contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


cadlr-results-of-the-annual-general-meeting-2026-of-cadeler-as

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Cadeler is active in the manufacturing industry. The company works with the manufacture and development of wind turbines. The product portfolio is broad and primarily includes the manufacture of off-shore wind power. In addition to the main business, after-sales service, support, maintenance and related services are offered. Operations are primarily held on a Scandinavian level. The company has its headquarters in Copenhagen.

This guy on Youtube has a pretty good fresh wind power analysis from yesterday. He has already discussed CapMan’s (Cadeler) performance in several videos. Someone might have already linked to this same guy’s previous video. https://www.youtube.com/watch?v=xlyrJIrXWTY

I don’t know what the correct term is or if it really matters what the term is. In the surface parts of the seabed, sediments are often very loose, and therefore this phenomenon often occurs. It’s probably a good idea for Cadeler to diversify its capacity with this. The linked videos were impressive. Then my own comment on the results and future plans: Cadeler delivered impressive results again. And the guidance was quite decent in my opinion, relative to the low valuation. But anyway, this geopolitical environment will surely benefit Cadeler (I’m referring to the Persian Gulf oil/gas crisis chaos). And that’s why the fleet is being expanded. I believe phones have been ringing off the hook trying to find alternatives to oil and natural gas. Offshore wind power is one potential solution to reduce dependence on fossil fuels, and many wind power construction companies are natively found in Europe. So I argue that analysts’ “caution” doesn’t include such a speculative but sensible aspect, but rather they have primarily seen rapid growth and risks. I could add even more, even though it’s already a large position.

I don’t know what the correct Finnish term would be, but perhaps @Sahti-Laine knows the correct name for this term? The idea is to prevent the reduction of foundation support on the seabed caused by pressure fluctuations from waves. I found a short, very illustrative video on the subject:               So, the starting point is likely a fairly traditional-looking cargo vessel with heavy-duty cranes (typically 400t/crane). These are called Heavylift vessels (note: there are also slightly different types of heavy lift vessels that should not be confused with these). The intention is apparently to modify it so that a pipe can be installed on the vessel, which can be directed close to the foundation on the seabed. From the vessel, rocks would then be lowered to protect the foundation. In addition, the vessel must be able to stay in position quite accurately to avoid damage – there are vessels on the market that already have this capability, and modifying one to do so is not difficult. Boskalis’ website has a good video that talks about their similar vessels. Fallpipe vessels | Boskalis

Today’s releases:  PRIVATE PLACEMENT SUCCESSFULLY COMPLETED Cadeler announces planned investments in exceptional growth opportunities, balanced with dividend potential from strong cash flows  Highlights:  Private Placement has been successfully completed, raising gross proceeds of approximately NOK 1,965 million (equivalent to approximately USD 203 million) through the allocation of 35,095,758 Offer Shares, each at an offer price of NOK 56.00, equivalent to approximately 10% of the Company’s outstanding shares.   Cadeler today announced the completion of a private placement raising approximately EUR 175 million, at a price above the Company’s 5-day VWAP   Importantly, Cadeler’s fleet expansion is structured to preserve a clear path to capital returns. […]  With limited near-term cash outflows, the addition of the T-class vessels to Cadeler’s fleet is not expected to impact near-term dividend capacity or capital return ambitions.  I don’t have strong opinions in either direction yet. However, I’ll bring a more bullish perspective to the discussion.   T-Class orders (no contracts have been made yet) could be a good move already, considering the booking situation of shipyards. It might deepen the moat when it comes to the installation of future large 20+ MW turbines. Potential scour protection (rock installation) venture (i.e., in English, what? rocks are placed to protect foundations?) → Apparently, there are even fewer vessels capable of this on the market than vessels for installing turbines and foundations. Since there is evidently demand and this is also a clearly high-margin business, why not offer a more comprehensive service to customers?  As a general principle, this doesn’t sound bad at all:  Cadeler remains committed to balancing selective growth with attractive and sustainable capital returns to shareholders.  Below is also an AI summary. Since I generally have good faith in the management, this helped me understand why the arrangement might have made sense. Perhaps it adds a little extra value for some readers.   Why this expansion strengthens the long-term case  Asset Future-Proofing: By locking in T-Class shipyard slots for 2030, they are targeting the 20MW+ turbine era. Most of the current global fleet literally won’t be able to lift these future turbines, potentially leaving Cadeler as one of the only “gatekeepers” for the next decade of projects. Strategic Diversification & Bundling: Moving into scour protection (rock-laying) creates a much higher entry barrier. There are even fewer high-capacity fall-pipe vessels than turbine installers. This allows Cadeler to offer a “bundled” contract—handling both the subsea foundation work and the turbine installation—which makes them stickier to developers and captures more margin per project. Balance Sheet Fortification: The equity raise keeps their leverage (Net Debt/EBITDA) in check while they continue to spend. It allows them to grow without over-leveraging the cash flow.

Updates from analysts. In addition to those mentioned here, Nordnet states that Fearnley Securities downgraded their recommendation to “hold”.  Oslo (Infront TDN Direkt): Nordea Markets downgrades Cadeler’s recommendation from buy to hold, according to an update published on Thursday. Cadeler is considering a 10 percent share issue (approximately 2 billion Norwegian kroner) to finance its share of an order for two new jack-up vessels. The vessels are expected to be delivered in 2030–2031. The company is also considering purchasing and converting a heavy lift vessel. “The market had just begun to adjust to the change in the demand situation, but we believe it is far too early to start building new capacity. This appears to be a bet on market balance from 2030 onwards, and we do not find sufficient support on the demand side. We downgrade our recommendation to ‘hold’, where valuation is, in our opinion, the only reason not to sell the stock,” the broker writes. SB1 Markets also views the news negatively from an investment argument perspective, noting that the dilution combined with a continued high investment pace will likely postpone or limit the potential for dividends, which have been a key part of the investment argument. However, the broker reiterates its buy recommendation and a target price of 65 Norwegian kroner.

