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Share Name | Share Symbol | Market | Stock Type |
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Braemar Plc | BMS | London | Ordinary Share |
Open Price | Low Price | High Price | Close Price | Previous Close |
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263.00 | 263.00 | 263.00 | 262.50 | 262.50 |
Industry Sector |
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INDUSTRIAL TRANSPORTATION |
Top Posts |
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Posted at 16/1/2024 09:53 by rivaldo Another plug for BMS from Master Investor:"Master Investor subscribers will already know that my shipping services sector favourite stock is the much smaller £99m valued Braemar (LON:BMS), currently 298p, it is favoured by analyst Ian McInally at Cavendish Capital with a 385p Price Objective, which in my view is conservative. Note that recently another global shipbroking group, Lightship Chartering, has been buying into its equity and rates the BMS shares as being cheaply rated." |
Posted at 10/1/2024 22:07 by mfhmfh Interesting quote in this article from Master Investor:Braemar (LON:BMS) – Competitor Buying Into The Equity With the re-routing of trade routes around the Cape of Good Hope, the global shipping market is now reacting to container freight rates rising for the last six weeks in a row, getting back up to the higher levels of October 2022. It was quite a beneficial share price move on Monday, following the revelation that an ambitious Geneva-based shipbroking company has been putting together a ‘major shareholding’ in the group’s equity. The new holding notification to the market states that Lightship SA has bought some 1m shares representing 3.04%. That is said to be good news for players in the shipping sector, including shipbroker Lightship Chartering, which is 51.5% owned by Danish founder and chairman Morten Have. Sune Fladberg, the private company’s CEO is reported as stating that: “It’s quite simple, we believe strongly in shipping in the near future and are looking for opportunities to invest further in the industry. We think the valuation in Braemar is very attractive at the moment.” I reckon that the Lightship stake was purchased at around the 290p level, so at last night’s close of 300p, it is already showing its holding is well in the ‘swim’. After hitting 310.60p on Monday morning, further price rises to trade well into, the 300p to 350p range can be expected within the next few months. |
Posted at 06/1/2024 14:20 by hpcg One should be invested in both Braemar and Clarkson IMO. Braemar has much greater upside but will be slower to move as it is too small for many investors. Clarkson will gain sooner but has less upside in the medium term. |
Posted at 21/12/2023 09:32 by harry davis I am not sure who has already seen it, but there was news yesterday that Maersk Broker management are considering a MBO in combination with third party investor money. That is significant because they are one of the other top 10 industry players in shipbroking, and Clarkson were heavily rumoured to be in discussions to acquire them last year.This takes me onto your question, Traders, of if Clarkson could buy Braemar. The industrial logic is obvious, there may be a competition question that would arise and I cannot say I am in a position to know whether it would be authorised (although the difference between buying Maersk vs Braemar is only a few percent of the total market share. I did some back of the envelope maths for whether Clarkson could buy Braemar and what earnings accretion they would achieve. If we theorise that they pay £140m for Braemar, which would still be well below Clarkson's own valuation but is a reasonably large premium for Braemar - Clarkson lose £140m at let us assume 3.5% interest -£4.9mln - but they gain let us say £12.75m of net income before synergies - assume 2% of sales in further synergies is another £3m, taxed is £2m to keep the maths simple - Total net income accretion of £9.9m That is still 12% accretion even when paying £140m for Braemar. Put that on Clarkson's PE multiple of 13.4X and total shareholder market cap creation would be £133m. So from a financial point of view the deal would make sense, but that is no surprise when Braemar is trading at a rock bottom PE multiple This sort of a deal probably did not make much sense over the past years because Braemar was a bloated entity with low profit margin activities in many other areas. That Braemar is now streamlined and has a very interesting and high organic growth story in Risk Advisory may change that. But management's view of whether there would be a competition issue of course is the number 1 hurdle if this is a starter or a non-starter. I am happy for Braemar to stay independent but if Clarkson did an all cash or a cash and shares deal for Braemar, I wouldn't mind that if it let me access the upside through Clarkson instead. This is all theoretical of course, but as I discussed in my lengthy review, shipbrokers have not been scared of large scale deals, Clarkson included! |
Posted at 18/12/2023 08:38 by harry davis I think the Braemar Risk Advisory growth is not being well understood by most who are not invested in this company. I have copied what I have written about itBraemar Securities has quadrupled revenue since FY21 The strategy has also involved developing and bulking out ancillary services for chartering, like Braemar’s Securities offering which has quadrupled over the last 3 years to >10% of revenues, growing from £3.3mln in FY21 to £17mln in FY23 and growing a further 20%+ in the first half of FY24. This is a major opportunity for Braemar, with the securities business really only present in the UK at the moment, but which is a platform that can be rolled out more globally over time. The EU ETS regulation changes coming soon will an additional stimulus to growth, by further allowing Braemar to provide a service for shipping clients to manage the physical purchase of carbon credits in the EU. It would not be surprising to see Securities as a close to £50mln revenue business within 5 to 7 years. I asked Braemar this exact question on their half year presentation call with retail investors: can Securities get to £50mln in 5-7 years? Their answer was that their opportunity set in the UK, Europe, Singapore and other countries can support that ballpark number. The brokers have BMS on only 7.5X what is basically next year's PE, and on my more optimistic forecasts I have it only just 6.0X what is basically 2025 PE |
Posted at 22/11/2023 05:23 by hpcg R.e. corporate actions. We know the new strategy, which is to concentrate on core services such as broking and to expand the coverage. There will be bolt on acquisitions, thank god, so we are invested in a growing company, not a sclerotic dividend payer like so many UK investors seem to favour. |
Posted at 21/11/2023 08:29 by pireric I see this settling out much closer to £3 over the coming weeks.At 265p it's a roughly £87m market cap, with £7m net cash, and a forward P/E of 7.4x. Which feels pretty punitive and again I can see investors willing to credit a decently higher multiple here. I would also argue that FRP having run their slide rule over the accounts means this deserves a higher multiple than before Consensus 2024 forecast 36p. Clarkson (better outfit) trades closer to 12x. Eric |
Posted at 18/11/2023 00:52 by hpcg redwing - agree. These are audited accounts where the files for the CT600 should be ready to go. We can all check on companies house of course (no, they haven't been filed yet). In any case investors are starting to look through a period of economic weakness ongoing and for the next 6 months with smaller caps being bid in the US and here. |
Posted at 29/10/2023 13:10 by tole https://masterinvest |
Posted at 24/11/2022 08:04 by cwa1 Investor PresentationBRAEMAR PLC (LSE: BMS), a provider of expert investment, chartering, and risk management advice to the shipping and energy markets, is pleased to announce that Nick Stone, Chief Financial Officer and Tris Simmonds, Chief Operating Officer will provide a live presentation relating to Half--year results for the six months ended 31 August 2022 via the Investor Meet Company platform on 28th Nov 2022 at 11:30am GMT. The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet BRAEMAR PLC via: Investors who already follow BRAEMAR PLC on the Investor Meet Company platform will automatically be invited. |
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