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

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CDLR

Cadeler A/S Sponsored ADR

(NYSE:CDLR)

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Outperform 74 (OpenAI - 4o)
Rating:74Outperform
Price Target:
$23.50
▲(12.33% Upside)
Cadeler A/S's strong financial performance and increased guidance from the earnings call are significant positives. However, concerns about cash flow management and mixed technical indicators temper the overall outlook. The stock's undervaluation presents an opportunity for growth, but liquidity issues need addressing to sustain long-term success.

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

Cadeler A/S Sponsored ADR Business Overview & Revenue Model

Company DescriptionCadeler A/S operates as an offshore wind farm transportation and installation contractor in Denmark. It also provides wind farm maintenance, construction, decommissioning, and other tasks within the offshore industry, as well as marine and engineering services. The company owns and operates four offshore jack-up windfarm installation vessels. Cadeler A/S was incorporated in 2008 and is headquartered in Copenhagen, Denmark.
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:Aug 26, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 20, 2025
Earnings Call Sentiment Positive
The earnings call reflects a strong financial performance with increased guidance and substantial backlog, driven by new contracts and efficient project management. While there are challenges such as the Hornsea 4 delay and uncertainty in the U.S. market, the company's strategic initiatives like Nexra and timely vessel deliveries indicate a positive outlook.
Q2-2025 Updates
Positive Updates
Above Expectation Financial Performance
Cadeler's financial performance in the first half of 2025 was above expectations with an increase in full-year guidance in July 2025. Revenue for Q2 was EUR 233.1 million, driven by termination fees and substantial growth compared to last year. The equity ratio remained solid at around 50%, and EBITDA increased from EUR 32 million to EUR 189 million.
Significant Backlog and New Contracts
Cadeler's backlog continued to strengthen, standing at EUR 2.5 billion even after the removal of the Hornsea 4 project. A new project in Taiwan, Formosa 4, was added to the backlog with healthy contract economics. The backlog includes a high level of final investment decisions at 97%.
On-schedule New Vessel Deliveries
The new vessel Wind Ally is ahead of schedule, with delivery expected at the end of September instead of November 2025. Wind Mover is also expected to be delivered slightly ahead of schedule in Q4 2025. All new builds are on or ahead of schedule and on budget.
Launch of Nexra Service Concept
Strong demand for O&M services led to the establishment of Nexra, Cadeler's service concept. The Wind Keeper vessel, secured through a long-term contract with Vestas, will undergo tailored upgrades to fit the Cadeler operating model and will start operations in Q1 2026.
Negative Updates
Hornsea 4 Project Delayed
The Hornsea 4 project was delayed by Orsted, resulting in its removal from Cadeler's backlog. Although the backlog remains strong, the project delay represents a significant challenge.
U.S. Market Challenges
The U.S. market constitutes less than 10% of Cadeler's total backlog, with the Revolution Wind project facing potential halts. The situation around this contract remains uncertain.
Company Guidance
During Cadeler's H1 2025 earnings call, the company provided guidance indicating an improvement in its financial performance, leading to an increase in full-year guidance in July 2025. The company's backlog was reported at EUR 2.5 billion, despite the removal of the Hornsea 4 project due to delays. Cadeler's fleet includes seven vessels currently on hire globally, with strong demand for operations and maintenance (O&M) services, particularly for larger turbines, prompting the establishment of Nexra, a new service concept. The company highlighted the acquisition and long-term contract for the Wind Keeper, a significant commercial achievement, with the vessel set to undergo upgrades before commencing operations in Q1 2026. For Q2 2025, Cadeler achieved a revenue of EUR 233.1 million, with a market capitalization of EUR 1.7 billion and an equity ratio of about 50%. The company adjusted its 2025 revenue outlook to a range of EUR 588-628 million and EBITDA to EUR 381-421 million, factoring in termination fees from Hornsea 4. Cadeler emphasized its strong financial position, ongoing new build projects, and strategic focus on expanding its fleet and enhancing service offerings.

