Cadeler A/S, a prominent player in the offshore wind installation and maintenance sector, announced today a slight increase in its share capital. This move comes as a result of the exercise of options under the company's employee equity incentive program.
The Denmark-based company, listed on the Oslo Stock Exchange (OSE:CADLR) and the New York Stock Exchange (NYSE:CDLR), has issued 27,715 new shares, each with a nominal value of DKK 1.00. This increment represents an increase of less than 0.01% in Cadeler's registered share capital.
The new shares were subscribed for for NOK 36.02, equivalent to DKK 23.66 per share, following the terms set by the employee equity incentive program. The increase has been executed without pre-emption rights for current shareholders or others and is now registered with the Danish Business Authority.
Following the increase, Cadeler's total nominal share capital stands at DKK 350,957,583, divided into 350,957,583 shares. Each share carries one vote. The newly issued shares are expected to be listed on the Oslo Stock Exchange under the company's existing ISIN code, DK0061412772, as soon as possible.
This announcement is based on a press release statement.
In other recent news, Cadeler A/S, a key player in offshore wind services, is considering a strategic re-domiciliation of its parent company to the United Kingdom. This follows the company's business combination with Eneti Inc. in December 2023. The company has initiated a comprehensive feasibility analysis to explore the potential benefits of this move, which include a broader international investor base and alignment with the UK's corporate governance standards and tax environment.
In addition to these developments, Cadeler has launched a share buy-back program valued at approximately EUR 1.45 million. This initiative, authorized by the company's shareholders, aims to fulfill obligations to employees under Cadeler's share-based incentive plans. The program is set to run until July 12, 2024, but may be concluded earlier if the maximum share quantity or repurchase amount is reached.
Stifel, a financial services company, has maintained a Buy rating for Cadeler and increased its price target for the company. This adjustment comes after Cadeler secured a new contract with significantly higher rates than previous agreements, contributing to a projected rise in the company's revenue. Stifel's analysis points to a positive outlook for Cadeler's earnings before interest, taxes, depreciation, and amortization (EBITDA), indicating a strong financial position for the company.
InvestingPro Insights
In light of Cadeler A/S's recent share capital increase, a glance at the company's financial metrics and analyst expectations provides further context for investors. According to InvestingPro data, Cadeler boasts a market capitalization of $2.22 billion, reflecting its stature in the offshore wind installation and maintenance sector. Despite trading at a high revenue valuation multiple, the company's revenue growth over the last twelve months as of Q1 2024 stood at 4.79%, showcasing its ability to increase sales in a competitive environment.
InvestingPro Tips highlight that analysts are optimistic about Cadeler's future, expecting net income to grow this year. Additionally, sales growth is anticipated in the current year, which aligns with the company's strategic efforts in the renewable energy sector. Moreover, the fact that three analysts have revised their earnings upwards for the upcoming period suggests confidence in Cadeler's financial prospects. As an added resource, investors can find more InvestingPro Tips to guide their investment decisions, with a total of 15 additional tips available for Cadeler on InvestingPro's platform.
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