Braemar Plc

2.00 (0.69%)
Share Name Share Symbol Market Type Share ISIN Share Description
Braemar Plc LSE:BMS London Ordinary Share GB0000600931 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  2.00 0.69% 292.00 45,952 16:35:28
Bid Price Offer Price High Price Low Price Open Price
281.00 287.00 289.50 284.00 289.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Sea Transport Div'e 146.54 13.92 43.20 6.90 96.14
Last Trade Time Trade Type Trade Size Trade Price Currency
17:50:48 O 487 290.165 GBX

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Date Time Title Posts
24/5/202310:56BMS with Charts & News2,836
14/3/201609:16Braemar Shipping Services3
28/5/201517:16BRAEMAR SEASCOPE117
17/1/201408:22*** Braemar Seascope ***13

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Posted at 23/5/2023 16:49 by cwa1

The Company intends to announce its financial results for the year ended 28 February 2023 by the end of May 2023.


The board of Braemar Plc (LSE: BMS) announces that the publication of the Group's accounts for the year ended 28 February 2023 will be released in the second half of June 2023.

Without so much as a word of explanation. Very disappointing and treating shareholders in a very cavalier fashion

For the record I'm not suggesting anything is wrong or even that results will be less good than expected, just think a brief explanantion should be given for the delay

Posted at 17/5/2023 18:40 by tole – Strong Results Due ShortlyBy Mark Watson-Mitchell 17 May 2023 4 mins. to readBraemar – Strong Results Due ShortlyDid you know that there are only two publicly traded shipbroking companies quoted on the UK market and Braemar (LON:BMS) is my favourite.Absolutely I make no apologies about returning to highlight the investment advantages of this undervalued group.With some 16 offices across the globe the company operates on a 24/7 basis, covering all the shipping hubs in offering its customers opportunities in both established and emerging markets.As a leading global shipbroker with offices in London, Singapore, Beijing, Geneva, Perth, Dubai, Athens, Mumbai, Aberdeen, Hamburg, Melbourne, Madrid, Palm Beach, Sao Paulo, Shanghai and Houston, the group is well-positioned to serve key industry players across different time zones and cultures. It delivers expert advice in Chartering, Corporate Finance, Research and Analytics, Operations and Risk Management.Its operations are diversified across Tankers, Dry Cargo, Sale & Purchase, Renewables, Financial and Offshore in order to generate a reliable, less cyclical income stream.The £96m capitalised group claims that to achieve success in the volatile world of shipping, you need the highest level of expertise and years of practical experience.And Braemar, with some 400 plus employees globally, offers just that to its clients.Group OperationsThe company's operations are diversified across tankers, dry cargo, sale and purchase, renewables, financial and offshore.It operates through three segments: Investment advisory, Chartering, and Risk advisory.The Investment advisory segment provides investment consultancy, new build advisory, sales and purchase brokerage, asset valuation, recycling/end of life, and capital raising and corporate finance.Its Chartering segment includes cost-saving solutions, creating and protecting deals, cross-desk collaboration, first-mover initiatives, and freight consultancy.The Risk advisory segment includes derivatives brokerage, asset utilisation, loan restructuring, loan portfolio management, and carbon offsetting brokerage.Sales Per Business And RegionOn a sales per business basis Shipbroking accounted for £94.66m of the group's 2022 turnover, some 93.4% of the group total, while Financial was £6.65m for the balance 6.6%.On a sales per region basis the UK accounted for £54.52m (53.8%), Singapore £19.42m (19.2%), Australia £12.57m (12.4%), Germany £2.49m (2.5%), the US £0.97m (1.00%) with the Rest of the World handling £11.34m (11.2%).Recent Trading UpdateOn 22nd March the group issued a Trading Update for the 2023 year's results.It announced that the business had achieved record revenue and record profitability for the year ended 28 February 2023 on a simplified business strategy.The company stated that it expected to report revenue for the year of not less than £150m (2022: £101.3m), with underlying operating profit of not less than £20m (2022: £10.1m).Cash generation had also been strong, expected to be in a net cash positive position of circa £6.9m at the end of the financial year (2022: net debt of £9.3m).Trading in the first few weeks of the financial year started well and the board looks forward to the rest of the year with confidence.The EquityThere are 32,924,877 shares in issue.The Braemar Shipping Services ESOP is the largest holder with 12.03% of the equity.Other large holders include Hargreaves Lansdown Asset Management (7.78%), Chelverton Asset Management (5.85%), Horizon Kinetics Asset Management (4.85%), Barclays Bank (Private Banking) (4.00%), Unicorn Asset Management (3.60%), and National Financial Services (2.72%).There are three private holders of size – Quentin Soanes (3.91%), Magnus Halvorsen (3.39%) and CEO James Gundy (2.36%).Broker's View – 520p ValuationAnalyst Ian McInally at Cenkos Securities estimates that the year to end February 2023 will have seen sales increase to £150.5m (£101.3m), more than doubling adjusted pre-tax profits to £19.5m (£8.9m), lifting earnings up to 50.1p (45.6p) per share and easily covering a 12.0p (9.0p) dividend.For the current year he is going for similar revenues at £150.5m, a slight lowering in profits to £17.3m, dropping earnings down to 42.4p but increasing the dividend to 13.0p per share.The year to end February 2025 he has pencilled in an increase to £155.0m turnover, £18.5m profits, earnings of 45.3p and a very much healthier dividend of 14.9p per share.The group which has a strong balance sheet, he suggests, will end up with £6.9m net cash for the end February 2023 year, then £13.3m this year and £18.2m next year.Based upon his estimates McInally computes that the groups' net assets will show through at £86.8m for the 2023 period, then £95.8m this year and £105.3m for next year.At Edison Investment Research Andy Murphy has fairly similar estimates to Cenkos Securities.He has a dividend discount model-based valuation for the group's shares of 520p.My View – On 5.8 Times Price-To-EarningsThe other quoted shipbroker is Clarkson (LON:CKN) which is valued ten times higher than Braemar, with its shares trading on 13 times current year earnings.That compares to Braemar's capitalisation of just £96m with its shares currently standing at 292.5p, which puts them out on a mere 5.8 times estimated historic earnings and yielding over 4.1%.The shares, which were up to 350p in September last year, have tremendous investment appeal at the current levels.I believe that the imminent announcement, of the group's final results for 2023, will give a very positive showing of that year's trading and a strong report on current prospects.These shares are cheap and should be in any investors portfolio whether looking for growth or income.
Posted at 15/5/2023 22:10 by shalder