Cadeler A/S Sponsored ADR Financial Statement Overview

Summary
Cadeler A/S demonstrates strong revenue growth and profitability with impressive margins. However, the company's cash flow position is concerning, with significant negative free cash flow, which could impact future investments and financial flexibility. The balance sheet shows a balanced leverage position, but cash flow management needs improvement.
Income Statement
85
Very Positive
Cadeler A/S shows strong revenue growth with a TTM increase of 57.57%, indicating robust demand or expansion. The company maintains healthy margins, with a gross profit margin of 51.95% and a net profit margin of 29.70% in the TTM. EBIT and EBITDA margins are also strong at 32.21% and 54.36%, respectively, reflecting efficient operations and cost management. However, the high growth rate may not be sustainable long-term, and the company should monitor for potential market fluctuations.
Balance Sheet
70
Positive
The balance sheet reflects a moderate debt-to-equity ratio of 0.87, suggesting a balanced approach to leveraging. Return on equity is relatively low at 7.39%, indicating room for improvement in generating returns for shareholders. The equity ratio stands at 49.51%, showing a solid equity base. While the company is not overly leveraged, the increase in total debt warrants attention to ensure financial stability.
Cash Flow
60
Neutral
Cadeler A/S faces challenges in cash flow management, with a negative free cash flow growth rate of -394.60% in the TTM, indicating significant cash outflows. The operating cash flow to net income ratio is 0.49, suggesting that not all earnings are translating into cash. The free cash flow to net income ratio is notably negative, highlighting potential liquidity issues. The company needs to focus on improving cash generation to support growth and operations.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue465.06M248.74M108.62M106.42M60.94M19.50M
Gross Profit297.99M124.51M48.76M56.89M22.06M-26.26M
EBITDA317.53M126.87M37.42M59.75M27.36M-7.26M
Net Income232.65M65.07M11.50M35.54M7.45M-27.03M
Balance Sheet
Total Assets2.77B1.94B1.25B670.03M424.77M336.81M
Cash, Cash Equivalents and Short-Term Investments53.03M58.46M96.61M19.01M2.31M63.64M
Total Debt1.21B581.99M206.56M115.28M73.58M74.29M
Total Liabilities1.40B703.12M293.52M129.46M99.51M95.75M
Stockholders Equity1.37B1.23B959.04M540.57M325.26M241.06M
Cash Flow
Free Cash Flow-845.71M-522.85M-3.55M-196.37M-133.18M-265.74M
Operating Cash Flow147.29M93.10M63.38M29.04M30.20M-9.60M
Investing Cash Flow-993.04M-615.75M-54.73M-225.41M-163.38M-256.14M
Financing Cash Flow803.97M481.99M70.27M213.07M71.85M338.81M

Cadeler A/S Sponsored ADR Technical Analysis

Technical Analysis Sentiment
Negative
Last Price20.92
Price Trends
50DMA
21.09
Negative
100DMA
20.80
Positive
200DMA
20.74
Positive
Market Momentum
MACD
0.04
Positive
RSI
47.93
Neutral
STOCH
44.86
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 20.92 is below the 20-day moving average (MA) of 21.23, below the 50-day MA of 21.09, and above the 200-day MA of 20.74, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 47.93 is Neutral, neither overbought nor oversold. The STOCH value of 44.86 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 (55)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
83
Outperform
1.48B5.1912.73%3.75%-7.24%-16.39%
80
Outperform
1.70B3.8212.79%3.67%5.63%-17.54%
79
Outperform
1.40B4.8111.82%0.41%-0.47%-22.23%
74
Outperform
$1.84B7.0518.31%
74
Outperform
2.26B18.6412.28%4.01%2.95%-61.74%
63
Neutral
1.73B0.8651.42%53.03%43.57%0.00%
55
Neutral
$6.65B3.83-15.92%6.20%10.91%7.18%
* General Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
CDLR
Cadeler A/S Sponsored ADR
20.92
-5.98
-22.23%
CMRE
Costamare
12.28
1.83
17.51%
DAC
Danaos
92.60
13.73
17.41%
NMM
Navios Maritime Partners
48.24
-12.71
-20.85%
SBLK
Star Bulk Carriers
19.70
-0.95
-4.60%
ZIM
ZIM
14.37
-0.23
-1.58%

