Braemar completed a corporate transformation in mid-2022, which saw it move away from being a widely spread shipping services company to a clearly focused broking operation. Allied to the transformation is Braemar’s growth strategy, which has management focused on doubling the business within four years. Braemar’s FY23 operating profit announced in the March FY trading update was in line with our estimates, but we raised our forecasts to reflect good trading and an exchange rate tailwind. Our valuation remains 520p. The shares are temporarily suspended while the company investigates an historic transaction. Braemar expects to request a restoration of the listing of its ordinary shares on publication of its FY23 results. Grant Foley was appointed CFO on 1 August.