I would suggest the disparity has been a function of the generally very successful expansion strategy at CKN compared with the missteps taken at BMS where some at least of the diversifications did not achieve the desired results. imo BMS have now rediscovered the virtues of "stick to your knitting", that broking is the core activity and the core source of profits. I think the comparative p/e rations might improve from here. e&oe!

Posted at 15/5/2023 12:11 by rimau1
Lets hope our recent team/desk acquisitions are bedding in nicely. Although we are highly cyclical i think a downturn is already priced in, BMS and Clarkson have derated around 10-15% this year i think. I have never understood the disparity in rating between here (x8) and Clarkson (x12), compelling value if the world avoids a deep recession.
Posted at 15/5/2023 10:50 by rivaldo
Yep. Nice to see the share price bouncing almost 4% already today. The prelims are due in the next couple of weeks at the latest. We already know that:

- the results will show record revenue and profitability, with over £20m operating profit doubled from last year's £10.1m

- BMS will have a cash pile of around £7m

- trading since has the 28th Feb year end has gone well and the Board are confident for this year

- there will be a 12p dividend, i.e a yield of over 4% and a 33% rise over last year

Posted at 02/4/2023 11:48 by rivaldo
No-one expects anything else from the Mail on Sunday :o))

But I'm always glad to see a smaller company in my portfolio highlighted in the national press and getting some attention.

And the conclusion that the BMS share price has serious upside from here to reach fair value is spot on.