Cadeler A/S Sponsored ADR Corporate Events

Cadeler Secures Major Contract for Polish Offshore Wind Project
Sep 18, 2025

On September 18, 2025, Cadeler announced a firm contract with Ocean Winds for the transportation and installation of 26 Siemens Gamesa 14MW offshore wind turbines at the BC-Wind offshore wind farm in the Polish Baltic Sea. The contract is valued between EUR 49 million and EUR 58 million. This project, set to begin in 2028, marks Cadeler’s first direct contractual partnership with Ocean Winds and reinforces its strong position in Poland’s offshore wind market. The BC-Wind project will contribute significantly to Poland’s renewable energy goals by supplying clean electricity to nearly half a million households. Cadeler’s involvement in this project, along with its ongoing work on other Polish offshore wind farms, underscores its pivotal role in advancing Poland’s offshore wind energy sector.

Cadeler A/S Reports Significant Share Transactions by Key Associates
Sep 11, 2025

On September 10, 2025, Cadeler A/S reported transactions involving its shares by individuals with managerial responsibilities and those closely associated with them. Notably, BW Group Limited and BW Altor Pte. Ltd., entities associated with Andreas Sohmen-Pao, Chairman of Cadeler’s Board, executed significant share transactions. These transactions, involving the purchase and sale of 2,239,501 shares at an average price of NOK 52.00 each, reflect ongoing strategic financial activities within the company. Such movements could impact Cadeler’s market positioning and stakeholder interests, highlighting the active engagement of key figures in the company’s financial operations.

Cadeler A/S Announces Share Transactions by Board Member’s Associate
Sep 5, 2025

On September 5, 2025, Cadeler A/S announced a transaction involving the purchase of shares by Niki Invest ApS, a company closely associated with Ditlev Wedell-Wedellsborg, a member of Cadeler’s board of directors. The transactions, conducted on September 3 and 4, 2025, involved purchasing a total of 30,193 shares on the Oslo Stock Exchange at average prices of NOK 51.10 and NOK 51.50. These transactions reflect strategic financial movements within the company’s leadership, potentially impacting investor perceptions and Cadeler’s market positioning.

Cadeler A/S Reports Strong H1 2025 Results and Secures New Contracts
Aug 26, 2025

On August 26, 2025, Cadeler A/S announced its financial results for the first half of 2025, highlighting a strong performance that exceeded expectations. The company reported a robust contract backlog of EUR 2.5 billion, with significant projects in the pipeline, including a new long-term contract for its recently delivered vessel, Wind Keeper, and a firm contract for the Formosa 4 Offshore Wind Farm in Taiwan. The announcement underscores Cadeler’s strategic positioning in the growing offshore wind market, with ongoing projects and new contracts reinforcing its market presence.

Cadeler A/S Surpasses Expectations with Strong H1 2025 Financial Results
Aug 26, 2025

Cadeler A/S reported interim financial results for the first half of 2025, exceeding expectations with a significant increase in revenue and EBITDA. The company achieved a revenue of EUR 299 million, a 265% increase from the previous year, and an EBITDA of EUR 213 million. Cadeler’s fleet expansion strategy is on track with the delivery of new vessels and a focus on Operations & Maintenance, highlighted by the launch of its new division, Nexra. The company also secured a robust order book valued at EUR 2.5 billion, ensuring strong earnings visibility into 2026 and beyond.

Cadeler A/S Reports Strong H1 2025 Financial Performance Amid Fleet Expansion
Aug 26, 2025

On August 26, 2025, Cadeler A/S reported its interim financial results for the first half of 2025, showcasing a significant increase in revenue and EBITDA compared to the previous year. The company achieved a revenue of EUR 299 million and an EBITDA of EUR 213 million, driven by fleet expansion and strategic focus on operations and maintenance. The acquisition of the Wind Keeper vessel and the termination of the Hornsea 4 project were notable events, with the latter resulting in compensation and a revised financial outlook. Cadeler’s strategic positioning and fleet growth are set to support the evolving offshore wind sector, with a robust order book and plans for further vessel deliveries.

