Cadeler: Norwegian Renewable Installation At A Potential Discount

Cadeler offers unique exposure to offshore wind installation, capturing value as a bottleneck provider with minimal project risk. I see strong near-term earnings visibility, with a €2.5B backlog, robust 1H26 results, and a 2026 revenue guide near €944M and EBITDA over €510M. CDLR trades at a sub-10x P/E on normalized 2026–2028E EPS; my 62 NOK/share price target implies attractive 22–25% potential annualized returns. I assign a speculative 'BUY' rating, citing sector-leading fleet, conservative valuation, and risk/reward skewed favorably despite cyclicality and limited long-term visibility.