Cadeler As (CADLR) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of Cadeler As NOK 114, price NOK 53.85, upside +112.1%, quality 44 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range kr 29.55 – kr 77.00 · fair‑value band kr 75.41 – kr 152.98 · the kr 53.85 price screens below the kr 114.20 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. Dashed = 300-day average. As of Sep 27, 2026.
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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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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. 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 53.85, while our model-based Fair Value estimate is kr 114.20, implying the stock looks roughly 52.8% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of kr 359.90 per share, and 10 of the 13 models we run sit above the kr 53.85 price.
Bear case: the Asset-Based group reads lowest at kr 28.27, and 3 of the 13 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 75.41 (bear) to kr 152.98 (bull), the price of kr 53.85 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 44/100 (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 21.2B NOK (≈ $2.2B) · P/E ratio 6.2 · P/S ratio 2.81 · EPS (TTM) kr 8.67 · Net margin 45.2% · Return on equity 18.7% · Return on assets (EBIT) 4.6% · Operating margin 6.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
Analysts expect earnings well below the last reported figure (earnings in transition, for example expiring patents or contracts); a fair value that looks fair on trailing earnings may then be too optimistic.
The share trades about 21% below its 52-week high and 34% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −34% fair-value upside, at 112%, CADLR screens cheaper than that median.
Fair Value models
Bear kr 75.41Fair Value kr 114.20Bull kr 152.98
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 6.46 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.Evidence ⓘEvidence = 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.
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%
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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.
+67.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+67.4%
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%
Price, fair value, quality and upside side by side.
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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 · 801 stocks
Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score44 · Below median
Fair Value upside+112.1% · Top 25%
Profitability
Return on equity (TTM)18.7% · Top 25%
Return on assets6.7% · Top 25%
Net margin (TTM)39.9% · Top 25%
Operating margin (TTM)6.2% · Above median
Growth and dividend
Revenue growth90.5% · Top 25%
Balance sheet
Debt / equity0.99× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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 Sep 27, 2026, our model estimates a fair value of kr 114.20 versus a price of kr 53.85, about +112% upside (undervalued).
What is the fair value of CADLR?
Our model-based fair value for Cadeler As is kr 114.20 (as of Sep 27, 2026), built from audited fundamentals. The current price: kr 53.85.
What is the quality score of CADLR?
Cadeler As has a Quality Score of 44/100. 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 114.20 (as of Sep 27, 2026) from 14 valuation models. Cautious scenario kr 75.41, optimistic scenario kr 152.98. 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 114.20, about +112% upside versus a price of kr 53.85 (undervalued). Cautious scenario kr 75.41, optimistic scenario kr 152.98. 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 €680M (latest available figure, as of Sep 27, 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 114.20 per share (as of Sep 27, 2026), against a price of kr 53.85. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Cadeler As stock overvalued or undervalued in 2026?
As of Sep 27, 2026, CADLR trades below its calculated fair value: price kr 53.85, fair value kr 114.20, a gap of about +112% (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 53.85); the fair value is what the company's own numbers justify (kr 114.20). For Cadeler As the two are kr 60.35 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 21.2B NOK (market capitalisation, as of Sep 27, 2026). Per share that is kr 53.85; our models calculate a fair value of kr 114.20 per share.
What do the bullish and bearish scenarios say about CADLR?
Our models span a range for Cadeler As: cautious scenario kr 75.41, base kr 114.20, optimistic kr 152.98 per share (as of Sep 27, 2026, price kr 53.85). 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 6.2 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 114.20 is built from several models across several years. Other multiples: P/B 1.3, P/S 2.9, EV/EBITDA 7.4.
How solid is the balance sheet of Cadeler As (CADLR)?
Balance-sheet figures for Cadeler As (as of Sep 27, 2026): return on equity 18.7%, debt of 0.99 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is CADLR from its 52-week high?
Cadeler As trades at kr 53.85, about 21% below its 52-week high of kr 68.15 and 34% above the low of kr 40.10 (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of kr 114.20 is for.
Which stocks are comparable to Cadeler As?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Sep 27, 2026: price kr 53.85, calculated fair value kr 114.20 (+112%), Quality Score 44/100, from 14 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 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 114.20, 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 15.9 % above its aggregate fair value. Cadeler As currently trades 53 % 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 closing price on Sep 29, 2026 was kr 53.85. Our model-based fair value is kr 114.20, about +112% 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 (44/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 75.41). The market is more pessimistic than our downside scenario. A fairly wide model range (kr 75.41 to kr 152.98) 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 21.2B NOK (≈ $2.2B). 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 2.81 (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 8.67 (price ÷ EPS = P/E 6.2). 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 18.7% (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 6.2% (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 +90.5% 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 +26.4% 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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Sep 27, 2026