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Cadeler A/S (CDLR) Fair Value & Analysis

Industrials · US · Market cap $2.1B

CA Cadeler A/S logo Cadeler A/S CDLR · US
Price$22.60
Fair Value$46.81
Upside+107.1%
Quality44/100
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Expensive Growth
Highly profitable · 39.9% net margin
Moderate debt · negative free cash flow
Ranks above peers (8/12)
Moderate moat 60/100
Evidence: Medium Range $31.88 – $106.77 Share as image

Fair value as of: Aug 13, 2026

From 14 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from $47.04 to $46.81 (−0.5%) since Jul 15, 2026. Share price −2.6% over the past month.

Below-average quality, screening 107% undervalued on our models.

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 ($31.88). The market is more pessimistic than our downside scenario.
  • The model range is unusually wide ($31.88 to $106.77). The outcome hinges heavily on assumptions, so read the point estimate with caution.
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Price vs Fair Value (3 years)

$29.57 $15.92 Fair Value $46.81 Dec 2023 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

32‑month range $15.92 – $29.57 · fair‑value band $31.88 – $106.77 · the $22.60 price screens below the $46.81 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Cadeler A/S (CDLR) currently trades at $22.60, while our model-based Fair Value estimate is $46.81, implying the stock looks roughly 107.1% undervalued today. The Quality Score stands at 44/100 (below-average quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Cadeler A/S generated revenue of $680M 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. Fundamentals as of Aug 13, 2026

Our scenario range runs from $31.88 (bear case) to $106.77 (bull case); at $22.60, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 25% below its 52-week high and 47% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -34% fair-value upside, at 107%, CDLR screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Residual Income $17.79 $23.64 $82.34 76
ROIC Compounder $11.25 $15.22 $23.87 72
Growth-Adj P/E $89.40 $127.71 $166.03 68
All 14 models by family
Earnings-Based
Graham-Dodd $18.97 $132.29 $185.66 54
Lynch FV $68.35 $97.64 $126.93 50
PEG = 1.0 $68.35 $97.64 $126.93 46
EPV $11.25 $15.22 $18.65 59
Multiples
P/E Multiple $43.94 $58.58 $73.23 63
P/S Multiple $9.27 $12.35 $15.44 58
P/B Multiple $35.57 $47.43 $59.28 55
EV/EBIT $25.30 $38.38 $51.45 53
EV/EBITDA $26.94 $40.56 $54.18 54
EV/Revenue $0.5300 43
Asset-Based
NCAV (Graham) $7.79 $10.44 $15.58 50
Economic Profit
Residual Income $17.79 $23.64 $82.34 76
ROIC Compounder $11.25 $15.22 $23.87 72
Growth Earnings
Growth-Adj P/E $89.40 $127.71 $166.03 68

Widest divergence: Growth Earnings ($127.71) versus Asset-Based ($10.44). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) $680M
Revenue growth (YoY) +90.5%
Net margin 39.9%
Return on equity 18.7%
Free cash flow −$863M FY2025
P/E ratio 6.4
More key figures
Operating margin 6.2%
EPS (TTM) $3.53
EPS growth (YoY) +26.4%
Net debt $1.5B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 44 · Market factors (momentum, volatility) 45

Profitability 49
Margins and returns on capital today
Quality Growth 94
Are margins and returns improving?
Cashflow 37
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 48
Distance to the 52-week high (market factor)
Net Issuance 29
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.

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 A/S reported revenue of $596M in FY2025 versus $60.9M in FY2021, a compound +76.8%/yr. Reported net income was $269M in FY2025, compounding +145.2%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
$596M
Latest YoY
+139.6%
Avg. 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.
+77.6%
Avg. 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.
+98.2%
Avg. 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.
+26.7%
Revenue +76.8%/yr
FY21 $60.9M
FY22 $106M
FY23 $109M
FY24 $249M
FY25 $596M
Net income +145.2%/yr
FY21 $7.5M
FY22 $35.5M
FY23 $11.5M
FY24 $65.1M
FY25 $269M

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Cite: Fair Value Calculator (2026). "Cadeler A/S Fair Value". https://www.fairvalue-calculator.com/stock/CDLR

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Engineering & Construction · 837 stocks

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.

Quality Score 44 · Below median
Fair Value upside +107% · Top 25%
Return on equity (TTM) 19% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 40% · Top 25%
Operating margin (TTM) 6% · Above median
Revenue growth 91% · Top 25%
Debt / equity 0.99× · Higher than 75% of peers

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 6.4× · Cheaper than 75% of peers
P/B 1.39× · Pricier than median
P/S (TTM) 3.08× · Pricier than 75% of peers
EV/EBITDA 7.7× · Cheaper than median

Snowflake

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.

VALUE 100 · sector 14
FUTURE 100 · sector 15
PAST 75 · sector 26
HEALTH 50 · sector 94
DIVIDEND 0 · sector 33

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹4,020 ₹1,994 -50%
Samsung C&T Corporation 028260 357,500 KRW 261,411 KRW -27%
Hyundai Engineering & Construction Co 000720 113,700 KRW 61,453 KRW -46%
Samsung E&A Co 028050 49,300 KRW 43,624 KRW -12%
Rail Vikas Nigam Limited RVNL ₹230.00 ₹48.92 -79%
Daewoo Engineering & Construction Co 047040 18,400 KRW 6,507 KRW -65%
KEPCO Engineering & Construction Company 052690 99,800 KRW 19,346 KRW -81%
GS Engineering & Construction Corporation 006360 35,200 KRW 23,135 KRW -34%
DL E&C Co 375500 73,500 KRW 148,433 KRW +102%
KEPCO Plant Service & Engineering Co 051600 45,400 KRW 43,924 KRW -3%

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Frequently asked questions

Is Cadeler A/S (CDLR) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of $46.81 versus a price of $22.60, about +107% (undervalued).
What is the fair value of CDLR?
Our model-based fair value for Cadeler A/S is $46.81 (as of Aug 13, 2026), built from audited fundamentals. The current price is $22.60.
What is the quality score of CDLR?
Cadeler A/S 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 revenue of Cadeler A/S (CDLR)?
Cadeler A/S reported trailing-twelve-month revenue of about $680M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of CDLR?
The net profit margin of Cadeler A/S is about 39.9%, meaning it keeps roughly 39.9% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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