Cadeler A/S (CDLR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-3328.5%

-$961.44

vs $29.78 price

Levered DCF

-$857.73

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.52

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	5.14×	28.37×	70.51×	19.31×	70.44×	-3.84×	-6.66×	198.38×
P/B	0.92×	1.51×	0.85×	1.28×	1.61×	0.4×	-11.92×	14.32×
P/S	2.33×	7.5×	7.46×	6.52×	8.61×	4.95×	4.07×	2.12×
EV / EBITDA	7.02×	18.83×	18.34×	13.22×	21.79×	-5.25×	134.67×	14.78×
Gross margin	61.3%	48.8%	48.5%	52.7%	36.0%	-135.6%	-16.7%	8.9%
Operating margin	49.8%	27.9%	13.3%	38.7%	18.3%	-184.2%	-35.6%	3.6%
Net margin	45.2%	26.2%	10.6%	33.4%	12.2%	-138.6%	-61.9%	1.3%
Current ratio	1.11×	1.53×	2.75×	5.04×	0.46×	3.26×	0.58×	1.14×
Debt / equity	1.08×	0.47×	0.22×	0.21×	0.23×	0.31×	-8.73×	10.84×
Interest coverage	12.91×	24.84×	5.02×	26.94×	3.24×	-8.37×	-2.41×	0.45×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.9%	5.3%	1.2%	6.6%	2.3%	-11.2%	181.4%	8.6%
Return on invested capital	9.1%	3.6%	1.2%	6.2%	2.8%	-11.2%	-5.2%	0.7%
Return on assets	7.9%	3.4%	0.9%	5.3%	1.8%	-8.0%	-8.9%	0.7%
Free cash flow yield	-62.2%	-28.0%	-0.4%	-28.3%	-25.4%	-275.2%	-1.3%	7.8%
Earnings yield	19.4%	3.5%	1.4%	5.1%	1.4%	-28.0%	-15.2%	0.6%
Enterprise value	$2.9B	$2.4B	$920.6M	$789.8M	$596.1M	$107.2M	$269.2M	$267.9M
Net debt / EBITDA	3.62×	4.13×	2.19×	1.61×	2.61×	-0.52×	56.56×	6.36×
Cash conversion cycle (days)	105	117	90	106	100	98	133	59