Braemar - Edison Group

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 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

14.11.24

Braemar — On track to achieve FY25 targets

Industrials |
Flash note

06.11.24

Braemar — Solid H1 driven by diversification, outlook robust

Industrials |
Update

04.11.24

Braemar — Robust trading, but UK budget adds to costs

Industrials |
Update

31.05.24

Braemar — Diversification underpins resilience

Sector

Industrials

Equity Analyst

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	(7.3)	(17.2)	5.6
Relative	(4.1)	(15.1)	(2.3)
52 week high/low	312.5p/240.0p

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	6.5	N/A
2024A	152.8	20.4	14.6	32.42	7.6	N/A
2025E	152.5	20.4	14.8	34.55	7.1	N/A
2026E	152.5	20.3	15.3	34.71	7.1	N/A

Research

Update

Industrials

04.04.23

Braemar — Year-end strength drives upgrades

Update

Industrials

24.11.22

Braemar — Evidence of strategic success should drive value

Black cargo ship

Industrials

Flash note

Braemar — FY23 and H124 results to be released

Black cargo ship

Update

Industrials

30.08.22

Braemar Shipping Services — Steaming purposefully into clear waters

Initiation

Industrials

23.05.22

Braemar Shipping Services — Ambition to double size in four years

Outlook

Industrials

10.05.17

Braemar Shipping Services — Awaiting favourable trade winds

Update

Industrials

24.01.17

Braemar Shipping Services — Update 24 January 2017

Update

Industrials

25.10.16

Braemar Shipping Services — Update 25 October 2016

Update

Industrials

30.08.16

Braemar Shipping Services — Update 30 August 2016

Outlook

Industrials

20.05.16

Braemar Shipping Services — Update 20 May 2016

Update

Industrials

15.01.16

Braemar Shipping Services — Update 14 January 2016

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