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BMS Braemar Plc

0.00 (0.00%)
Last Updated: 08:09:20
Delayed by 15 minutes
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 Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 291.50 281.00 297.00 - 181,222 08:09:20
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Water Transport Svcs, Nec 152.91M 4.6M 0.1396 20.88 95.98M
Braemar Plc is listed in the Water Transport Svcs sector of the London Stock Exchange with ticker BMS. The last closing price for Braemar was 291.50p. Over the last year, Braemar shares have traded in a share price range of 216.00p to 315.00p.

Braemar currently has 32,925,000 shares in issue. The market capitalisation of Braemar is £95.98 million. Braemar has a price to earnings ratio (PE ratio) of 20.88.

Braemar Share Discussion Threads

Showing 2851 to 2875 of 3325 messages
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13:41 on Friday 19 August my favourite shipbroking group Braemar Shipping Services (LON:BMS) is due to hold its AGM for its year to end March 2022, however we have not yet seen the published accounts – an unusual situation.The restructuring of the group by its relatively new management is proceeding at quite a pace, hence the accounts hassles on implanting new acquisitions into the fold.I still see the shares as significantly undervalued at just 260p.
Decent pre-update update 🙂
All very well, but I'd like to see the results... please...
Braemar Shipping Services – supply chain hassles proving beneficial


It's all around the audit work on the discontinued operations from what I can see. That's always complex as it requires the already stretched auditor to complete a separate audit of the disposed entity at the disposal date, which may have been planned late in the day or not at all. Sometimes that gets to be problematic and it sounds like they weren't very well prepared on all fronts. The dividend point is a common PLC error and is not in itself a big concern. Combined with the delay though, it implies that either the Finance team and/or the auditor are not on the top of their game!
I imply no "skulduggery". But corporate entities operate within a regulatory framework and (as acknowledged by the company) someone may have failed to ensure that actions taken are compliant.
IMO the last three posts are somewhat harsh - and imply possible corporate skulduggery without foundation.

The information regarding the delay in the accounts was covered openly and honestly in the RNS issued on 1 July. Indeed, it was the main subject in that RNS.

Totally agree your comments, especially re the manner of putting this out buried in an AGM announcement.
It’s certainly possible. I cut half my position this morning. If it was just that they paid a dividend without filing accounts, then I wouldn’t be so concerned. It’s the combination of that with the previous announcement of accounts on a specific date, subsequent cancellation of that announcement only a few days later, no new date given and hinting today that they are unlikely to be out by the AGM on the 19th. I’m not sure but I believe that would only leave them 12 days until they would have to ask for an official reporting extension. I also don’t like that this was hidden in an RNS titled 'Notice of Annual General Meeting' makes it seem like they were trying to slip the bad news by us.

It’s a shame because operationally they seem to be going gangbusters. I expect that when we finally do get results for FY22 we’ll see profits around the 8-10m mark with guidance that FY23 is on course to be even better. I would certainly buy back in if the market gets jittery when it realises just how late these accounts are likely to be.

Is there a bit of a corporate governance issue going on here? See AGM announcement.
Kleinwort adding:-
Clarkson update released this morning...

Trading Update

Clarkson PLC, the world's leading provider of integrated shipping services, today announces that trading in the first half of the year has been strong and, as a result, the Company is expecting to report unaudited underlying profit before tax for the six months to 30 June 2022 of not less than £42million. Performance has been strong across all divisions, with the Broking division, which has a market-leading position in nearly all the key shipping sectors, performing particularly well.

While mindful of macroeconomic conditions, the Board nevertheless remains confident in the outlook for the business and expects results for the year ending 31 December 2022 to be materially ahead of its previous expectations.

The Company will publish its Interim results on Monday 8 August 2022.

Good luck. I'm holding, albeit at a loss. Bought in too early, but feel happy for the medium term as the world starts to recover.
Must be completely bonkers-but I've decided to have a few of these this morning. Fingers crossed...
The market says... nothing. It's a market. Famously personified as Mr. Market by Benjamin Graham to describe the irrational and contradictory aspects "he" displays on frequent occasions.
The comentatators say one thing, the market says something else. How does an investment in Braemar compare with an investment in just about any other shipping stock? I have been making out like a bandit on Star Bulk Carriers which I bought late last year.. Huge quarterly dividend and volatile enough to trade in and out to get the capita invested down without missing a divi.
Deferring of results again is not great news, and I can understand some people might panic.

But the trading update alongside the deferral looks very positive. Braemar is slowly changing along with the board. I am hopeful we will have good results. The outlook plus four months of good H1 performance for the current year is not to be sniffed at. I added on the dip.

What a complete dog Braemar is. I topped up at 234 last October and sold that tranche at 279 last month. Why oh why did I not have the sense to get rid of my entire holding?
Increase in holding just announced:-
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.
The Edison initiation of coverage is well worth reading in full............
17:53 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.
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.

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.

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.
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