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BMS Braemar Plc

1.50 (0.50%)
24 May 2024 - Closed
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
  1.50 0.50% 301.50 299.00 304.00 303.00 303.00 303.00 174,174 16:35:11
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Water Transport Svcs, Nec 152.91M 4.6M 0.1396 21.70 99.76M
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 300p. 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 £99.76 million. Braemar has a price to earnings ratio (PE ratio) of 21.70.

Braemar Share Discussion Threads

Showing 2951 to 2975 of 3325 messages
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shalder - spot on.

It will not come as a surprise to many shipping industry professionals - some like me have been calling for it for years - that since BMS refocused the business back to its core activity shipbroking, in a move which fortuitously coincided with a new shipping market cycle recovery stage, a major step change improvement in its fortunes has followed.

mount teide

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!

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.
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

fy23 results should be out this month and we already know they will be good
Flying this morning. Gw
I’m in at 284. Debt free, solid management team, strategic pure-play, supportive broker/analyst commentary. Possible 70% upside in share price And a placid forum. GL to all LTHs. Gw
An updated link here"remarkably-low-valuation-on-strong-trading"-says-gervais-williams/4121118465Braemar Plc "Remarkably low valuation on strong trading" says Gervais WilliamsBraemar ShippingAmilia StoneBraemar plc (LON:BMS) is the topic of conversation when Co Fund Manager Gervais Williams of Premier Miton Investors caught up with DirectorsTalk for an exclusive interview to discuss the UK listed market and some of his holdings in Miton UK MicroCap Trust plc.DirectorsTalk asked: Moving on to the perhaps lesser-known world of shipping and shipbroking. Braemar plc has just released a very impressive trading update, could you tell us a bit more about the company?Gervais Williams said:"It's involved in shipbroking, it's like stockbroking, when you need a ship to transport oil and other products, they can book the ships for you. It's a very specialist market, the UK leads the world in this area.The key about Braemar is that it's actually gone through transition with a new leadership where it's taking market share. It's made some acquisitions and it's got a much more significant global footprint. Although it's trading pretty well, it's had some pretty strong trading statements in the last 12 months, it's valuation is still standing at a remarkably low level. We think that its cash generation is going to be quite strong in the next few years so it's absolutely the kind of stock we would love to have in the MINI trust.In Edison's latest company research dated 4 April 2023, it noted:The strong full year trading update confirms that Braemar is in a good position to capitalise further on robust markets and management action taken over the last two years. The debt-free balance sheet leaves Braemar well-positioned to drive its future growth strategy, as previously outlined. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have raised our FY24 and FY25 estimates but retain our DDM-based 520p per share valuation.
Cheers Tole, great to see BMS highlighted by Gervais Williams (and DKL too!).

Nice move up today - perhaps an overhang has been cleared.

07:44 UK MicroCap Trust (LON:MINI) Co Fund Manager Gervais Williams joins DirectorsTalk Interviews to discuss the current market situation.In this interview Gervais shares his thoughts on the high number of companies that have issued profit warnings, explains why the UK stock market is more attractive now and discusses several companies that he believes have been overlooked by investors, including:Coral Products (LON:CRU)Van Elle Holdings (LON:VANL) Braemar Plc (LON:BMS)Me Group International (LON:MEGP)Velocys (LON:VLS)Dekel Agri-Vision (LON:DKL)
Bramemar tripled since the nadir at the height of pandemic fears. Sadly it was not a prime target for me and the best I managed was 154p later in 2020. A mere double :((.
Edison have increased their forecasts for this year to Feb '24 to 39.9p EPS (from 37p EPS), with a 13.5p dividend.

They retain their 520p valuation, i.e 67% upside from here:

"Valuation: 520p/share valuation retained

The trading update confirmed the positive underlying conditions for FY23 and the positive outlook for FY24, driven by good markets and strategic progress. Following the trading update, we retain our existing FY23 underling operating profit estimates, but raise FY24 and FY25 estimates due to more favourable FX assumptions, where we previously assumed that US dollar strength would reverse. This no longer seems likely in these more stable times, hence we assume a rate of US$1.22/£, down from US$1.37/£, in FY24 and FY25. We retain our dividend discount model (DDM) based valuation of 520p/share as our dividend forecasts are unchanged."

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.

Really poor journalism.

The fact they’ve trebled is meaningless. Then it had net debt and was a capital heavy complicated mess. Now it has net cash and is a capital light pure play ship broker.

Nice tip update in today's Mail on Sunday from Midas:



Economic conditions are turbulent but shipping is buoyant and industry specialist Braemar is riding the waves"

"Midas verdict: Braemar shares have tripled in three years and supporters believe they could rise still further, from £3.03 to more than £4.50. With dividends set to increase along the way, the stock is a firm hold for all but the most cautious mariners."

Cheers Tole, a good read - the "very much" higher 470p target from Cenkos seems perfectly fair imo.
19:59 (LON:BMS) – Trading Update Underlines Low Value RatingThe Trading Update for the year to the end of February by this shipping and energy markets broker and adviser reported record revenues and profits.The group is expecting that the year will have shown revenues almost 50% higher at not less than £150m (£101.3m) and underlying operating profits of not less than £20.0m (£10.1m).Even cash generation will be shown positively with some £6.9m net cash at the year-end against a net debt of £9.3m).The finals will be announced before the end of May.Analyst Ian McInally at Cenkos Securities rates the £96m group's shares as a Buy, using a dividend discount model to value the shares at 470p each.His estimates for the end February year are for £150.5m sales, £19.5m profits, 51.4p earnings and paying a 12.0p (9.0p) dividend per share.This group's shares at the current 294p are substantially undervalued and look very capable of rising through the 350p level and then very much higher yet.
Right, MT. It helps we are now headed by an ex broker (at Clarksons Platou, tankers, for 10 years in the 80s-90s) rather than a posse of accountants or similar...
Even Cenkos's 470p target would still leave BMS on a historic P/E of only 9.1 :o))
Less than 5x PBT on a cash-adjusted basis. Anyone holding this for the next 5-yrs will do incredibly well. I am tempted to buy it again and just lock it away.
Very encouraging results - Refocusing the business strongly back to its core activity shipbroking at this stage of the commodity/shipping market cycle, offers the potential to deliver a rating much closer to that historically given to market leader Clarkson.
mount teide
I also held Braemar years ago diversified far too much and was a poor performer Been buying these now steadily over the last 12 months and have accumulated about a third of one percent of the company.Hope it's going to be a profitable journey!?
Historically, BMS was poorly run, which I think is the main reason for the low valuation; but the current CEO and board are righting the ship and the business growing in all the right directions now. Mr. Market has not yet woken up to the new reality, which of course makes for a great investment!
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...
Always good to see you rivaldo, always knew you'd come round to my way of thinking eventually ;-)

FWIW, a snippet from Cenkos' update post the update:-

 Outlook and valuation. At the interim stage in November 2022, Braemar’s order
book was up 10% to $55.5m (FY22: $50.0m) and trading in the first few weeks of
FY24 has started well. The shares trade on very attractive multiples with an
underlying FY23E PE of just 5.6x and EV/EBITDA of 3.7x, considerably lower than the
main listed comparator, Clarkson Plc, which itself reported very strong FY22 (Dec YE)
results on 6 March 2023. With a forecast 12p dividend for FY23E, the shares provide
a prospective yield of 4.2%. At our DDM valuation of 470p, the shares would trade
on 9.2x and 11.0x FY23E and FY24E PEs respectively, still a substantial discount to
Clarkson (14.5x PE FY22A).

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