reports
Braemar Plc: 1 director
A director at Braemar Plc maiden bought 6,700 shares at 235p and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...
- Robin Byde
Braemar (BMS LN) - A welcome strategy refresh - HOLD
Global trade turbulence will persist through this year and next. Braemar will use this opportunity to accelerate growth by adding more broking and financial derivatives capacity. Medium term targets have been set to lift revenue by 40% (FY30E £200m vs. FY25A £141.9m) and the operating margin by 300bps (£30m profit/15% vs. £16.7m/12%). This is sensible, but right now trading remains challenging. We cut our forecasts in line with new guidance, based on a weaker outlook for tankers and chartering. ...
- Robin Byde
- Robin Byde
Braemar (BMS LN) - Trading remains challenging - HOLD
We downgrade Braemar to HOLD from BUY with a tough trading statement. We apply preliminary cuts to our estimates which we will update as needed following the full (FY25A) statement in May. Global charter rates, notably in the tanker and dry cargo chartering markets, came under additional pressure in the second half, due to increased geopolitical volatility. The impact was partially offset by a strong performance in other parts of the Group such as vessel sale & purchase. Despite this weak perfor...
- Robin Byde
Braemar (BMS LN) - Initiation: attractive valuation & business model b...
We initiate coverage with a BUY rating and a target price of 330p (+25%). We think Braemar is good value and offers focused exposure to global maritime markets, where strong medium-term demand is supported by vessel shortages and energy transition requirements. Free cash generation and returns are healthy, and the dividend is well supported. Its business model is flexible and scaleable. Shipbroking markets continue to consolidate, driven in part by increased costs of compliance and regulation; B...
- 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 estimate...
- Toby Thorrington
Braemar - Solid H1 driven by diversification, outlook robust
Braemar’s H125 results reflect a continuation of the successful diversification strategy that has been deployed for the last three years. Revenue was robust, up 1%, and operating profit increased 9%, highlighting operational leverage. Braemar’s underlying markets retain strong fundamentals that include increasing global demand and an aging global fleet; this bodes well for the future and is reflected in its robust forward order book. The company remains on track to achieve market expectations fo...
- Toby Thorrington
Braemar - Robust trading, but UK budget adds to costs
Government changes to National Insurance (NI) arrangements have added to Braemar’s costs, implying lower profitability. However, underlying operations continue to expand and diversify, and Braemar remains well-positioned to drive its future growth strategy. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained our revenue estimates but trimmed our operating profit forecasts to reflect the additional NI ...
- Toby Thorrington
Braemar - Diversification underpins resilience
Braemar’s FY24 results were in line with expectations with revenues flat, but operating profits down, having been hit by one-off costs and strong comparatives. The underlying operations continue to expand and diversify, which drove an 8% increase in FY24 fixtures, and the company remains well-positioned to drive its future growth strategy. The trading outlook for FY25 is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained o...
- Toby Thorrington
Braemar - Diversification paying dividends
Braemar’s FY24 trading update was in line with expectations, with revenues of c £150m and underlying operating profit of c £18m. Underlying operations continue to expand and diversify and the company remains well-positioned to drive its future growth strategy. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained our underlying estimates for FY24 and FY25, but edge down the valuation based on the lower ...
- Toby Thorrington
Braemar - Interims in line, growth strategy developing
Braemar’s H124 results were in line with expectations with revenues up by 8%, but operating profits were down, having been hit by one-off costs. The underlying operations continue to expand and diversify, and the company remains well-positioned to drive its future growth strategy. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained our underlying revenue and operating profit estimates for FY24 and FY2...
- Toby Thorrington
Braemar - Suspension lifted; interims due 29 November
Following the release of the delayed, but in-line FY23 results covering the period to February 2023, trading in Braemar shares recommenced on 21 November. Now that the internal investigation into the accounting treatment of historical transactions has concluded, Braemar is due to release its H124 results on 29 November. The company remains well-positioned to drive its future growth strategy, as previously outlined. The trading outlook is promising and Braemar should be able to leverage its stron...
- Toby Thorrington
Braemar - FY23 and H124 results to be released
Braemar announced today that it would be releasing its FY23 results and its 2023 Annual Report and Accounts on 16 November, followed by its H124 results for the period to 31 August on 29 November. This unusual situation follows the suspension of the shares in July, pending an investigation into a historical transaction. It will be seeking a relisting of the shares after the FY23 announcement.
- Toby Thorrington
Braemar - Year-end strength drives upgrades
The strong full year trading update confirms that Braemar is in a good position to capitalise further on robust markets and management action taken over the last two years. The debt-free balance sheet leaves Braemar well-positioned to drive its future growth strategy, as previously outlined. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have raised our FY24 and FY25 estimates but retain our DDM-based 520p per s...
- Liberum Research Team
- Liberum Research Team
- Toby Thorrington
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 r...
- Toby Thorrington
Braemar Shipping Services - Steaming purposefully into clear waters
Management action and strong markets over the last 18 months have led Braemar to a position where it is now free of non-core activities and is able to focus on its future growth strategy, as previously outlined. Furthermore, non-material accounting issues have been identified and resolved that explain the delayed preliminary results. The trading outlook is promising and Braemar will be able to leverage off its strong balance sheet in pursuit of growth. As a result, we have raised FY23 and FY24 P...
Edison Investment Research Limited: Braemar Shipping Services (BMS): I...
Edison Investment Research Limited Edison Investment Research Limited: Braemar Shipping Services (BMS): Initiation - Ambition to double size in four years 24-May-2022 / 07:00 GMT/BST London, UK, 24 May 2022 Braemar Shipping Services (BMS): Initiation - Ambition to double size in four years Braemar recently completed a corporate transformation that will see it move away from being a widely spread shipping services company, to grow into a clearly focused shipbroking operation. Allied to the transformation is the company’s growth strategy, supported by growing global trade, and...
- Toby Thorrington
Braemar Shipping Services - Ambition to double size in four years
Braemar recently completed a corporate transformation that will see it move away from being a widely spread shipping services company, to grow into a clearly focused shipbroking operation. Allied to the transformation is the company’s growth strategy, supported by growing global trade, and shipping’s status as the most energy-efficient and lowest carbon method of freight transport, that has management focused on doubling the business inside four years. We value the shares at 400p, a c 40% premiu...
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