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Braemar (LSE: BMS)

Last close As at 18/11/2024

GBP2.63

▲ −5.50 (−2.05%)

Market capitalisation

GBP89m

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 be a direct benefit to 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 — On track to achieve FY25 targets

Industrials | Flash note

Braemar — Solid H1 driven by diversification, outlook robust

Industrials | Update

Braemar — Robust trading, but UK budget adds to costs

Industrials | Update

Braemar — Diversification underpins resilience
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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)

2.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 3.5 (9.5) 15.0
Relative 6.1 (7.2) 5.6
52 week high/low 312.5p/233.0p

Financials

Braemar’s H125 results were in line with expectations, with modest revenue growth and some operational gearing evident in operating profit. The underlying activities continue to expand and diversify and Braemar remains well-positioned to drive its growth strategy. The trading outlook for FY25 is promising and we expect the company to be able to leverage its strong balance sheet in pursuit of strategic growth in a fragmented market. We maintain our underlying revenue and operating profit estimates for FY25 and FY26, as well as our 535p valuation, although EPS is affected by a reassessment of the number of shares in issue. Estimated end-FY25 net cash improves to £2.5m from a more modest net cash position.

Y/E Feb Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2023A 152.9 23.4 18.0 37.85 7.1 N/A
2024A 152.8 20.4 14.6 32.42 8.3 N/A
2025E 152.5 20.4 14.8 34.55 7.8 N/A
2026E 152.5 20.3 15.3 34.71 7.7 N/A

Research

Flash note

Industrials

Braemar — Solid H1 driven by diversification, outlook robust

Update

Industrials

Braemar — Robust trading, but UK budget adds to costs

Industrials

Update

Braemar — On track to achieve FY25 targets

Update

Industrials

Braemar — Diversification underpins resilience

edison tv

Industrials

Braemar – executive interview

Update

Industrials

Braemar — Diversification paying dividends
Black cargo ship

Update

Industrials

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

Update

Industrials

Braemar — Suspension lifted; interims due 29 November
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
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Thematics

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Deutsches Eigenkapitalforum (EKF) 2023 industrials

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