CDLR
Cadeler A/S
$21.58
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Undervalued
Trading 72.3% below fair value
You pay
$21.58
Bear
$62.35
Fair
$77.94
Bull
$93.53
Bear
$62.35
+188.9%
$3.46 × 18x P/E
Fair
$77.94
+261.2%
$3.46 × 22x P/E
Bull
$93.53
+333.4%
$3.46 × 27x P/E
Key Value Driver
Normalized P/E multiple (22x base case)
Implied Market Multiple
6.2x
Summary
Applying a 22x P/E to adjusted EPS of $3.46, the base-case value is $77.94 per share.
Warnings
Financial statements were converted from EUR into USD using EURUSD at 1.1389 USD per EUR.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples