Cadeler A/S American Depositary Share (each representing four (4) Ordinary Shares) (CDLR)

FairStock Score: 82/100 — HIGH CONVICTION

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Cadeler is a specialist in offshore wind installation, a capital-intensive field with real barriers: large vessels, engineering skill, and contracts. The tailwind is obvious: the latest quarter, 2026-Q2, produced $282.8M of revenue and $95.0M of net income, a 33.57% margin. The provided revenue growth of 90.50% shows rapid expansion. But I am a value investor, and I must look at what is paid. At the 2026-10-13 close of $21.75, FairStock's P/E is 8.77 and P/B is 1.03. On the surface that is not expensive. Yet FairStock's Graham Number is $16.02, so the price carries a -35.77% margin of safety, meaning no Graham-style cushion. FairStock's ROE is 12.74%, but ROCE is only 5.37%, which suggests the capital-heavy model does not earn a high return on total capital. Debt to equity is 0.91, and trailing free cash flow is -$294.4M, a -11.8% FCF yield. FairStock's Altman Z-Score is 1.26, a caution flag for financial distress. Profit growth of -492.05% also conflicts with the revenue boom. Piotroski F-Score 7/9 is a positive, and beta 0.71 is relatively defensive. But Cadeler has only 0 years of filed annual results in the FairStock data, so its Lynch category is none, insufficient history. The business may be essential to offshore wind, but it is cyclical, capital-hungry, and currently consuming cash. I would want evidence of positive free cash flow, lower leverage, and a price nearer Graham's conservative value before calling it a bargain.

In plain English: Cadeler uses special ships to build and maintain offshore wind farms. The business is growing fast and made money last quarter, but it is using more cash than it brings in and carries debt. At the recent price of $21.75, the shares look roughly fair on earnings and book value but not cheap compared with a careful estimate of asset value.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer