Braemar - Evidence of strategic success should drive value
The strong interim results and robust trading in H2 so far confirm that Braemar is in a good position to capitalise on management action taken over the last two years. The disposal of non-core assets and the debt-free balance sheet leave Braemar well-positioned to drive its future growth strategy, as previously outlined. The new Natural Gas desk is one such example. The trading outlook is promising and Braemar will be able to leverage its strong balance sheet in pursuit of strategic growth. We retain our existing FY estimates and our DDM based 520p per share valuation.Braemar is an international provider of knowledge and skills-based services to the shipping, marine, energy, offshore and insurance industries. Co. provides a combination of skills and advice through its three operating divisions: Shipbroking, which provides shipbroking services as agent to the owners and charterers of vessels; Technical, which provides a range of shipping, marine, energy, offshore and insurance market related services; and Logistics, which operates under the name Cory Brothers and provides ship agency, freight forwarding and logistics services.
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