Last night, some more news came out, which was probably hinted at during the investor call: CADELER A/S: CONTEMPLATED PRIVATE PLACEMENT TO FINANCE THE EQUITY PORTION OF TWO PLANNED T-CLASS NEWBUILD VESSELS AND THE ACQUISITION AND CONVERSION OF A HEAVY-LIFT VESSEL TO A +23,000T INCLINED FALL-PIPE VESSEL - Inderes So, the plan is to acquire two new T-class vessels from Cosco Shipyard (essentially A-class vessels with technical improvements - delivery in 2030 and 2031) and convert one used heavy-lift vessel into a fall-pipe vessel. For this purpose, a maximum of 10% new shares will be issued in a directed placement (accelerated procedure). Due to this, trading is halted today until the results of this are released. These always stir up mixed feelings because it means dilution of one’s own position. On the other hand, the company’s fleet is growing, and I am quite convinced that the need for these has been discussed with customers. So, these will very likely increase the company’s earning potential in the future more than the dilution will affect it. But still, this overall situation is starting to have elements about which I am more skeptical. The company talked a lot in Tuesday’s presentation about the full-service turbine installation service. While this increases the company’s share of the entire field construction, the risks also increase. So far, very little has been said about managing these risks. I also understand that customers are happy to push these risks away from themselves, but is the price attractive enough? In my opinion, yesterday’s presentation, for example, regarding the Hornsea 3 project, left many questions open. When I looked at the CFO during that part of the presentation, I was left wondering if he saw things the same way as the CEO? So, in the graph below, the area would appear significantly larger, but because the revenue will be recognized later (due to customer-related reasons), the money will appear in the company’s cash later. What does all this mean for financing needs?  Based on Tuesday’s presentation, I thought they would proceed cautiously on this front. But then came the news last night about these new vessels (many things from the presentation were seen in a new light). Presumably, the company will elaborate on this a bit more in the near future. I guess I’ll have to try to outline the impact of this on the overall picture in a bit more detail over time. But I believe this is, in its own way, linked to the previously reported commitment of the North Sea states (as the CEO said, this brought the necessary visibility for the future → making it easier to invest).

2025 results:                   Cadeler A/S              Annual Report 2025: Cadeler Delivers Strong Financial Results While Doubling...    COPENHAGEN, Denmark--(BUSINESS WIRE)-- Today, Cadeler (Cadeler A/S and, together with its subsidiaries, the "Group") has published its Annual…...                              Financial highlights 2025:  Contract backlog: EUR 2.8 billion as of 24 March 2026, including 100% of contractual options. Contract backlog was EUR 2.3 billion as of 31 December 2024. Revenue: EUR 620m (2024: EUR 249m) EBITDA: EUR 425m (2024: EUR 126m) Profit for the year: EUR 280m (2024: EUR 65m)  Outlook 2026:  Expected Revenue: EUR 845 million - EUR 944 million Expected EBITDA: EUR 420 million - EUR 510 million    My own thoughts: Last year’s figures are incredibly strong in terms of growth speed and profitability. With the guidance, this isn’t a huge surprise, of course (well, the EBITDA slightly exceeded the upper end of the range ). Compared to the previous year, for example, EBITDA more than tripled (margin 68.5%) and net profit more than quadrupled (margin 45.2%)!  But as is known, the one-time Hornsea 4 payments partly improved profitability, and such margins probably won’t be achieved in the future. Capex last year was EUR 1.2 billion, debt is higher than ever, and free cash flow is still significantly negative. (My speculation about a dividend was therefore premature.) But the indebtedness relative to earnings has, in my opinion, developed very favorably. As investments decrease, FCF should turn positive in 2027.   Net Debt / EBITDA calculation by AI     (Million EUR) 2023 2024 2025     Revenue 108 249 620   EBITDA 42 126 425   Net Debt 230 592 1,050   Net Debt / EBITDA 5.5x 4.7x 2.5x     The 2026 guidance can probably be considered somewhat cautious, as the EBITDA at the lower end would be slightly below the 2025 level. However, a strong revenue growth of 38%-52% is expected, and for EBITDA, a 20% growth at the upper end. From the press release, I would highlight a slide that presents the entire fleet with its capabilities and priorities more clearly than anything I’ve seen so far (WTG = wind turbine installation, FOU = foundation installation):  I have personally raised Cadeler to the top of my portfolio since February, as I’ve been enthusiastically sharing in the buy/sell thread. I don’t know how quickly the undervaluation will correct itself, but I see a lot of upside potential for the stock.

Cadeler

Copenhagen, 21 April 2026: Cadeler A/S (the "Company" or "Cadeler") today held its annual general meeting, at which the following was resolved: o Election of the chair of the general meeting...

<pre>Copenhagen, 21 April 2026: Cadeler A/S (the "Company" or "Cadeler") today held<br>its annual general meeting, at which the following was resolved:<br><br>o Election of the chair of the general meeting as proposed</pre>