Braemar Shipping Services is the second largest shipbroker in the world, providing broking services to the dry cargo, deep sea tanker, specialised tanker and sale and purchase markets. It also addresses the fast-growing areas of offshore and renewables, securities and financial markets.
More Braemar Shipping Services content >Investment summary
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% premium to the current price, but see greater upside as evidence of success is delivered over the next two to three years.
Y/E Feb |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
---|---|---|---|---|---|---|
2020A | 117.7 | 14.4 | 9.4 | 27.28 | 10.1 | 8.8 |
2021A | 111.8 | 12.6 | 8.1 | 16.57 | 16.6 | 6.5 |
2022E | 101.1 | 13.5 | 8.7 | 17.12 | 16.1 | 6.0 |
2023E | 105.2 | 15.8 | 11.5 | 23.00 | 12.0 | 5.8 |
Content on Braemar Shipping Services



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Industrials
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Share price graph
Balance sheet |
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Forecast net debt (£m) | 5.6 |
Forecast gearing ratio (%) | 8 |
Price performance
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