.

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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.

It is also involved offshore decommissioning within the renewable space; salvage assistance; and heavy lift and project cargo. In addition, the company owns and operates ten offshore jack-up windfarm installation vessels.

Cadeler A/S was incorporated in 2008 and is headquartered in Copenhagen, Denmark.

Stock analysis

Cadeler As (CADLR) currently trades at kr 58.05, while our model-based Fair Value estimate is kr 107.92, implying the stock looks roughly 46% undervalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of kr 351.10 per share, and 9 of the 13 models we run sit above the kr 58.05 price.

Bear case: the Asset-Based group reads lowest at kr 27.22, and 4 of the 13 models stay below the price. Data coverage for this calculation is medium.

Scenario range: kr 70.95 (bear) to kr 144.88 (bull), the price of kr 58.05 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 48/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Cadeler As reported revenue of €620M in FY2025 versus €60.9M in FY2021, a compound +78.6%/yr. Reported net income was €280M in FY2025, compounding +147.6%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Key figures

Market cap 22.5B NOK (≈ $2.4B) Mid · P/E ratio 9.4 · P/S ratio 4.23 · EPS (TTM) kr 6.20 · Net margin 45.2% · Return on equity 12.7% · Return on assets (EBIT) 4.6% (5-year average) · Operating margin 40.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (low confidence).

What moves the price

The share trades about 15% below its 52-week high and 45% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 86%, CADLR screens cheaper than that median.

Fair Value models

Bear kr 70.95 Fair Value kr 107.92 Bull kr 144.88
Price kr 58.05 · Upside +85.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 5.40 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EPV kr 38.63 kr 51.36 kr 62.54 74
Residual Income kr 51.54 kr 68.62 kr 123.75 70
ROIC Compounder kr 38.63 kr 68.07 kr 101.62 67
All 13 models by family
Earnings-Based
Graham-Dodd kr 52.15 kr 363.69 kr 510.38 61
Lynch FV kr 187.90 kr 268.42 kr 348.95 59
PEG = 1.0 kr 187.90 kr 268.42 kr 348.95 55
EPV kr 38.63 kr 51.36 kr 62.54 74
Multiples
P/E Multiple kr 120.79 kr 161.05 kr 201.32 63
P/S Multiple kr 25.47 kr 33.96 kr 42.45 58
P/B Multiple kr 31.73 kr 42.31 kr 52.89 55
EV/EBIT kr 70.95 kr 107.92 kr 144.88 65
EV/EBITDA kr 73.56 kr 111.39 kr 149.22 66
Asset-Based
NCAV (Graham) kr 20.31 kr 27.22 kr 40.63 54
Economic Profit
Residual Income kr 51.54 kr 68.62 kr 123.75 70
ROIC Compounder kr 38.63 kr 68.07 kr 101.62 67
Growth Earnings
Growth-Adj P/E kr 245.77 kr 351.10 kr 456.42 65

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Quality Score breakdown

Overall quality 48/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 50
How much profit the company makes from its sales and capital
Quality Growth 95
Are margins and returns getting better?
Cashflow 40
Do the profits arrive as real cash?
Financial strength 65
Debt, balance sheet and risk of trouble
Investment 0
Does it invest with discipline instead of growing at any price?
Low Volatility 66
How calm the share price moves, does not count
Price momentum 40
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 62
Distance to the 52-week high, does not count
New shares 21
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+149.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+80.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+99.8%
Start year 2020 (pandemic)
Revenue growth 9 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.2%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+85.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+85.7%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.69.7% vs 29.2%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−184% → 51%
Pace: the 5-year rate starts in 2020 (pandemic)

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 821 stocks

Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 48 · Below median
Fair Value upside +85.9% · Top 25%
Profitability
Return on equity (12 months) 12.7% · Above median
Return on assets 8.2% · Top 25%
Net margin (12 months) 27.5% · Top 25%
Operating margin (12 months) 40.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 21.3% · Above median
Balance sheet
Debt / equity 0.99× · Highest 25%

Valuation Multiplesvs Engineering & Construction median · lower = cheaper

P/E (12 months) 9.4× · Cheapest 25%
P/B 1.42× · Cheaper than median
P/S (12 months) 2.92× · Priciest 25%
EV/EBITDA 8.3× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 32
FUTURE (revenue growth)100 · sector 20
PAST (return on equity)51 · sector 25
HEALTH (low debt)50 · sector 94
DIVIDEND (yield)0 · sector 42

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Vinci SA DG €115.50 €186.68 +62% vs CADLR
Bouygues SA EN €44.30 €65.77 +48% vs CADLR
Comfort Systems USA, Inc FIX $1,128 $1,122 −1% vs CADLR
EMCOR Group EME $662.77 $524.14 −21% vs CADLR
ACS, Actividades de Construcción y Servicios, S.A ACS €91.05 €62.38 −31% vs CADLR
Samsung C&T Corporation 028260 285,000 KRW 159,702 KRW −44% vs CADLR
Larsen & Toubro Limited LT ₹4,144 ₹2,302 −44% vs CADLR
HOCHTIEF Aktiengesellschaft HOT €374.40 €203.86 −46% vs CADLR
APi Group APG $43.48 $19.20 −56% vs CADLR
Quanta Services, Inc PWR $606.16 $162.41 −73% vs CADLR