Cadeler Secures Contract for Formosa 4 Wind Farm in Taiwan
Aug 22, 2025

Cadeler A/S has secured a firm contract with Synera Renewable Energy for the transportation and installation of 35 Siemens Gamesa 14MW wind turbines at the Formosa 4 Offshore Wind Farm in Taiwan. This project, set to begin in March 2028, is part of Cadeler’s long-term strategy to expand its presence in the Asia-Pacific region, with the contract expected to generate between EUR 70 and 80 million in revenue. The Formosa 4 wind farm, located off the coast of Miaoli County, will significantly contribute to Taiwan’s green energy supply, providing 495 MW of clean offshore energy. This contract reflects Cadeler’s ongoing efforts to advance offshore wind projects in the region, supported by its local office in Taipei.

Cadeler A/S to Release H1 2025 Financial Results on August 26
Aug 5, 2025

On August 5, 2025, Cadeler A/S announced that it will release its H1 2025 Interim Report on August 26, 2025, detailing its financial performance for the first half of the year. The company will also host a live webcast presentation for the investment community, featuring CEO Mikkel Gleerup and CFO Peter Brogaard Hansen, to discuss the results and take questions from analysts. This event is significant for stakeholders as it provides insights into Cadeler’s financial health and strategic direction in the offshore wind industry.

Cadeler Expands Fleet with Wind Keeper Delivery and Secures Major Contract with Vestas
Jul 18, 2025

On July 18, 2025, Cadeler announced the delivery of its new vessel, the Wind Keeper, which marks the company’s eighth vessel in its fleet. The Wind Keeper has secured a significant three-year contract with Vestas, valued at approximately EUR 210 million, with potential extensions increasing the contract’s value to over EUR 380 million. This acquisition and contract are strategic moves to enhance Cadeler’s capacity in the offshore wind sector, particularly in Europe, where demand for versatile, high-performance vessels is growing. The Wind Keeper will undergo upgrades to support the installation of next-generation 15 MW turbines, reinforcing Cadeler’s position as a leader in the offshore wind industry.

Cadeler A/S Reports Managerial Share Transactions
Jul 10, 2025

On July 10, 2025, Cadeler A/S reported transactions involving its shares by key managerial personnel, including CEO Mikkel Gleerup and CFO Peter Brogaard Hansen. These transactions involved the delivery of shares underlying vested Restricted Share Units (RSUs) from Cadeler’s 2023 RSU Program, with no monetary exchange involved. This announcement highlights the company’s ongoing commitment to transparency and regulatory compliance, potentially impacting stakeholder trust and market perception.

Cadeler A/S Reports Managerial Share Transactions
Jul 1, 2025

On June 27, 2025, Cadeler A/S reported transactions involving its shares by individuals with managerial responsibilities and their closely associated persons. Scorpio Holdings Limited and Scorpio Services Holding Limited, both associated with Emanuele Lauro, Vice-Chairman of the Board, engaged in an intra-group transaction involving the purchase and sale of 767,766 shares at an average price of USD 5.26 per share, totaling USD 4,039,727.39. This transaction highlights the ongoing financial activities within the company, potentially impacting its market position and stakeholder interests.

Cadeler A/S Adjusts 2025 Financial Outlook Following Ørsted Contract Termination
Jul 1, 2025

Cadeler A/S announced on July 1, 2025, that Ørsted A/S has terminated a long-term agreement for an A-Class Windfarm Installation Vessel, initially set to secure vessel capacity from Q1 2027 to the end of 2030. The termination follows Ørsted’s decision to halt work on the Hornsea 4 Offshore Wind Farm. Despite the termination, Cadeler will receive compensation and plans to redeploy the vessel to other projects, which will positively impact its financial guidance for 2025. Cadeler has revised its 2025 revenue and EBITDA guidance upwards, expecting revenue between EUR 588 million and EUR 628 million, and EBITDA between EUR 381 million and EUR 421 million.

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: Sep 20, 2025