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BMS Braemar Plc

-3.50 (-1.20%)
18 Jun 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
  -3.50 -1.20% 288.00 280.00 296.00 - 314,104 16:35:03
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 3276 to 3299 of 3325 messages
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Looks like the Risk feature, mentioned by Riv above, has stimulated some long overdue and welcome interest here. Todays 9% rise is not based on any great trading volume - circa 100,000 shares, around double the average daily figure - but upon a significant number of small retail trades (average size just under 2000 shares) throughout the day. Probably see a little bit of profit taking before the close.
What on earth is happening here, only a very small holding for me but ive watched it go vertical from mid morning on big volume, surely the 23/5 FY24 numbers must have been leaked !!!!
This reads well - there's more, but it's subscription-only:

"Newcomer of the year: Braemar Securities Energy Risk Awards 2024:
By Stella Farrington 17 May 2024

Ship-broker’s natural gas desk hits the ground running with new products

Energy Risk’s 2024 Newcomer of the year, Braemar Securities, has set out to disrupt the natural gas market, offering new products and a mainly voice-brokered service to a growing client base of corporates, financials and shipping companies. The interdealer broker for commodity derivatives launched its natural gas and carbon-broking desk in October 2022. Since its first Dutch TTF natural gas trade in February 2023, the firm has onboarded clients including utilities, trading houses, investment"

Bought some more today ahead of results on Thursday - any predictions for the dividend
The Braemar CEO made £4.1m last year

That is MORE than FTSE100 tech stock Sage's CEO!

Acquisition expenses should not be excluded IMO

Such a huge gap between statutory EPS and adjusted EPS tells you all you need to know.

This is not a Clarkson.

Good to see the bid price up to 290p now, with sales being readily absorbed at a small premium to the offer price.

Overall BMS remains extremely cheap imho - a break above 300p could see a big jump as the markets digest the opportunity.

hpcg but in this case it is definitely NOT a conventional acquisition related expenditure item. Instead it looks like trying to exclude genuine employee costs in a fudged 'adjustment'. This was an acquisition made in December 2022 that will still have acquisition related costs in the second half they are just going to be reporting soon. In fact it is completely the opposite of what it sounds like you think it is - it is not a one time item at all

Acquisition-related items

Following the acquisition of Southport Maritime Inc. in December 2022, due to the requirement for ongoing employee service, the upfront cash payment of £6.0 million and IFRS 2 charge related to share awards made to the sellers and existing employees of Southport are treated as a post-combination remuneration expense. The total expense related to amounts linked to ongoing employee service in connection with the acquisition of Southport was £1.8 million (2022: £nil) in the six months to August 2023. The period of required employee service is three years from the acquisition date.

'underlying operating profit of not less than £18m...' with market cap of around £90m.

Is a market cap of £180m (10 x profit) reasonable?

Dan - that is a conventional adjustment and one of the few I personally endorse unless the company is a serial acquirer and it is part of the business model. It doesn't happen every year and so truly can be removed from underlying performance. You can choose to ignore it and just use the statutory number when making your own investment decisions.
@ Rivaldo any clues

Can anyone understand their acquisition related expenditure and why that should be an adjusted item? It's very material but to me looks like a complete fudge adjustment

Braemar (BMS) Full Year results webinar

Tuesday, 28 May, 1:00pm

Braemar CEO, James Gundy, CFO, Grant Foley and COO, Tris Simmonds will present the Group’s results for full year 2024, followed by a Q&A session.

Register here:

The impending promotion to the Small Cap Index, with the review on the 29th May, should cause some decent tracker fund/institutional buying for a start.

And of course we know the results on 23rd May (next Thursday) will show BMS's rating to be extremely cheap given at least 38p historic EPS, plus a 13p dividend and a net cash position.

And in particular the substantial order book - up 47% on last year - should back up a positive outlook.

Thanks. Totally agree with everything they say.

The trading volume here is miniscule though, what needs to happen for that to change?

Newly tipped on Master Investor, primarily referring to the Houthi rebel attacks in the Red Sea pushing up shipping rates:


"However, the ongoing stress created in re-routing shipping around the Cape has seen costs increasing for both the shipping companies and their customers.

That is when companies like Clarkson (LON:CKN) and Braemar (LON:BMS) become extremely important advisors and agents.

