2025-05-22-Jefferies-卡德勒（CADLR）_进一步的船队扩张-收购一艘运维船_8页_138kb

Norway Renewable Energy: Cadeler Acquisition Summary

Conclusion

• Cadeler acquires the WTIV "Wind Keeper" to expand its offshore wind O&M services, priced significantly below replacement cost (fully debt-financed).
• BUY rating with price targets: NOK85.00 (up +74% from NOK48.78) and USD32.00 (up +67% from USD19.18).

Acquisition Details

• Vessel: Wind Keeper (newly-constructed jack-up WTIV from Boqiang).
• Value: Purchase price below replacement cost; no disclosed cost; debt-financed on attractive terms.
• Features:
  • 120m jack-up legs for challenging offshore sites.
  • European upgrades (Huisman crane, Kongsberg DP, MAN engines).
• Upgrades for 15MW Turbines: Invest in enhancements to support new 15MW installations.

Business Impact

• Fleet Growth: Total vessels increase to 12 by 2027; supports O&M demand (current 2 vessels dedicated to O&M).
• Revenue Guidance: Positive impact expected for 2025; new NEXRA O&M concept strengthens focus.

Financial Highlights

• Valuation: EV/EBITDA multiple of 5.2× (€655m FY26/27 EBITDA estimates).
• Price Target: NOK85.00/NOK48.78 and USD32.00/USD19.18.
• Risks: Delays in newbuild delivery, project execution, turbine decline/ cancellations.

Key Metrics

• Company: Cadeler A/S (Ticker CADLR/NYB).
• Market Cap: NOK16.9B / USD1.7B.
• Rating History: Sustained BUY rating since Q1 2024.