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

We came across a bullish thesis on Cadeler A/S on r/valueinvesting by Right_Astronaut6037. In this article, we will summarize the bulls’ thesis on CDLR. Cadeler A/S's share was trading at $21.86 as of January 14th. CDLR’s trailing and forward P/E were 6.18 and 6.48, respectively according to Yahoo Finance.

Cadeler ASA (CLDR) is emerging as a leading player in the offshore wind turbine installation market, with a clear focus on next-generation, high-capacity turbines of 15MW and above. The company operates a rapidly expanding fleet that gives it a competitive edge over peers, with vessels such as Orca (2012, refitted 2024), Osprey (2013, refitted 2024), Peak (2024), Pace (2025), Maker (2025), Ally (2025), and Keeper (2024). Its pipeline includes Mover (2025Q4), Ace (2026), and Apex (2027), highlighting a strategic push to dominate the installation of the largest, most advanced turbines.

Compared to competitors like DEME (2 operational, 1 under construction), FRED (2 refitted 10+ year-old vessels), VanOord (2 operational), Jan de Nul (1 operational), and several Chinese players, Cadeler’s new and modern fleet positions it strongly in a market segment that is rapidly growing as offshore wind capacity shifts to larger turbines. This focus on the latest-generation infrastructure allows Cadeler to target the highest-value projects, which are increasingly in demand as windfarm developers deploy more powerful turbines for efficiency and scale.

The company’s aggressive fleet expansion, combined with the structural growth of next-generation windfarms, creates a favorable growth trajectory and a clear competitive moat. Investors may find value in Cadeler’s ability to capture market share in this specialized segment, as the company’s modern, purpose-built vessels are likely to command premium utilization and margins relative to older or retrofitted competitors. With the offshore wind market transitioning to larger turbines, Cadeler is strategically positioned to capitalize on this shift, potentially generating significant upside as adoption of 15MW+ turbines accelerates globally.

Previously, we covered a bullish thesis on Tidewater Inc. (TDW) by Jake LaMotta in October 2024, which highlighted the company’s strong position in the offshore support vessel market and supply constraints supporting profitability. TDW’s stock price has depreciated by approximately 4.22% since our coverage due to short-term delays in drilling campaigns. Right_Astronaut6037 shares a similar perspective but emphasizes Cadeler’s (CLDR) fleet expansion and focus on 15MW+ offshore wind turbines.

Cadeler A/S is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 5 hedge fund portfolios held CDLR at the end of the third quarter which was 6 in the previous quarter. While we acknowledge the potential of CDLR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.