Volatility and uncertainty in shipping markets is usually positive for shipbrokers.

Clarkson stated at its AGM on Thursday of last week that it had made a positive start to the year, helping its clients to navigate the ongoing complexities and disruptions to global trade, by providing the expertise, data and insights to enable them to make the right decisions for their organisations.

For both groups their Forward Order Books must have seen some good uplift, the benefit from which will become evident in the second half of this year.

Rapidly rising freight rates suggest that fears of delayed goods have kicked off the peak season early this year.

Shippers fear major delays on goods due to new supply chain disruptions.

This has jump-started the peak season and sent spot rates soaring.

Elsewhere there are reports that the market for buying and selling second-hand dry bulk carriers is in the top 20% of the price development since 2000, while for tankers it is in the top 10%.

The past six months have seen significant price increases for used dry cargo ships and tankers.

However, I now really suggest that investors should keep their eyes on the shares of my favourite shipping services group."

"In the last few months, a couple of the group’s competitors have been acquiring stakes in the company – the Peter Dohle Group and Lightship Chartering, both declaring just over 3.0% holdings in the BMS equity.

The group should be announcing its 2024 results, which are not expected to see any surprises, before the end of this month.

At this stage expectations for the current year to end February 2025, are for £150.2m of revenues and £15.8m pre-tax profits, generating nearly 47p per share in earnings and easily covering an estimated 14.0p in dividend.

Last night the shares closed at 295p at which level they are trading on a miniscule 6.3 times prospective price-to-earnings ratio, while yielding a very healthy 4.7%.

I believe that they will soon be trading at levels far higher than on 8th January and I have confidence in my aim of early-May at 350p."

Can anyone understand their acquisition related expenditure and why that should be an adjusted item? It's very material but to me looks like a complete fudge adjustment
Publication of FY24 Results

The Group will announce its audited final results for the year ended 29 February 2024 on Thursday, 23 May 2024 and publish its 2024 Annual Report and Accounts shortly thereafter. Previous FY24 guidance remains unchanged, with revenue of not less than £150m (FY23: £153m) and underlying operating profit of not less than £18m, in line with market expectations (1).

(1) Company compiled consensus as at the date of this announcement: FY24 revenue of £150.4m and FY24 underlying operating profit (before acquisition-related expenditure) of £18m.

Must be pleasing for shareholders that BMS looks to have finally secured a management team with the knowledge, experience and talent, to potentially deliver growth capable of challenging global market leader Clarkson.

Been a long time coming for its long suffering shareholders, who have been rewarded for their loyalty since the previous shipping market cycle bottom in 2000, with just a 72% share-price increase from 169p to 292p.

Whereas Clarkson, has generated 49 fold (4,923%) of capital growth since 2000 as a result of a shareprice increase from 82p to 4,050p. In addition, the stock has returned 10+ fold in dividends ........for a total 31% CAGR for shareholders over the last 24 years.

At the current stage of this latest shipping market cycle, BMS' mix of shipbroking business, looks like it may have the potential to deliver a performance over the likely 3 years or so left of this latest shipping market cycle recovery/boom stage, capable of taking out the stock's circa 600p all time high price.


Declaration: a shipping industry professional who has held Clarkson since 1999, other than for a brief 18 month period during 2007/8.

mount teide
All the take overs are moving everyone still listed up the pile.
It looks like BMS will be promoted to the FTSE Small Cap Index in the next review on 29th May.

Which could provide some impetus for the next leg up if all goes well:

