MeritValue

Cadeler A/S

CDLRdata completeness 100%5 fiscal years on file
The thesis, from the filings

Cadeler A/S earns about 4% on invested capital, but has diluted owners by 168% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near €1.01 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue€60.9M1€106.4M2€108.6M3€248.7M3€620.4M3
Net income€7.45M4€35.5M5€11.5M6€65.1M6€280.2M6
Operating cash flow€30.2M7€29M8€63.4M9€93.1M9€394.2M9
Capital expenditure€162.9M10€224.6M11€66.9M12€615.5M12€1.24B12
Free cash flow (derived)−€132.7M7,10−€195.6M8,11−€3.52M9,12−€522.4M9,12−€841.5M9,12
Total debt———€5.97B13€1.7B14
Cash & equivalents€2.31M15€19M16€96.6M16€51.3M16€151.7M16
Diluted shares131.2M163.2M311.4M351.0M351.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
€42.84
your share of equity
Profit it earned you last year
€7.98
Free cash flow it threw off
−€23.98
Debt you’d be carrying
€48.32

10 shares is a claim on €42.84 of net worth that earned you €7.98 and generated −€23.98 of cash last year, against €48.32 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 5y
FY21 2%FY22 5%FY23 1%FY24 1%FY25 9%

It earned an average 4% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+168% shares · 5y

Share count is up 168% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 72% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
€1.01
assumptions (8)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Normalized earnings€35.5M
  • Growth assumed0.0%
Graham Number
€8.73
assumptions (1)
  • Graham multiplier (P/E × P/B)22.5×

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 20-F filed 2024-03-26 · period ending 2021-12-31 · accession 0001104659-24-038836 (RevenueFromContractsWithCustomers)
  2. 20-F filed 2025-03-25 · period ending 2022-12-31 · accession 0001104659-25-027667 (RevenueFromContractsWithCustomers)
  3. 20-F filed 2026-03-24 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001978867-26-000022 (RevenueFromContractsWithCustomers)
  4. 20-F filed 2024-03-26 · period ending 2021-12-31 · accession 0001104659-24-038836 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F filed 2025-03-25 · period ending 2022-12-31 · accession 0001104659-25-027667 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F filed 2026-03-24 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001978867-26-000022 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F filed 2024-03-26 · period ending 2021-12-31 · accession 0001104659-24-038836 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F filed 2025-03-25 · period ending 2022-12-31 · accession 0001104659-25-027667 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F filed 2026-03-24 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001978867-26-000022 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F filed 2024-03-26 · period ending 2021-12-31 · accession 0001104659-24-038836 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F filed 2025-03-25 · period ending 2022-12-31 · accession 0001104659-25-027667 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F filed 2026-03-24 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001978867-26-000022 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F filed 2025-03-25 · period ending 2024-12-31 · accession 0001104659-25-027667 (Borrowings)
  14. 20-F filed 2026-03-24 · period ending 2025-12-31 · accession 0001978867-26-000022 (Borrowings)
  15. 20-F filed 2025-03-25 · period ending 2021-12-31 · accession 0001104659-25-027667 (CashAndCashEquivalents)
  16. 20-F filed 2026-03-24 · periods ending 2022-12-31, 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001978867-26-000022 (CashAndCashEquivalents)