Company Valuation: Cadeler A/S

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 506.8 720.7 1,304 1,893 1,426 1,990 - -
Change - 42.2% 80.89% 45.24% -24.68% 39.51% - -
Enterprise Value (EV) 1 577.6 816.6 1,414 2,417 2,899 3,386 3,029 2,715
Change - 41.4% 73.09% 70.98% 19.94% 16.81% -10.54% -10.37%
P/E 61x 16.6x 69.8x 28.4x 5.15x 8.49x 4.27x 6.25x
PBR 1.3x 1.33x 1.36x 1.53x 0.95x 1.01x 0.83x 0.75x
PEG - 0x -1x 0x 0x -0.4x 0x -0.2x
Capitalization / Revenue 8.32x 6.77x 12x 7.6x 2.3x 2.23x 1.63x 2.09x
EV / Revenue 9.48x 7.67x 13x 9.71x 4.67x 3.8x 2.47x 2.86x
EV / EBITDA 20.9x 12.8x 28.2x 19.2x 6.82x 7.4x 4.26x 4.88x
EV / EBIT 51.9x 19.8x 97.9x 34.8x 9.12x 11x 5.54x 7.03x
EV / FCF -4.35x -4.18x -448x -4.63x -3.44x 206x 7.25x 6.92x
FCF Yield -23% -23.9% -0.22% -21.6% -29% 0.49% 13.8% 14.5%
Dividend per Share 2 - - - - - 0.29 0.55 0.56
Rate of return - - - - - 5.63% 10.7% 10.9%
EPS 2 0.06 0.22 0.06 0.19 0.79 0.607 1.207 0.8244
Distribution rate - - - - - 47.8% 45.6% 67.9%
Net sales 1 60.94 106.4 108.6 249 620.4 892.1 1,224 950.3
EBITDA 1 27.61 63.88 50.2 126 425.3 457.5 711.6 556.1
EBIT 1 11.13 41.19 14.44 69.44 317.7 306.9 546.5 386.1
Net income 1 7.451 35.54 11.5 65.07 280.2 226.2 454.5 312.1
Net Debt 1 70.77 95.99 110 523.5 1,473 1,396 1,040 725.4
Reference price 2 3.657 3.647 4.186 5.398 4.069 5.155 5.155 5.155
Nbr of stocks (in thousands) 138,574 197,600 311,410 350,743 350,479 385,963 - -
Announcement Date 3/29/22 3/28/23 3/26/24 3/25/25 3/24/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.54x3.81x7.42x5.6% 2.29B
13.23x1.26x5.62x1.81% 1.42B
-24.4x0.67x-7.29x-.--% 1.09B
14.25x2.95x11.93x2.55% 671M
20.21x1.87x11.9x0.05% 465M
Average 6.37x 2.11x 5.92x 2% 1.19B
Weighted average by Cap. 5.14x 2.37x 5.14x 2.88%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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