Edison Investment Research - Braemar Shipping Services (BMS) Braemar - On track to achieve FY25 targets

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Edison Investment Research

Toby Thorrington

Braemar - On track to achieve FY25 targets

Braemar’s H125 results were in line with expectations, with modest revenue growth and some operational gearing evident in operating profit. The underlying activities continue to expand and diversify and Braemar remains well-positioned to drive its growth strategy. The trading outlook for FY25 is promising and we expect the company to be able to leverage its strong balance sheet in pursuit of strategic growth in a fragmented market. We maintain our underlying revenue and operating profit estimates for FY25 and FY26, as well as our 535p valuation, although EPS is affected by a reassessment of the number of shares in issue. Estimated end-FY25 net cash improves to £2.5m from a more modest net cash position.

14/11/2024 1 EN

Underlying

Braemar Shipping Services

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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GB0000600931 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Toby Thorrington

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Braemar - On track to achieve FY25 targets

Braemar - Solid H1 driven by diversification, outlook robust

Braemar - Robust trading, but UK budget adds to costs

Metro Bank - Profitability achieved and targets reiterated

Pan African Resources - Tennant Creek acquisition

Datatec - Operational focus drives H125 profit growth

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