Braemar (LSE: BMS)

Currency in GBP

Last close As at 28/03/2023


4.50 (1.50%)

Market capitalisation


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. While some charter rates are currently very high, for example tanker ship charter rates, 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.



Equity Analyst

Andy Murphy

Andy Murphy

Director, Financials & Industrials

Key Management

  • James Gundy


  • Nick Arthur

    Head of Corporate Affairs

  • Nick Stone


  • Nigel Payne


Balance Sheet

Forecast net cash (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.2 3.4 28.7
Relative 8.7 3.7 31.7
52 week high/low 340.0p/226.0p


Braemar completed a corporate transformation in mid-2022 that saw it move away from being a widely spread shipping services company to a clearly focused broking 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, which has management focused on doubling the business within four years. In August we raised our valuation as dividend forecasts increased, from 400p to 520p. This represents a significant premium to Braemar’s current price, but we 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)
2021A 83.7 11.4 6.7 13.43 22.7 N/A
2022A 101.3 13.5 8.9 18.79 16.2 N/A
2023E 130.6 23.6 19.2 38.17 8.0 N/A
2024E 112.5 19.9 15.9 30.46 10.0 N/A