Posted at 22/3/2023 08:42 by edmundshaw
Hi rivaldo. I think the price is cheap now too, and added to a longer term position earlier this month too. BMS (and Clarkson) keep coming out with very positive updates, then the share price pops up then dwindles back on, as you say, broader market issues. Hopefully FY results will finally kick these up to a more sensible price range...
Posted at 24/2/2023 14:41 by tag57
Looks like some share price manipulation today with single share purchases taking price down over 8% before jumping back up.
Posted at 09/2/2023 08:47 by mayojames
The presentation is on line.Positive overview of the market and the potential for BMS with the current strategy.SP reaction also positive and if get near theforecast share price - good times ahead
Posted at 21/1/2022 11:59 by whittler100
We all have our reason to buy and sell shares in a company; after all, that’s what makes a market.

My thoughts on buying into BMS in early December 2021 are shown below; just sharing my reasoning and not a recommendation in any way:

When I first bought Clarkson CKN (I no longer hold), they and Braemar BMS were around the 200p mark: Clarkson had sound management that developed the business (now share price around £37). Clarkson has been a very well managed business yet Braemar has lurched from poor acquisition and lack of direction from a rather, now departed CEO.

Braemar has a refreshed team now leading the company with the previous head of the shipbroking service, James Gundy, taking over as CEO in January 2021, a new chairman in 2021, and a fairly fresh CFO as of 2019. Poor directors don’t become good directors so a refresh for a turnaround is IMO very important. The new CEO James Gundy does not strike me as a particularly charismatic type but seems to have a clear focus on the direction of the business.

The Bull Case:
The old management has been jettisoned and a fresh CEO with over 30 years experience in shipbroking, including time at Clarkson’s, is now in charge supported by what appears to be a competent CFO. We in effect have a new broom and let’s hope it’s as successful as Triggers Broom from Fools & Horses.

The non-core businesses which were often loss-making and acted as a handbrake on the company have been jettisoned & funds used to strengthen the balance sheet. The focus of the business under the strategy set out by the new CEO is on the core shipbroking and smaller corporate finance operations.

I do dislike nil-cost LTIPs but a careful analysis of the terms of the LTIP shows that the management will collect zero rewards unless there is substantial share price movement over the next 3 years measured from June 2021. In order for the full LTIP to be awarded, the share price will have to essentially double by 2024. I am comfortable with this.

Should the new strategy succeed then the valuation of BMS will hopefully get a decent percentage gap closer to that of the successful Clarkson which trades on a PE almost three times higher than that of BMS. A clear part of the strategy is the intention to double size of the business within four years via a mixture of both bolt-on acquisitions and organic growth

Margin: the current EBIT Margin is 8.6% and forecast to rise to 10.2% by 2024 yet if they are successful then maybe they will get a touch closer to Clarkson’s EBIT margin of 16%

Current trading in the subsector, essentially BMS & CKN, are buoyant. In the last 5 months BMS has issued two “Ahead” TUs and the most recent TU says in-line with recently upgraded expectations. In early December CKN issued an “Ahead” TU.

Skin in the game: The CEO Grundy owns just over 2% of the business & has recently bought a further 23,000 shares on 3/12/21 @ 210p & the CFO, Nick Stone, bought 10,000 @ 214p. Add to that the number of potential shares awards in the LTIP. I think they have every reason to drive the business and manage it like owners.

Any Share dilution? No, the share count has been fairly steady over the past 7 years

Dividends: currently set at a handy but not outstanding 2.5% & all being well, it should increase steadily but not IMO be the sole reason to own the stock.

The Bear Case:
Whilst the new management talks a good fight, they could prove to be as incompetent as the previous management.

What if for whatever reason there is a serious downturn in shipping demand and prices and thus commission fall.

The Free Float may not be attractive to some investors @ 53% & the spread is wider than that of CKN.

All just my thoughts and reasoning as to why I see BMS as a decent long term hold whilst we give the new management time to deliver hopefully following somewhat on the path of the very successful CKN

Braemar share price data is direct from the London Stock Exchange
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