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Braemar (LSE: BMS)

Last close As at 17/04/2024

GBP2.76

▲ 2.50 (0.91%)

Market capitalisation

GBP91m

Braemar 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.

The global deep sea shipping fleet has been steadily expanding. A key driver has been growing international trade, which is likely to continue and should have a direct benefit on the shipbroking industry. Some charter rates are currently very high, for example tanker ship charter rates, while others, like the Baltic Dry Index, are broadly within a historical average range and other indicators such as fleet age and low new vessel order books for certain key trades point to greater future demand, thus balancing risks and growth.

Latest Insights

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Industrials | Update

Braemar — Diversification paying dividends

Industrials | Update

Braemar — Interims in line, growth strategy developing

Industrials | Update

Braemar — Suspension lifted; interims due 29 November

Industrials | Flash note

Braemar — FY23 and H124 results to be released
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Sector

Industrials

Equity Analyst

Andy Murphy

Andy Murphy

Director, Financials & Industrials

Key Management

  • Grant Foley

    CFO

  • James Gundy

    CEO

  • Nigel Payne

    Chairman

Balance Sheet

Forecast net cash (£m)

4

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.6 (7.1) (11.0)
Relative 1.4 (11.4) (10.8)
52 week high/low 309.0p/224.0p

Financials

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 maintain our underlying estimates for FY24 and FY25, but edge down our valuation based on the lower FY24 dividend expectations. The revised valuation offers nearly 100% upside.

Y/E Feb Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 101.3 13.5 8.9 18.79 14.7 N/A
2023A 152.9 23.4 18.0 37.85 7.3 N/A
2024E 150.2 20.1 15.0 36.39 7.6 N/A
2025E 150.2 20.4 15.8 36.97 7.5 N/A

Research

Black cargo ship

Update

Industrials

Braemar — Interims in line, growth strategy developing
Black cargo ship

Update

Industrials

Braemar — Suspension lifted; interims due 29 November

Industrials

Update

Braemar — Diversification paying dividends
Black cargo ship

Flash note

Industrials

Braemar — FY23 and H124 results to be released

Update

Industrials

Braemar — Year-end strength drives upgrades

Update

Industrials

Braemar — Evidence of strategic success should drive value

Update

Industrials

Braemar Shipping Services — Steaming purposefully into clear waters

Initiation

Industrials

Braemar Shipping Services — Ambition to double size in four years

Outlook

Industrials

Braemar Shipping Services — Awaiting favourable trade winds

Update

Industrials

Braemar Shipping Services — Update 24 January 2017

Update

Industrials

Braemar Shipping Services — Update 25 October 2016
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