Braemar Share Discussion Threads

[cwa1] 21/6/2022 16:23

Increase in holding just announced:-

[1knocker] 25/5/2022 21:18

BMS is a dog.Nothing seems to move the share price up, and the dividend is not great either. I am making out like a bandit on Star Bulk Carriers (up 35% since my purchase late last year, and the current divi is over 35% pa of my purchase price. Zim is going great guns too. The market seems to have no confidence in BMS. It may have analysts talking of £4, but will it even make £3? History is against it holding such a level, even it reaches it. If we get any decent spike up, I'm out. Probably ought just to take the medicine and flog it now. Better prospects elsewhere. Sorry to pour cold water, but realism is all in investing.

[grahamburn] 25/5/2022 17:17

The Edison initiation of coverage is well worth reading in full............

[tole] 25/5/2022 16:53

https://masterinvestor.co.uk/equities/quick-small-cap-catch-ups-bms-sur-and-saa/Braemar Shipping Services (LON:BMS) – 400p a share valuationThe leading international shipbroking group employs some 360 people across the globe, operating from 14 offices for both its shipbroking and its financial divisions.It is enjoying strong trading and is currently operating ahead of management expectations.Towards the end of next month, we will see the group declare its results for the year to end February.On Monday of this week Edison Investment Research initiated coverage of the group, which by now you must have realised, is one of my favourites.Andy Murphy, the Edison analyst, is looking for revenues to have fallen from £111.8m to £101.1m for the last year.Pre-tax profits, however, could well have ended the year up from £8.1m to £8.7m, worth 20.8p (20.0p) in earnings but with a leap in the dividend from 5.0p to 7.0p per share.For the current year to end February 2023 he sees £105.2m revenues, a much better £11.5m profit, with earnings leaping to 27.9p and even a 2p lift in dividend to 9.0p per share.What really encourages me about Edison's new coverage is that they are valuing the group's shares at a 45% premium to the current 275p in the market.So, a 400p valuation tag underlines my continued enthusiasm for the company and its shares.Could they be a short-term purchase just ahead of the figures to be announced in a few weeks?Whatever you do as a holder, just stay firm.

[cwa1] 23/5/2022 15:02

Valuation: DDM model suggests 400p/share

Braemar is trading on a P/E of 10.1x in FY23e, a material discount to the only other quoted shipbroker, Clarkson, which trades on c 18x in FY22e. We believe such a large differential is unjustified as it gives no credit for the growth ambition and proven ability to execute, suggesting upside in Braemar’s rating. We value Braemar at 400p/share based on a dividend discount model (DDM) with a 7.25% cost of capital and a growth rate of 5.5%. This valuation implies a P/E of c 17x, a c 5% discount to Clarkson, and a terminal growth rate of c -5% in our DCF model. Furthermore, we believe there is upside to earnings forecasts and the potential for a re-rating of the shares, which would suggest a higher valuation than 400p is possible if management can successfully deliver the growth strategy.

[cwa1] 20/5/2022 06:17

20 May 2022

Update on current trading and publication of full year results for the year ended 28 February 2022

Braemar Shipping Services Plc (LSE: BMS), a leading international Shipbroker and provider of expert advice in shipping investment, chartering and risk management services, is pleased to confirm that it expects underlying operating profit* for the financial year ended 28 February 2022 ("FY22") to be in line with the board's previously upgraded expectations of at least GBP9.8m (FY21: 7.7m).

Trading in the new financial year is strong and the Group is benefitting from both its increased scale and the current favourable market conditions. Current trading is well ahead of the board's previous expectations set at the start of the new financial year, with the result that underlying operating profit for the year ended 28 February 2023 is now expected to be not less than GBP12m against existing market consensus of GBP10m. As a result of the strength of current trading, positive outlook and confidence in its growth strategy, the board now expects to recommend a final dividend of 5p per share for FY22 making a total of 7p for the financial year (FY21: 5p per share).

The board now expects to release its full audited results for FY22 in the latter half of June 2022, to allow time for the Group's auditors to complete their work including in particular the audit work on the sale of Cory Vertom which was completed just prior to the year end. Further details of the results publication will be provided in due course.

[1knocker] 19/5/2022 09:53

That should be good for us anyway. Ripping off the MOD is like taking sweets from a child. We might as well have our share of the spoils.

[cwa1] 19/5/2022 06:20

Interesting announcement with the announcement of a 7 year contract with the MOD:-

[cwa1] 17/5/2022 06:20

Notice of Retail Investor Presentation

Braemar Shipping Services Plc (LSE: BMS), a leading international Shipbroker and provider of expert advice in shipping investment, chartering, risk management and logistics services, is pleased to announce that James Gundy, CEO and Nick Stone, CFO will provide a live presentation relating to the Group's preliminary results for the year ended 28 February 2022 via the Investor Meet Company platform on 26 May 2022 at 1:00pm BST.

The online presentation is open to all existing and potential shareholders.

Investors can sign up to Investor Meet Company for free and meet Braemar Shipping Services PLC via:



Investors who already follow Braemar Shipping Services PLC on the Investor Meet Company platform will automatically be invited.

Questions can be submitted pre-event via the Investor Meet Company dashboard until 9am the day before the meeting or at any time during the live presentation.

[1knocker] 13/5/2022 23:13

The problem is that we and analysts have been saying that this is seriously undervalued for ages, but it shows no sign of re-rating. It seems to possible to make money on just about any shipping stock save Braemar.

