Cadeler As (CADLR) fair value: what the stock is really worth
We calculate from audited financials what Cadeler As is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
Watch it or check another stockalert when fair value or trend changes
Industrials · NO · Market cap 20.9B NOK (≈ $2.2B) · ISIN DK0061412772
At a glance
CACadeler AsCADLR · OL
Pricekr 59.55
Fair Valuekr 147.48
Upside+147.7%
Quality44/100
Below-average quality, trading 60% below our fair value of kr 147.48.
As of Sep 7, 2026, the fair value of Cadeler As is kr 147.48 per share against a price of kr 59.55, so the fair value sits 148% above the price. A model estimate from reported figures, not an analyst target.
!Expensive Growth (revenue 5y +99.8 %/yr)
✓Highly profitable · 39.9% net margin
!Moderate debt · negative free cash flow
✓Ranks above peers (8/12)
!Moderate moat 60/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range kr 109.66 to kr 326.86
Evidence: MediumRange kr 109.66 to kr 326.86
Fair value as of: Sep 7, 2026
From 14 valuation models · updated 4 days ago
Fair value updated Sep 7, 2026, revised from kr 150.05 to kr 147.48 (−1.7%) since Aug 13, 2026. Share price +7.1% over the past month.
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What matters 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 109.66). The market is more pessimistic than our downside scenario.
The model range is unusually wide (kr 109.66 to kr 326.86). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 7, 2026.
How to read this chart
60‑month range kr 29.55 – kr 77.00 · fair‑value band kr 109.66 – kr 326.86 · the kr 59.55 price screens below the kr 147.48 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 7, 2026.
Cadeler As (CADLR) currently trades at kr 59.55, while our model-based Fair Value estimate is kr 147.48, implying the stock looks roughly 59.6% undervalued today. The Quality Score stands at 44/100 (below-average quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of kr 33.24 per share, and 0 of the 13 models we run sit above the kr 59.55 price. Bear case: the Earnings-Based group reads lowest at kr 25.41, and 13 of the 13 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Cadeler As generated revenue of 680M NOK at a net margin of 39.9%. Revenue grew 90.5% year over year. It earns a return on equity of 18.7%. Net debt stands at 1.5B NOK. Fundamentals as of Sep 7, 2026
Scenario range: kr 109.66 (bear) to kr 326.86 (bull), the price of kr 59.55 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. 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 14% below its 52-week high and 50% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at 148%, CADLR screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (kr 5.68 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (kr 2.61 to kr 34.43). Read the values as a conservative anchor, not as a price target.
ModelBear ⓘ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.Evidence
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Key figures & financial health
P/E ratio6.9
P/S ratio3.10P/E × margin
EPS (TTM)kr 8.67price ÷ EPS = P/E 6.9
Net margin45.2%FY2025
Return on equity18.7%TTM
Return on assets (EBIT)4.6%avg 5y
More key figures
Profitability
Operating margin6.2%TTM
Growth
Revenue (TTM)680M NOKTTM
Revenue growth (YoY)+90.5%3y avg +80.0%
EPS growth (YoY)+26.4%
Balance sheet & cash flow
Free cash flow−843M NOKFY2025
Net debt1.5B NOKFY2025
Figures from reported company fundamentals · as of Sep 7, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality44/100
Of which business quality 48
· Market factors (momentum, volatility) 56
Profitability50
Margins and returns on capital today
Quality Growth95
Are margins and returns improving?
Cashflow40
Earnings quality: real cash, not paper profit
Fin. Strength65
Balance sheet, leverage, solvency risk
Investment0
Disciplined investing over empire-building
Low Volatility71
Calm price path (market factor)
Momentum45
Price trend over the last 3–12 months (market factor)
52W Momentum58
Distance to the 52-week high (market factor)
Net Issuance21
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
620M NOK
Latest YoY
+149.4%
Avg. revenue growth/yr (3Y) ⓘ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.
+80.0%
Avg. revenue growth/yr (5Y) ⓘ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.
+99.8%
Avg. revenue growth/yr (9Y) ⓘ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.
+27.2%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years, adjusted) plus dividend yield: value created per share and year.
+67.4%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+67.4%
Dividend yield0.0%
Trend ⓘ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.5Y 69.7% vs 10Y 29.2%, picking up
Operating margin (EBIT) ⓘ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.−184.2% (2020) → 51.2% (2025) · rising
Worst earnings drop159% (2018) (loss year, drop beyond 100%) · in NOK
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Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
This stockSector peers
VALUE100· sector 17
FUTURE100· sector 12
PAST75· sector 26
HEALTH50· sector 94
DIVIDEND0· sector 39
Insider activity: 30/100
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
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As of Sep 7, 2026, our model estimates a fair value of kr 147.48 versus a price of kr 59.55, about +148% upside (undervalued).
What is the fair value of CADLR?
Our model-based fair value for Cadeler As is kr 147.48 (as of Sep 7, 2026), built from audited fundamentals. The current price: kr 59.55.
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 147.48 (as of Sep 7, 2026) from 14 valuation models. Cautious scenario kr 109.66, optimistic scenario kr 326.86. 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 147.48, about +148% upside versus a price of kr 59.55 (undervalued). Cautious scenario kr 109.66, optimistic scenario kr 326.86. 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 NOK (latest available figure, as of Sep 7, 2026).
What is the net profit margin of CADLR?
The net profit margin of Cadeler As is about 39.9%, meaning it keeps roughly 39.9% of revenue as net income. Based on the latest reported figures.
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 147.48 per share (as of Sep 7, 2026), against a price of kr 59.55. 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 7, 2026, CADLR trades below its calculated fair value: price kr 59.55, fair value kr 147.48, a gap of about +148% (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 59.55); the fair value is what the company's own numbers justify (kr 147.48). For Cadeler As the two are kr 87.93 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 20.9B NOK (market capitalisation, as of Sep 7, 2026). Per share that is kr 59.55; our models calculate a fair value of kr 147.48 per share.
What do the bullish and bearish scenarios say about CADLR?
Our models span a range for Cadeler As: cautious scenario kr 109.66, base kr 147.48, optimistic kr 326.86 per share (as of Sep 7, 2026, price kr 59.55). 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 6.9 (as of Sep 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 147.48 is built from several models across several years. Other multiples: P/B 1.5, P/S 3.4, EV/EBITDA 8.1.
How solid is the balance sheet of Cadeler As (CADLR)?
Balance-sheet figures for Cadeler As (as of Sep 7, 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 59.55, about 14% below its 52-week high of kr 69.10 and 50% above the low of kr 39.64 (as of Sep 7, 2026). Distance from the high says nothing about value: that is what the fair value of kr 147.48 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 7, 2026: price kr 59.55, calculated fair value kr 147.48 (+148%), 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 147.48, 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 32.6 % above its aggregate fair value. Cadeler As currently trades 148 % 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 <a href="/is-it-worth-investing-now/">is it worth investing now</a>.
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