Still quite a large spread here.
Surely we must be a takeover target with the share price remaining under 300p?
Cheers Tole - particularly useful info about the two new investors in BMS from the shipping sector.
20:21 Are The Two Competitors Buying Into Braemar's Equity?By Mark Watson-Mitchell 07 May 2024 5 mins. to readWho Are The Two Competitors Buying Into Braemar's Equity?It could prove to be excellent timing for the latest declared buyer of equity in my favourite shipping services group Braemar (LON:BMS). Later this week its larger competitor, the £1.23bn capitalised Clarkson (LON:CKN), will be holding its AGM, so we will, no doubt, get an update on life within the sector. Second Shipping Sector Group Buys In I noticed that another shipping services group has recently been putting together a declared stake in Braemar's equity. On Friday afternoon last week, it was declared that Minna Invest GmbH from Hamburg, Germany had put together a 992,398 shareholding in BMS. There is scant information available about Minna Invest to tell us immediately who is behind the stake. However, I have found out that Jan Peter Döhle and Jost Döhle are the two Managing Directors of Minna Invest. The Döhle Group covers all parts and aspects of the modern shipping business: "We offer a wide range of services including financial, commercial, and technical support, as well as insurance and crew management. Apart from our complementary activities provided by the companies within the Group, our core competencies lie in chartering as well as sale and purchase. With its numerous offices, subsidiaries, and partner companies located worldwide Peter Döhle Group offers tailor-made solutions for the whole shipping industry." The Döhle Group controls the world's largest tramp-owned fleet of containerships, comprising a total of around 415 highly modern vessels. The fleet ranges from small feeder vessels of around 300 TEU up to ships of 13,000 TEU capacity (a TEU is a 20ft long equivalent unit container). All the fleet's ships fulfill today's market requirements such as super-slow steaming and high reefer capacity. Many are equipped with their own cargo gear, making the fleet versatile as well as technically and commercially competitive in all areas of the world. The Döhle group, which has more than $8bn assets under its management, offers a wide range of services: sale & purchase; technical management; crew management; insurance; commercial management; bunker trading; financial restructuring; corporate services; shipping software; and shipping agency & logistics. That Now Makes Two Competitors Recently Into The Equity Readers may well remember that on 10th January this year I noted that another player in the shipping sector had bought into the BMS equity. I revealed that an ambitious Geneva-based shipbroking company had been putting together a 'major shareholding' in the group's equity.? Lightship SA had bought some 1m shares representing 3.04% of the issued stock.?? Lightship Chartering, is 51.5% owned by Danish founder and chairman Morten Have.? Sune Fladberg, the private company's CEO, was 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."? What Did The New Buyers Pay? In early January I assessed that Lightship must have paid up to 290p a share for its holding. Whereas Minna could have been paying around 250p to 275p a share for its position. Last week the Braemar shares hit 284p before closing on Friday night at 277p, valuing the whole group at just £79m. The company's results for the year to end February 2024 should be declared within the next three weeks or so. In its 20th March issued Trading Update the group declared that it had achieved another strong performance, with revenue and underlying operating profit?for FY24 in line with market expectations – at £150m and £18m respectively. Understandably the net cash position had dropped from £7m in the bank to just £1m at the year end, but last year it had covered the costs of the internal independent investigation conducted and concluded in 2023, as well as certain tax payments and share buy-backs during the period. However, impressively it announced that it had an Order Book of $83m, which was 47% ahead of the 2023 figure of $56m. Why Invest In Braemar? When asked 'why invest in Braemar?' the group responds: "We are one of only two publicly traded shipbroking companies on the London Stock Exchange, offering an attractive opportunity to invest in the shipping industry without needing to invest directly in ships. As a leading global shipbroker with offices in London, Singapore, Beijing, Geneva, Perth, Dubai, Athens, Hamburg, Melbourne, Madrid, Shanghai, and Houston, we're well-positioned to serve key industry players across different time zones and cultures. Our operations are diversified across Tankers, Dry Cargo, Sale & Purchase, Renewables, Financial and Offshore in order to generate a reliable, less cyclical income stream." Broker's Estimates Estimates for the current year to end February 2025 are for around £150m of revenues and £15.8m pre-tax profits, worth 46.6p per share in earnings and more than three times covering a 14.0p per share dividend. Analyst Price Objectives for the shares range from 385p to 505p, against Friday night's closing 277p. Results Due Before End May In late March I wrote that: "The May figures could well see upgrades helping to pinpoint just how undervalued this group's shares are at last night's closing price of 256p. I still find it hard to understand why these shares are so lowly valued, they are destined to rise above the 300p level fairly soon." The above estimates show that the shares of Braemar are an extremely attractive proposition, which is more than likely to be the reasoning behind two of its competitors buying into the group's equity. On 5.9 times current year prospective price-to-earnings ratio and yielding 5.05% – the shares are almost a giveaway, in fact, I now set a new Target Price for Braemar's shares at 350p.
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