Braemar

Braemar (LSE: BMS)

Currency in GBP

Last close As at 22/09/2023

GBP2.33

— 0.00 (0.00%)

Market capitalisation

GBP77m

Overview
Price performance
Financials
Research
Thematics

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.

Latest Insights

Industrials |
Update

04.04.23

Braemar — Year-end strength drives upgrades

Industrials |
Update

24.11.22

Braemar — Evidence of strategic success should drive value

Industrials |
Update

30.08.22

Braemar Shipping Services — Steaming purposefully into clear waters

Industrials |
Initiation

23.05.22

Braemar Shipping Services — Ambition to double size in four years

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Sector

Industrials

Equity Analyst

Andy Murphy

Director, Financials & Industrials

Key Management

Grant Foley

CFO
James Gundy

CEO
Nick Arthur

Head of Corporate Affairs
Nigel Payne

Chairman

Balance Sheet

Forecast net cash (£m)

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	0.0	(18.3)	(10.4)
Relative	(0.8)	(16.8)	(10.6)
52 week high/low	340.0p/224.0p

Financials

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.