Braemar
BMS · Main Market · Industrial Goods and Services · mcap £74m · 237.0p
Braemar arranges ship sales, charters and energy and freight derivative deals for clients, earning commission. Its divisions cover chartering, shipbroking for sales and purchases, and risk advisory.
The case for
- H1 FY27 revenue grew 16% to £74.3m and net debt fell to zero. 29 Sep 2026
- Operating cash flow rose to £12.1m in FY26 from £5.9m. 21 May 2026
- The forward order book was $77.9m at FY26 and $73.4m at H1 FY27, giving some visibility. 21 May 2026 29 Sep 2026
- Management is investing in brokers, a Dubai power desk and a Cape Town office, and the Southport Maritime deal adds capacity. 14 Sep 2026 14 Jul 2025 15 Dec 2025
- The 2026 AGM passed with high shareholder support, including 88.86% for the remuneration report. 2 Jul 2026
The case against
- Underlying operating profit fell from £20.1m in FY23 to £13.2m in FY26. 16 Nov 2023 21 May 2026
- FY25 missed expectations and the dividend was cut from 13p to 7p. 24 Mar 2025 29 May 2025
- The FY30 target of £200m revenue needs about 48% growth from FY26. 21 May 2026
- Net debt reached £5.6m at H1 FY26, and the interim dividend was cut to 2.5p. 5 Nov 2025
- Both CEO and COO left within about 16 months, and the 2023 remuneration vote had over 42% against. 7 Mar 2025 17 Feb 2026 18 Dec 2023
Both sides use only facts from the company's announcements · not investment advice
Company filings. Not investment advice.