Cadeler (CDLR): A Bull Case Theory

We came across a bullish thesis on Cadeler on TopSecretStocks’s Substack by topsecretstocks. As of 1st July, Cadeler’s share was trading at $20.84. CDLR’s trailing P/E was 17.08 according to Yahoo Finance.

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Cadeler, a Danish company specializing in offshore wind turbine installation, operation, and maintenance, has been added to the portfolio. The company operates in two primary business areas: offshore wind turbine installation and foundation installation, with a strong focus on Europe, Asia, and the USA. With a pure-play approach in the offshore wind sector, Cadeler benefits from record orders and full order books extending into the 2030s. The company’s recent operational highlights include fleet expansion through the integration of Eneti, with vessels Wind Scylla and Wind Zaratan added to the fleet, and significant project completions such as Moray West in Scotland and Yunlin in Taiwan.

Cadeler’s financial performance in 2024 was strong, with revenue of €248 million, EBITDA of €126 million, and net profit of €65 million. The company forecasts further growth in 2025, with expected revenue between €485 million and €525 million, and EBITDA between €278 million and €318 million. This growth is driven by a record-high order backlog of €2.5 billion and strategic contracts secured for projects like East Anglia Two and Inch Cape Offshore Ltd. Despite potential risks such as operational delays and market dynamics, Cadeler’s valuation appears significantly undervalued based on a DCF model, with a calculated intrinsic value of approximately €20.08, indicating a potential upside of over 350% by 2030.

The company’s strong growth prospects, with revenue and EBITDA doubling in 2025, and a forecast EBITDA margin of 59% in 2025, expected to increase to 70% by 2027, make it an attractive investment opportunity. With a strategic fleet expansion and a solid order backlog, Cadeler is well-positioned for further growth in the offshore wind installation sector. The potential upside and growth prospects position Cadeler as a compelling investment, making it a buy in the current market.

Previously we covered a bullish thesis on Exponent, Inc. by FluentInQuality in June 2025, which highlighted the company’s intellectual-capital-driven model, non-cyclical business, and premium margins built on trust and technical expertise. The company’s stock price has remained relatively flat since our coverage. This is because the thesis is long-term in nature and not tied to short-term catalysts. Topsecretstocks shares a contrarian view but emphasizes Cadeler’s capital-intensive growth model and operational leverage in a booming offshore wind market.

CDLR isn’t on our list of the 30 Most Popular Stocks Among Hedge Funds. While we acknowledge the risk and potential of CDLR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CDLR and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article was originally published at Insider Monkey.