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01/11 11:05
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call highlights significant revenue and EBITDA growth, with a strong backlog and operational cash flow. Despite increased SG&A expenses, the financial metrics are robust. The Q&A reveals positive sentiment towards contract economics and market opportunities in Europe, though there are concerns about newbuild costs and unclear management responses. No shareholder return plan was announced, but the overall financial health and optimistic guidance suggest a positive stock price movement.
Revenue EUR243 million, doubled from EUR109 million in 2023 due to increased project execution and operational capacity.
EBITDA EUR126 million, tripled from EUR42 million in 2023, reflecting scalability in operations as revenue doubled.
Utilization Rate 83% adjusted, with a slight decrease due to lower utilization from the Zaratan vessel operating in Taiwan.
Market Capitalization EUR1.7 billion, reflecting the company's strong financial position.
Cash Flow from Operating Activities EUR93 million, indicating strong operational cash generation.
Backlog EUR2.5 billion, a growth of 47% year-over-year, with 94% of the backlog having final investments.
SG&A Expenses EUR55 million, increased due to ramping up the organization post-merger.
Income Tax Expense EUR2.4 million, primarily due to UK and Danish tonnage tax regimes.
Cost of Sales Increased with the number of vessels, but vessel OpEx remained stable compared to last year.
Non-current Assets Increased due to additions of vessels and investments in new builds.
Goodwill EUR17 million from the merger with Eneti, with no surprises in the balances taken over.
A-class Financing EUR450 million facility plus EUR70 million for missing equipment, with improved terms.
SG&A Forecast Expected to rise to EUR70 million to EUR72 million as the organization ramps up.
New Vessels Delivered: Wind Peak delivered on time and on budget in 2024; first M-class vessel, Wind Maker, delivered in January 2025, also on time and on budget.
New Projects: Installed 60 Siemens turbines on the Moray West project, marking the first installation of this next-generation turbine.
Market Positioning: Cadeler is positioned as a leading pure play T&I company in the offshore wind installation market, focusing on Europe, Asia Pacific, and cautiously entering the North American market.
Backlog Growth: Current backlog stands at EUR2.5 billion, a 47% increase since the previous year, with 94% of projects having final investment decisions.
Operational Efficiency: Achieved an adjusted vessel utilization rate of 83% and successfully executed multiple projects, including O&M services.
Financial Performance: Revenue doubled from 2023 to 2024, with EBITDA tripling to EUR126 million.
Strategic Focus: Continued emphasis on long-term agreements with clients and expanding O&M services to enhance vessel utilization.
Sustainability Initiatives: Promoted sustainability manager to Chief Sustainability and Performance Officer, focusing on reducing carbon footprint and enhancing renewable energy offerings.
Regulatory Issues: Political headwinds in the U.S. market could impact project viability and timelines, necessitating a cautious approach to new projects.
Supply Chain Challenges: Dependence on timely vessel deliveries and the potential for delays in the newbuild program could affect operational capacity and revenue.
Economic Factors: Fluctuations in currency exchange rates, particularly USD exposure, could impact financial performance and project costs.
Competitive Pressures: Increasing competition in the offshore wind market may affect pricing and contract terms, requiring strategic positioning to maintain market share.
Operational Risks: Challenges in maintaining high utilization rates for vessels, especially with the need for ongoing maintenance and upgrades.
Project Execution Risks: The complexity of executing large-scale projects, particularly in new markets like the U.S. and Asia, may lead to unforeseen operational challenges.
Backlog: Cadeler's backlog stands at EUR2.5 billion, reflecting a growth of 47% since the previous annual report. 94% of this backlog has received final investment decisions.
Newbuilds: Cadeler successfully delivered the Wind Peak and the first M-class vessel, Wind Maker, on time and on budget. They are on track to deliver the remaining vessels ahead of schedule.
Market Focus: Cadeler is focusing on the European market for offshore wind, while also exploring opportunities in Asia Pacific and cautiously approaching the North American market.
O&M Projects: Cadeler is expanding its operations and maintenance (O&M) services, securing multiple O&M projects to ensure high vessel utilization.
Sustainability Initiatives: Cadeler is enhancing its sustainability efforts, including testing biofuels and implementing strategies to minimize its carbon footprint.
Revenue Guidance for 2025: Cadeler expects revenue for 2025 to be between EUR485 million and EUR525 million.
EBITDA Guidance for 2025: EBITDA for 2025 is projected to be between EUR278 million and EUR380 million.
SG&A Expenses: SG&A expenses are expected to rise to EUR70 million to EUR72 million as the company ramps up its workforce.
Capex Financing: Cadeler has secured financing for its Capex program, including a EUR450 million facility for A-class vessels.
Shareholder Return Plan: Cadeler has not announced any specific share buyback program or dividend program during the earnings call.
Despite potential risks like supply chain disruptions and economic uncertainties, Cadeler's strong financial performance, high utilization rates, and record backlog provide a positive outlook. The Q&A reveals confidence in future projects and vessel undersupply, suggesting strong demand. While some management responses were unclear, the overall sentiment remains positive, supported by high operational cash flow and a solid equity ratio.
Despite strong financial metrics, including a solid equity ratio and increased EBITDA, uncertainties loom with regulatory challenges, potential project cancellations, and operational risks. The termination fees inflating revenue suggest vulnerability. The Q&A highlighted management's evasiveness on critical issues like Revolution Wind's future and vessel upgrades. While the backlog remains robust, limited U.S. exposure and emerging market risks temper optimism. Given these mixed signals, the stock price is likely to remain stable over the next two weeks, resulting in a neutral sentiment.
Cadeler's earnings call presents a mixed picture. Financially, the company shows strong revenue growth and a robust backlog, yet faces challenges like regulatory issues and supply chain concerns. The Q&A section reveals uncertainties in project timelines and management's vague responses. Despite positive revenue and EBITDA guidance, the lack of shareholder return plans and competitive pressures dampen sentiment. Given these factors, the stock price is expected to remain stable, with potential slight fluctuations, leading to a neutral prediction for the next two weeks.
The earnings call highlights significant revenue and EBITDA growth, with a strong backlog and operational cash flow. Despite increased SG&A expenses, the financial metrics are robust. The Q&A reveals positive sentiment towards contract economics and market opportunities in Europe, though there are concerns about newbuild costs and unclear management responses. No shareholder return plan was announced, but the overall financial health and optimistic guidance suggest a positive stock price movement.
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