[tole] 13/5/2022 17:12

https://masterinvestor.co.uk/equities/small-cap-catch-up-macf-bms-vtu-and-cto/Braemar Shipping Services (LON:BMS) – shares ready to sail awaySeeing the statement out earlier this week from shipping market peer group giant Clarkson reminded me that Braemar is due to be announcing its full year results, to end of February, on 25 May.Clarkson is apparently going like a train, so I would expect to hear very similar comment coming from this shipbroking, investment, chartering and risk management specialist.We have already been informed that it enjoyed strong trading in its last year, while its start to the current year has seen the strong trends being continued.About this time last year, the group's shares were trading up at 323p, since when the equity market has endured various ups and downs, as too have its shares.Touching a 198p low late last November, they have subsequently improved to trade around the current 260p level.I am a big fan of this group and the sector in which it trades, accordingly I consider that its shares are undervalued ahead of the full year results being published in less than two weeks' time.

[cwa1] 05/4/2022 10:32

SP seems SLIGHTLY less grumpy than usual today :-)

[1knocker] 28/3/2022 12:44

What's wrong with this company? The results seem pretty decent to me, but the board seem to be the only ones who are delighted!!

[cwa1] 24/3/2022 07:17

Nice present this morning:-



Strong results for year ended 28 February 2022

The board is delighted with the performance of the business for the financial year and looks to the future with confidence.

The board's strategy to scale the business, combined with the investments made over the last few years has enabled Braemar to take advantage of strong market conditions and the Group has traded well throughout the year. As a result, the board expects the final results for the financial year to be slightly above current market expectations of underlying operating profit* of £9.8m.

The Group's strong trading, combined with the board's focus on strengthening the balance sheet will result in net debt of circa £9m at the end of the financial year falling to below £3m as at 2 March 2022 when the Group received the initial consideration for the disposal of the Group's logistics business (net debt as at 28 February 2021: £8.9m).

On the back of this trading performance and strengthened balance sheet, the board now expects to recommend a final dividend of 4p per share making a total of 6p for the financial year (2021: 5p per share).



Impact of sanctions

The Group's compliance with sanctions put in place as a result of the Russian /Ukraine conflict is not expected to have any material effect on trading in the current financial year nor does the Group have any existing material exposure.



Outlook for 2022/2023

Trading at the beginning of the new financial year has started strongly with the Group benefitting from both increased scale and generally favourable market conditions. Following this strong start, the board looks forward to the remainder of the new financial year with confidence and providing more detail with the full year results.

[2vdm] 07/3/2022 09:37

Opportunities for Material Gain on the ADVFN site have this down as a Buy

[cwa1] 07/3/2022 07:39

On the briefest of brief glances and not knowing the company at all, the Clarkson results APPEAR to be solid to me:-



Though in these markets that might not mean much...

[1knocker] 04/3/2022 12:37

This company has been out of favour for a long time. I suspect that the market is not much impressed with 'green shoots', and sees no hurry to buy in. I think it may take a while, and several years of sustained improvements in results, before the share price rises to the levels we have hoped for.

For the first time in many years I made a small top up last year, at 234. I am not tempted to make another at present. It might have been better to have sold what I already had.

I am up 20% up on a recent purchase of Star Bulk Carriers, have one huge dined already banked and it has gone ex dividend today for another (60% up on the last!). Shipping is a cyclical industry. There is a lot to be said for companies which are set up to surf the waves and are throwing off profits by the bucketload, and passing them on to the shareholders.

[mayojames] 02/3/2022 20:59

Interesting but the share price is not following either this deal or the results posted.have an odd thought that now this is a basically simpler broker model the team may think being public with all the attention and profile not the best going forward - any thoughts?

[tole] 02/3/2022 18:42

https://masterinvestor.co.uk/equities/take-a-look-at-cnic-eog-iog-bms-getb-and-k3c/Braemar Shipping Services (LON:BMS) – a very useful and strategic disposalIt was pleasing to see the shares of this undervalued shipbroking, investment, chartering and risk management services group moving better yesterday.Closing at 248p, up 10p on the day, the positive gain was in reaction to news that it has now completed the disposal of its Cory Brothers logistics interest for between £10.25m to £15.5m by way of earn-out.James Gundy, CEO, stated that:"The disposal of Cory is the last key step in the execution of our stated strategy of refocusing Braemar on our shipbroking core and I am pleased that the buyers of Cory are a long-term strategic partner. We look forward to continuing to work with them under their new ownership and seeing the business thrive."The proceeds, as they come in, will be used to strengthen the balance sheet by reducing its net debt.At the start of February, the group reported that the strong trading seen in the first half of the financial year had continued and that revenues for the year ended 28 February 2022 were now expected to be not less than £101m (2021: £84m). And that is without counting in Cory's figures.The group expects underlying operating profit for the year to be circa £9.8m (£7.7m).The shares, which have been up to 323p in the last year, are lagging well below the ratings of its peers and merit a rise through the 300p level, relatively soon.

[thorpematt] 01/3/2022 12:19

Strikes me as not a bad price received.

Minimum GBP10.25m but upto £15.5m for net assets of £4.1m

I think (excluding LT property leases - circa £10m) that this reduces the rest of the (proper) debt in about half, which the market probably will prefer.

[cwa1] 01/3/2022 07:56

Disposal of Cory Brothers:-



The disposal is the last key element of the board's new strategy of simplifying the Group's operations in order to concentrate on a new growth strategy centred on Shipbroking. The board intends to use the consideration from the disposal to reduce net debt and strengthen the balance sheet in furtherance of this strategy.

[1knocker] 17/2/2022 17:54

Apologies, Star Bulk Carriers (US listed).