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Cadeler As: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Cadeler As Fair Value". https://www.fairvalue-calculator.com/stock/CADLR

Frequently asked questions

Is Cadeler As (CADLR) overvalued or undervalued?
As of Nov 13, 2026, our model estimates a fair value of kr 107.92 versus the last price from Nov 5, 2026 of kr 58.05, about +86% upside (undervalued).
What is the fair value of CADLR?
Our model-based fair value for Cadeler As is kr 107.92 (as of Nov 13, 2026), built from audited fundamentals. Last price (from Nov 5, 2026): kr 58.05.
What is the quality score of CADLR?
Cadeler As has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Cadeler As (CADLR)?
Our model-based price target is the fair value of kr 107.92 (as of Nov 13, 2026) from 13 valuation models. Cautious scenario kr 70.95, optimistic scenario kr 144.88. It is a calculation from audited fundamentals, not an analyst target.
What is the Cadeler As stock forecast for 2026?
Our models put fair value at kr 107.92, about +86% upside versus the last price from Nov 5, 2026 of kr 58.05 (undervalued). Cautious scenario kr 70.95, optimistic scenario kr 144.88. The calculation is refreshed regularly with new filings.
What is the revenue of Cadeler As (CADLR)?
Cadeler As reported trailing-twelve-month revenue of about €729M (latest available figure, as of Nov 13, 2026).
What is the intrinsic value of Cadeler As (CADLR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cadeler As it is kr 107.92 per share (as of Nov 13, 2026), against a price of kr 58.05. It is the blended result of 13 valuation models in 5 families (Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Cadeler As stock overvalued or undervalued in 2026?
As of Nov 13, 2026, CADLR trades below its calculated fair value: price kr 58.05, fair value kr 107.92, a gap of about +86% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CADLR?
No. The price is what the market pays today (kr 58.05); the fair value is what the company's own numbers justify (kr 107.92). For Cadeler As the two are kr 49.87 per share apart. That gap is exactly why we show both numbers side by side.
How much is Cadeler As worth?
The market values Cadeler As at about 22.5B NOK (market capitalisation, as of Nov 13, 2026). Per share that is kr 58.05; our models calculate a fair value of kr 107.92 per share.
What do the bullish and bearish scenarios say about CADLR?
Our models span a range for Cadeler As: cautious scenario kr 70.95, base kr 107.92, optimistic kr 144.88 per share (as of Nov 13, 2026, price kr 58.05). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CADLR?
Cadeler As trades at a price-to-earnings ratio of 9.4 (as of Nov 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 107.92 is built from several models across several years. Other multiples: P/B 1.4, P/S 2.9, EV/EBITDA 8.3.
How solid is the balance sheet of Cadeler As (CADLR)?
Balance-sheet figures for Cadeler As (as of Nov 13, 2026): return on equity 12.7%, debt of 0.99 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is CADLR from its 52-week high?
Cadeler As trades at kr 58.05, about 15% below its 52-week high of kr 68.15 and 45% above the low of kr 40.10 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of kr 107.92 is for.
Which stocks are comparable to Cadeler As?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Cadeler As stock attractive at the current price?
The data as of Nov 13, 2026: price kr 58.05, calculated fair value kr 107.92 (+86%), Quality Score 48/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CADLR calculated?
We run Cadeler As through 13 models from 5 families: Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 107.92 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.3% above its aggregate fair value. Cadeler As currently trades 46% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Cadeler As (CADLR)?
The latest price we hold is from Nov 5, 2026 and stands at kr 58.05. Our model-based fair value is kr 107.92, about +86% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cadeler As right now?
The large discount to fair value meets weak quality (48/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 70.95). The market is more pessimistic than our downside scenario. A fairly wide model range (kr 70.95 to kr 144.88) leaves room in how you read the outcome.

Key figures of Cadeler As

How large is the market capitalisation of Cadeler As (CADLR)?
The market capitalisation of Cadeler As is 22.5B NOK (≈ $2.4B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Cadeler As (CADLR)?
The price-to-sales ratio of Cadeler As is 4.23 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Cadeler As (CADLR)?
Earnings per share at Cadeler As are kr 6.20 (price ÷ EPS = P/E 9.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Cadeler As (CADLR)?
The net margin of Cadeler As is 45.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Cadeler As (CADLR)?
The return on equity (ROE) of Cadeler As is 12.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Cadeler As (CADLR)?
On an EBIT basis the return on assets of Cadeler As is 4.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Cadeler As (CADLR)?
The operating margin of Cadeler As is 40.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cadeler As (CADLR)?
Revenue at Cadeler As is growing +21.3% versus a year earlier (3y avg +80.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Cadeler As (CADLR)?
Earnings per share at Cadeler As are growing −26.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Cadeler As (CADLR) generate?
The free cash flow of Cadeler As is −€843M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Cadeler As (CADLR) carry?
The net debt of Cadeler As is €1.5B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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