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

We came across a bullish thesis on Cadeler A/S on Multibagger Radar’s Substack by Joshua. In this article, we will summarize the bulls’ thesis on CDLR. Cadeler A/S's share was trading at $20.94 as of September 23rd. CDLR’s trailing and forward P/E were 6.66 and 15.92, respectively according to Yahoo Finance.

Cadeler is a Danish small/mid-cap company ($1.7B market cap) that has quietly positioned itself as a critical player in the offshore wind industry. Unlike traditional turbine manufacturers, Cadeler builds the specialized, self-elevating “jack-up” vessels that install the largest 15–20 MW turbines, a niche that few competitors can touch. Following its merger with Eneti, Cadeler now operates the world’s largest fleet of wind installation vessels, with contracts and utilization rates that extend well into the 2030s, serving major clients such as Ørsted, Vestas, and Siemens Gamesa.

The company’s business model combines high growth, strong margins, and disciplined capital allocation: 2024 revenue reached €249M, up 129% from 2023, with EBITDA margins around 50% and net margins exceeding 40% in Q4, while every new vessel is pre-contracted, minimizing deployment risk. Despite heavy capex, debt is managed prudently at roughly 3x 2025E EBITDA. The offshore wind market presents an extensive growth runway, with Europe aiming to triple installed capacity by 2030, the U.S. targeting 30 GW, and Asia only beginning its adoption, creating a structural bottleneck where demand outpaces vessel supply. Cadeler’s unreplicable advantage lies in its combination of capital, credibility, and long-term contracts, making it extremely difficult for new entrants to compete.

Management, led by CEO Mikkel Gleerup, has demonstrated disciplined execution and alignment with investors. With 10 vessels expected by 2026 and further U.S. expansion underway, near-term catalysts include doubling revenue in 2025 and a PEG well below 0.5, reflecting a tech-growth profile in a shipping guise. Given its scarcity-driven demand, strong contracts, and undervalued market cap relative to order book (€2.5B), Cadeler offers a rare industrial compounder opportunity, with potential to double or more over the next few years while maintaining resilience and high margins.

Previously we covered a bullish thesis on Cadeler by TopSecretStocks in July 2025, which highlighted the company’s offshore wind installation expertise, fleet expansion through Eneti, record order backlog, and capital-intensive growth model. The company's stock price has stayed flat since our coverage. This is because the thesis is long-term and tied to structural market growth. Joshua shares a similar view but emphasizes Cadeler’s disciplined capital allocation and pre-contracted vessels.

Cadeler A/S is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held CDLR at the end of the second quarter which was 6 in the previous quarter. While we acknowledge the 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 HGTY and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.