Good read across from CKN's trading update today? |
Yes, XD today for 4.5p, pay day 13/1/25 |
I think ex-dividend today. |
So with this drift, does BMS become a takeover target? Hard to see of underlying reasons why such a drift, or am I missing some large elephant in the room? DYOR |
Braemar (BMS) Half Year 2025 results presentation - November 2024
Braemar CEO, James Gundy and CFO, Grant Foley present the group’s results for the six months ended 31 August 2024, followed by a Q&A session.
Watch the video here:
Or listen to the podcast here: |
I suspect Edison have their own method of calculating EPS which adjusts the reported figures, but it's impossible to determine this from their Flash Note this morning.
I've now seen Canaccord's new update too, and this has a forecast of 31.4p EPS this year, which would chime with the reported results and outlook.
They reiterate their 380p price target, and also see a 14p dividend. |
no way in hell imo that they make those fy eps estimates. They're running down massively at H1 diluted EPS was less than 13p, they're not doing 31p in H2 IMO |
 Good H1 results today, with forecasts reiterated for the year, increasing order books as at 30th September and net cash up to £3.3m.
This despite a weaker dollar - although with a Trump victory this will likely reverse to BMS's benefit in this H2.
Edison reiterate 44.4p EPS this year, with a 14p dividend.
They summarise:
"Solid H1 driven by diversification, outlook robust
Braemar’s H125 results reflect a continuation of the successful diversification strategy that has been deployed for the last three years. Revenue was robust, up 1%, and operating profit increased 9%, highlighting operational leverage. Braemar’s underlying markets retain strong fundamentals that include increasing global demand and an aging global fleet; this bodes well for the future and is reflected in its robust forward order book. The company remains on track to achieve market
expectations for this financial year."
"As a result of the group’s trading performance and the increased confidence of
management, the interim dividend was raised 12.5% to 4.5p (H124: 4.0p). Braemar
ended the period with net cash of £3.3m, up 5% on the previous year, highlighting
the company’s cash-generative nature. The outlook for the group is encouraging,
underpinned by the forward order book that stood at $80.9m at the end of August,
(29 February 2024: $82.6m; 31 August 2023: $67.2m), which had risen to $85.8m
at 30 September 2024." |
SP up today after hitting a bit of a low over the last few days Hopefully somebody knows something we don’t. Trades were fairly modest too.
Don’t really see the outcome of the US election having much of an influence despite Trumps America first
Comments would be welcome |
Cheers pireric.
Worth noting that Edison still forecast 44.4p EPS this year (up from 39.6p EPS last year), rising to 47.7p EPS next year.
The divi also remains at 14p this year rising to 16p next year.
At 256.5p that's a P/E of 5.4 and a divi yield of 6.2%.
They have a valuation of 535p per share. |
Edison put out a note on Braemar #BMS today talking about how the tax rises on NI in the budget hurt forecasts. About £450k in FY25 and about £850k in FY26.
Fair enough.
But then they reduce their net cash forecast for FY26 from £8.3m to £1.5m. No reasons given. Talk about sneaky / ridiculous.
Eric |
Braemar (BMS) Half Year results webinar
Friday, 8 November, 1:00pm
Braemar CEO, James Gundy, CFO, Grant Foley and COO, Tris Simmonds will present the groups results for the six months ended 31 August 2024, followed by a Q&A session.
To attend, register here: bit.ly/BMS_H125_results_webinar |
Publication of HY25 Results
The Group will announce its results for the six months ended 31 August 2024 on Wednesday, 6 November 2024. In line with previous guidance, revenue for HY25 is expected to be not less than £75m (HY24: £74.9m), with underlying operating profit (before acquisition-related expenditure) slightly ahead of the prior year (HY24: £7.6m). The board remains confident in the outlook for the second half of the financial year and, in line with the Group's stated progressive dividend policy, expects to recommend an interim dividend of 4.5p per share. |
thanks, so BMS has not broken any laws, so on that basis, move on no? DYOR |
The gist of the FT article is that BMS has been a key player in the assembly of Russia’s “shadow fleet” which is used to export oil.
The activity was legal, however many of the vessels have subsequently been sanctioned and such business is said to be in the cross hairs of politicians now, including PM Starmer. |
hxxps://splash247.com/37-businesses-probed-by-uk-over-russian-oil-ties/ |
The BBC take on it : |
Thanks
Hitting SP
What’s the gist of it pls as behind paywall |
"How Russia’s ‘shadow fleet’ gets its ships"
An FT investigation into the role of a British accountant, a London-based broker and Dubai companies in the acquisition of vessels |
BMS hitting the headlines.
Probably need to address the FT comments. Not always easy being quoted. |
Updated commentary from Master Investor FYI:
"Braemar (LON:BMS) – Confident And Resilient Outlook
This morning’s Trading Update for the six months to end-August, from the provider of expert investment, chartering, and risk management advice to the shipping and energy markets, declared that that the group had continued to trade well and in line with expectations.
The group expects that its first-half revenues will be broadly steady at £75m, while net cash has increased fractionally to £3.3m (£3.1m).
It is confident in the outlook for the remainder of the financial year and beyond, as it continues to benefit from its increasingly resilient and focused growth strategy.
The group’s forward order book continued to be strong at $80.9m ($67.2m).
We should be seeing the actual Interim Results being reported in the middle of November.
Indications are that the market is looking to the current year revenues of £153.2m, with operating profit of £18.1m.
Analyst Damian Brewer at Canaccord Genuity rates the group’s shares as a Buy, with a 410p Price Objective.
He is looking for the current year to end February 2025 to show adjusted pre-tax profits of £15.8m (£16.1m), with earnings of 32.3p (34.2p) and an increased dividend of 13.2p (13.0p per share.
The undervalued group’s shares are currently trading at around the 292p level and continue to hold strong attractions." |
and a nice old yield for my ISA as well....DYOR |
Today's H1 update shows BMS trading nicely in line, and with a £3.3m cash pile and an order book up 20% on H1 last year.
Above all, the outlook is confident for this year "and beyond".
Canaccord have retained their Buy and 410p target this morning, with a 32.3p EPS forecast, and summarise:
"Outlook
We think prospects are supportive. Maritime markets are volatile, but we see increasing evidence that an upward part of a ‘super cycle’ has started: This offers support to commissions and FOB prospects (especially on sale/purchase). Braemar has large and growing elements of what is effectively (in our view) ARR in its revenue stream through to 2039 as charters (whether tankers, offshore service vessels, gas carriers, car transporters or bulk carriers) are multi-year - and it gets paid each day they are under charter.
We also see support from the trend of longer duration charters – as charterers seek to secure capacity. Advice on new builds can generally deliver multi-year revenue streams and sale & purchase is an area of strong FOB growth for Braemar. To us, this implies more tightly supplied markets, longer-term higher rates for some products and greater value in accessing a broker such as Braemar. This suggests a structurally supportive environment where we think market upside will amplify the self-help and company-driven growth strategy at Braemar.
BUY with 410p target
Multiple catch-up overdue We believe Braemar investors are set to benefit from a turnaround in business perception. We think Braemar shares offer scope to: 1) close the multiple gaps with peers; 2) generate potential upside from self-help profit compounding (organic and M&A investment); and 3) benefit from sector segment multiple expansion in anticipation of a super cycle. We see scope to reach 410p as the multiple gap with peer Clarkson is eliminated as EPS quality and RoE improve." |
Register for real-time alerts, custom portfolio, and market movers
Hot Features
Premium
