Equity Research
Cadeler
Independent Equity Research
A global offshore wind installation leader positioned to benefit from vessel scarcity, larger turbines and demand for next-generation capacity
Research Note
JEME Capital Research
- Date
- September 20, 2026
- Coverage
- Initiation
- Sector
- Renewable Energy / Offshore Wind
Rating
Buy
Target Price
EUR 10.26
Summary
Executive Summary
Cadeler is one of the world’s leading offshore wind installation contractors, providing turbine and foundation transportation, installation, and maintenance services. Its next-generation fleet is designed to handle increasingly large offshore turbines and foundations, giving the company a strong position in a market where technically capable vessels remain scarce
We initiate coverage with a Buy rating and a target price of EUR 10.26 per share, implying approximately 84% upside from the reference price of EUR 5.55. The investment case is supported by fleet expansion, a EUR 2.8 billion backlog, and growing operations and maintenance activity through Nexra. Our valuation combines a 90% DCF weighting with a 10% peer-multiples cross-check
Highlights
Key Investment Highlights
01
Structural Vessel Scarcity
Offshore wind installation demand is increasing while the supply of suitable next-generation vessels remains constrained. Cadeler’s fleet can handle 15–20 MW+ turbines and foundations that many older vessels cannot install efficiently, supporting utilisation and pricing power
02
Fleet Expansion and Earnings Growth
Cadeler doubled its fleet from five to ten vessels in 2025 and added Wind Ace in July 2026, with Wind Apex expected in Q2 2027. H1 2026 revenue reached EUR 408 million and EBITDA EUR 208 million, demonstrating the earnings potential of the expanded fleet
03
Recurring O&M Growth Through Nexra
Nexra expands Cadeler’s exposure to maintenance, upgrades and major-component replacement. These activities improve fleet utilisation between installation projects and generate more recurring revenue linked to the growing installed base of offshore wind assets
Snapshot
Investment Snapshot
Buy
Rating
EUR 10.26
Target Price
84%
Upside
51%
Forecast EBITDA Margin
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