Share Name Share Symbol Market Type Share ISIN Share Description
Braemar Shipping Services Plc LSE:BMS London Ordinary Share GB0000600931 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  3.00 1.71% 178.00 21,396 09:09:47
Bid Price Offer Price High Price Low Price Open Price
176.00 180.00 178.00 175.00 175.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Transportation 120.79 4.86 12.88 13.8 57
Last Trade Time Trade Type Trade Size Trade Price Currency
09:53:57 O 236 180.00 GBX

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Date Time Title Posts
16/1/202122:59BMS with Charts & News2,529
14/3/201609:16Braemar Shipping Services3
28/5/201516:16BRAEMAR SEASCOPE117
17/1/201408:22*** Braemar Seascope ***13

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Braemar Shipping Services Daily Update: Braemar Shipping Services Plc is listed in the Industrial Transportation sector of the London Stock Exchange with ticker BMS. The last closing price for Braemar Shipping Services was 175p.
Braemar Shipping Services Plc has a 4 week average price of 145p and a 12 week average price of 119p.
The 1 year high share price is 221p while the 1 year low share price is currently 92.50p.
There are currently 32,086,351 shares in issue and the average daily traded volume is 91,809 shares. The market capitalisation of Braemar Shipping Services Plc is £57,113,704.78.
mayojames: its not the market but how good the brokers are at working it - but also the share price bit more than this as already seen the brokers in Braemar good but the directors/direction over time not so and not seeing big difference unless you did buy in thr trough - also wonder what the non execs adding to to the price realse a plc needs but would be great if input in industry adds value
mayojames: Well said this-is -me /especially in this business where the personal connection to the clients often stronger than a brand name. Also feel my last post looked at whom may target Braemar and more research indicates my thoughts off course. More interesting is how Aqualis delivers to the group and where the new CEO invests energy and as you say the talent within the company. For sure a long way to go to get near the share price on past few years if ever. Lets hope we see a return to some dividend soon - a costly involvement for me to date but thats the risk.
pireric: For arguments sake.... what would accretion look like if CKN did buy BMS (completely theoretical, and as another poster has mentioned, perhaps not likely given area of focus etc). Ignores £16m AB stake etc. CKN 2019 underlying EBIT 50.5m Net cash earning pretty much zero interest return = £88.8m at last report Pretend they table a bid for BMS at 250p = £93.8m outlay Assume debt of £20m (February 2021 end forecast) New net debt position £25m Braemar 2020 underlying EBIT £9.6m on revenues of £121m Assume they can get 2% of revenues in cost synergies so £2.5m Pro forma underlying EBIT of £12.1m Accretion to EBIT 24% Cost of net debt at 2% = £0.5m Accretion to EPS approximately 23%. New leverage post deal of 0.4x to EBIT, closer to 0.25x levered on EBITDA At £3 for BMS, accretion to EPS would be >20%. New leverage post deal of 0.7x to EBIT, closer to 0.5x on EBITDA Goes to show how conducive it is to do M&A in this interest rate environment if you have a strong balance sheet and cash which is earning you close to nil return. Eric
thirty fifty twenty: thanks CWA1 for the additional article. i think it reads well giving details of the mgt team behind the turnaround, but then it also seems to lack a bit of financial depth. they quote profit forecasts but dont point out that achieving 10.5m would give EPS of close to 30p thus making the P/E ratio significantly below market average. their conclusion to hold/take profits seems to be anchored in the fact that the price is up 50%, when actually i think there is much less risk now 6 mths on at a price 50% higher. anyway, all good coverage. i do feel that BMS is an ideal Simon Thompson type tip. i.e. a turnaround story on a low valuation but needs a bit of analysis to understand if the low rating is a worry factor, or a potential market mis-pricing. All IMHO, DYOR + BoL
thirty fifty twenty: hi CWA1 - that article is from May 202o i think when the share price was 99p
pireric: Clarkson above expectations announcement for FY20 today and back to the share price levels from before the pandemic Eric
pireric: No problem. I think at the moment only a fraction of the warrants are expected to materialise, so I'd round to zero for calculation purposes. As you say, AqualisBraemar's stock has been on a strong run. There was a hint in a recent Finncap note that it could be a takeover target. To quote "... The deal increases AQUA's renewables footprint and reaffirms its commitment to energy transition. With this focus and pace of progress, we would not be surprised to see a bid in the future, potentially providing a significant source of funds for Braemar." Lock up on the shares expires in about 6 months. There is deferred consideration of £3.9m and £7m of contingent. I agree with your view. At the current rates that Naves has been operating at, I doubt anywhere near the full amount of contingent will be triggered. The trigger years are this year, next year, and the year after, and they require NAVES to deliver minimum €2m of EBIT to pay out, and €4.375m of EBIT in each year to pay out in full. Unless there is a significant turnaround in fortunes at Naves and a return to 2018/19 levels of profitability(which would help boost EPS anyway), I suspect much of that contingent consideration will fall out without payment. In any case, should be fully payable using cash flow so don't view it as a big detractor especially as it's spread out over 24 months. The multiple is definitely not right, once the market becomes comfortable with the balance sheet (which I don't think we're a million miles off from). Plenty of companies out there with weak balance sheets trading on extremely high multiples, so it's a psychological barrier more than anything (e.g. James Cropper CRPR, Zotefoams ZTF). Clarkson is the aspirational multiple that I doubt BMS will ever reach, but can't see why it can't recover at bare minimum to halfway. Otherwise, someone should just take BMS out. My view here is that the valuation on a PE basis is at least 50% undercooked Recent share option EPS targets would be nice if they can meet them! Eric
haywards26: Bought in this morning @ 150 having followed BMS for many years. Feels to be undervalued given the last results. I look forward to the divi yield and share price appreciation in due course :)
thirty fifty twenty: the value of BMS's stake in AB has soared since AB announced results and more recently a acquisition. AB seems to have bedded in the acquisition last year very well and are very confident to achieve 3.5m of cost savings with the new merger. so it is no surprise that the AB share price has risen from c5.5NOK to closer to 10NOK. I think the price has risen not just because of the future profit growth, the merger savings but also size will give them critical mass and the mgt team have obviously spotted a niche in their markets. All of this is excellent news for BMS. their holding of c.19m AB shares and potentially 6m warrants means the quoted stake has a value of c.£20m GBP. of course the share price of AB can go down as well but for my analysis it allows me to net off almost all of BMS debt. which leaves CASH profits of c.12m to c.14m for a MV of 45m. That seems an attractive value investment risk/reward to me. All IMHO, DYOR + BoL BMS is in my top5 hldgs
thirty fifty twenty: i was very encouraged by the Q3 results from AB the other day. their biz is growing and they confident of future progress and still benefitting from the merger. They are also very big into renewable growth. Most interesting they have 15m of CASH and are paying a divi (i think c.4m a year) so that is 1m into BMS bank account from the divi but also i think under pins the value of the holding (currently c.10m at market prices). To me this is a big comfort on BMS 20m of debt. but also it shows that activities connected to shipping are still doing ok despite any worries re global trade slowdown. the fall in BSM price is a slight worry but i remain hopeful in the CASH generating abilities of the business and new mgt team with hopefully a re-rating to follow in due course. All IMHO, DYOR + BoL BMS is in my top5 hldgs
Braemar Shipping Services share price data is direct from the London Stock Exchange
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