Cadeler A/S (CDLR): A Bull Case Theory

We came across a bullish thesis on Cadeler A/S on Valueinvesting subreddit by WilliamBlack97AI. In this article, we will summarize the bulls’ thesis on CDLR. Cadeler A/S’s share was trading at $20.08 as of August 15^th. CDLR’s trailing and forward P/E were 16.49 and 15.92 respectively according to Yahoo Finance.

Cadeler A/S, a Danish leader in offshore wind turbine installation, has rapidly scaled its operations, with revenue growing from €19.5M in 2021 to €249M in 2024 and EBITDA rising to €125M. For 2025, the company guides revenue of €485–525M and EBITDA of €278–318M, supported by a €2.5B backlog. Cadeler is a critical enabler of the global energy transition, particularly in Europe, where ambitious EU targets and a mature supply chain underpin demand.

Offshore wind’s superior capacity factors, ability to bypass land constraints, and contribution to energy security have made it central to renewable expansion, while Asia and the U.S. are emerging as significant growth markets. Cadeler differentiates itself with the world’s largest and most versatile fleet of next-generation installation vessels, benefiting from a pronounced supply-demand imbalance that has driven day rates up more than fivefold since 2020.

The company operates four vessels today, has recently taken delivery of a fifth, and is adding four more in 2025, enhancing capacity, utilization, and reach into high-growth regions. Its 2023 merger with Eneti more than doubled the fleet and accelerated 125%+ revenue growth in 2024, while also strengthening its presence outside Europe.

Cadeler’s strong pricing power, robust backlog, and additional vessel reservation agreements worth up to €900M underpin multiyear growth visibility. With demand still outstripping vessel supply, the company remains the sector’s best pure play and the go-to provider of transport and installation solutions, offering substantial upside as global offshore wind deployment accelerates.

Previously, we covered a bullish thesis on Cadeler by topsecretstocks in July 2025, which highlighted the company’s record order backlog, strategic fleet expansion through the Eneti merger, and a DCF-based intrinsic value indicating over 350% upside by 2030. The stock price has appreciated approximately 3.08% since our coverage. This is because the thesis is long-term and execution-driven. WilliamBlack97AI shares an identical view but emphasizes Cadeler’s pricing power and multiyear growth visibility.

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Disclosure: None.