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Braemar Shipping Services

Strategy delivers

Outlook | Industrial Support Services | 20 May 2016

Braemar has, once again, demonstrated the efficacy of its acquisition programme of the past few years. While earnings look set to plateau in the immediate future due to the ongoing challenging trading conditions, the group has the financial ability to sustain its investment strategy and continue group development. We have trimmed our estimates.

Braemar Shipping Services

Termination of coverage

Update | Industrial Support Services | 10 Jan 2018

Edison Investment Research is terminating coverage on Braemar Shipping Services (BMS). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Braemar Shipping Services

Awaiting favourable trade winds

Outlook | Industrial Support Services | 10 May 2017

FY17 proved a very challenging period for Braemar, although both the Shipbroking and Logistics divisions proved quite resilient. The weakness in the Technical division has been decisively addressed, with a new management team implementing a restructuring programme expected to return the operation swiftly to profit in FY18. With potential for both oil and gas and shipping markets to recover, although timing and strength remain uncertain, medium-term progress seems likely. The strategy remains intact and the balance sheet supports ongoing investments to augment growth.

Braemar Shipping Services

Cyclical challenges continue

Update | Industrial Support Services | 24 Jan 2017

While the shipbroking activity continues to trade in line with expectations, weakness in the oil & gas market has continued to adversely impact the Technical division. Corrective actions have been accelerated, with GBP 6m of benefit expected in FY18. FY17 EBIT guidance is cut to GBP 3-3.5m and the reduced dividend should more closely reflect the underlying earnings potential, with an historic yield of 5.7% likely to build as earnings recover.

Braemar Shipping Services

Fighting the waves

Update | Industrial Support Services | 25 Oct 2016

Management action in response to a tough trading climate and falling profits should contribute to a sound recovery in profits next year. Following share price weakness, the group is valued at a substantial discount to both the broking market leader Clarkson and to other peers. Meanwhile, if the dividend can be held, the shares offer a well above-average yield, pending an eventual improvement in trading conditions.

Braemar Shipping Services

Challenging trading climate

Update | Industrial Support Services | 30 Aug 2016

While disappointing, the tone of the Braemar trading update should come as no real surprise to markets, given the current trading climate. With a sound balance sheet and a cost-driven profit recovery expected next year, the dividend should be safe, underpinning the share price.

Braemar Shipping Services

Delivering objectives

Update | Industrial Support Services | 15 Jan 2016

Management has done much to reduce the likely impact of the shipping cycle in recent years, as emphasised in the current trading update. The 22% discount rating to its peer group, the strong balance sheet and the 6% yield offer sound defensive qualities to the shares.

Braemar Shipping Services

Strong tanker market

Update | Industrial Support Services | 28 Oct 2015

The fortuitous timing of last year's merger with ACM has been reinforced by the strong recovery in the oil tanker market, which has contributed materially to the virtual doubling of interim profits. Neither the discount rating nor the recent weakness of the share price reflects the underlying recent trading performance and medium-term potential of the group.

Braemar Shipping Services

In line with expectations

Update | Industrial Support Services | 28 Aug 2015

The late-June AGM statement indicated that Braemar was performing in line with the board's expectations. Share price weakness following the Clarkson interims and growing turmoil in China is understandable, but ignores the group's strong defensive qualities.

Braemar Shipping Services

Coming together

Update | Industrial Support Services | 28 May 2015

Braemar's figures and trading statement point positively to the immediate outlook and successful integration of ACM Shipping into the group. The acquisition strategy of recent years has created a balanced company, with considerable medium-term growth potential.

Braemar Shipping Services

Qualities not recognised

Initiation | Industrial Support Services | 15 Jan 2015

Three large shipbroking mergers announced in 2014 suggest a strategic shift in the industry. Any recovery in the shipping cycle will come through to the group bottom line. Meanwhile there is a high dividend yield (6.5%), a strong balance sheet and a cash-generative business, while the ACM Shipping acquisition adds considerably to next year's EPS.