Article by Yippee-Ki-Yay

Cadeler: Danish offshore wind power company with 308% growth

Buy signal | Private publication | 11 Jan 2026

Cadeler A/S: The Danish Offshore Wind Turbine Giant That's Turning Heads 🌊⚡

Who is Cadeler A/S?

Imagine gigantic ships installing wind turbines in the middle of the sea as if they were Lego blocks. That's Cadeler! This publicly traded Danish company specialises in the installation of offshore wind turbines. With the energy transition in full swing in Europe, Cadeler is riding the green wave (pun intended).

The company operates a fleet of highly specialised ships capable of transporting and installing these XXL wind turbines in the middle of the ocean. In a world desperately seeking to move away from oil, Cadeler is in exactly the right place at the right time.

Financial Analysis: Let's Get Down to Business 📊

Revenue: 4.5/5 🚀

Now, hold on to your hats! Cadeler's revenue has grown from £60.93 million in 2021 to £248.73 million in 2024. That's an explosion of +308% in three years! It's the kind of growth that any investor dreams of. The company has clearly found its market and is exploiting it to the full. Forecasts predict €692.1 million over 12 months, which is almost triple again. It's close to perfection, with just one small caveat: we need to make sure that this growth is sustainable.

Net result: 3.5/5 💰

Cadeler earned €65.06 million in 2024, compared to €11.49 million in 2023. This is a massive increase (+466%), but beware: in 2020, the company was in the red with a loss of €27 million. Profitability is recent and still somewhat fragile. Forecasts predict a profit of €218 million in 2025, which would be truly excellent. We are deducting half a point for the company's still short history of profitability.

Debt: 3/5 🏦

Total debt amounts to €581.98 million in 2024, compared with equity of €1,233.89 million. The debt/equity ratio is therefore around 47%, which remains manageable but is not negligible. Net debt has increased significantly: from €73.58 million in 2021 to €530.52 million currently, according to forecasts. This is the flip side of aggressive growth. Cadeler is investing heavily in its fleet (capital expenditure of £615.95 million in 2024!). This is necessary but weighs on the balance sheet.

Return on equity (ROE): 4/5 📈

The current ROE is around 5.3% (€65.06 million in profit / €1,233.89 million in equity). This is not spectacular at the moment, BUT forecasts for 2025 indicate a potential ROE of 17.67% (€218 million / €1,233.89 million), which is really interesting! The trajectory is excellent, hence the good rating.

Stock Market Performance: 3.5/5 📉

The share is currently trading at NOK 50.90 (approximately £4.50). The current P/E (price/earnings) ratio is 4.88, suggesting that the share is somewhat undervalued relative to earnings. However, forecasts show a P/E of 5.20 over 12 months, which remains reasonable. The market appears cautious, probably due to the sector's debt and uncertainties.

Overall rating: 3.7/5 ⭐

Cadeler is undergoing a major transformation, evolving from a start-up to a major player in offshore wind power. Its fundamentals are improving rapidly, but there are still areas of turbulence to watch out for.

Forecasts and Valuation 🔮

For 2026-2027, if Cadeler maintains its trajectory:

  • Expected turnover: €900 million-€1 billion (continuous growth in the sector)
  • Net profit: €329.75 million (2026) then €489 million (2027) according to forecasts
  • Estimated share price:
    • 2026: NOK 65-75 (increase of 28-47%)
    • 2027: NOK 85-100 (potential increase of 67-96%)

Strengths and Risks of the Sector 🎯

Strengths:

  • Massive energy transition in Europe
  • Generous government subsidies
  • High barriers to entry (need for highly specialised vessels)
  • Booming order book

Risks:

  • Increased competition (particularly from Asia)
  • Dependence on weather conditions
  • Huge investments required
  • Regulatory and political risks
  • Volatility of raw materials

The Verdict: How Much to Invest? 💶

The Verdict: How Much to Invest? 💶 With a budget of €10,000 spread across 10 companies, I would put €1,200 into Cadeler, or 12% of the portfolio. This is slightly above average (€1,000) because the growth potential is enormous, but without going all in given the risks associated with debt and the company's recent profitability.

Conclusion

Cadeler is a bit like a surfer who has caught the perfect wave of the energy transition. The company is growing at breakneck speed, is finally becoming profitable, and the market still undervalues its potential. Yes, there is debt. Yes, it is a competitive sector. But frankly, with a rating of 3.7/5 and prospects of doubling its share price by 2027, Cadeler deserves a place in a diversified portfolio.
So, are you ready to invest in the wind? 🌬️💸

  • Signal : Buy
  • Budget/Investment : Medium
  • Reinforcement required : Yes, under NOK 45
  • Exposure : Medium
  • Horizon : 2 to 3 years
  • Potential profitability : +67% to +96%
  • Ref. ISIN code : DK0061412772