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Equity Bottom-Up

Braemar Shipping Services PLC / Equity Bottom-Up

Braemar’s H126 results confirm a tough trading period, but the company is making progress against its FY30 growth targets. These include the opening of a new Cape Town office, which brings Braemar’s global footprint to 19 offices in 13 countries. The long-term fundamentals remain in place, and we expect a return to growth in FY27. We have modestly trimmed our FY26 and FY27 profit estimates and our valuation, which slips from 462p to 455p, is nearly twice the current share price.

Braemar’s H126 results confirm a tough trading period, but the company is making progress against its FY30 growth targets. These include the opening of a new Cape Town office, which brings Braemar’s global footprint to 19 offices in 13 countries. The long-term fundamentals remain in place, and we expect a return to growth in FY27. We have modestly trimmed our FY26 and FY27 profit estimates and our valuation, which slips from 462p to 455p, is nearly twice the current share price.

Braemar — Freight rate recovery points to optimism

Braemar’s H126 trading update confirms that the first half was a tough period but the company is making progress against its FY30 growth targets (announced earlier this year). These include the opening of a new Cape Town office focusing on tanker chartering, which brought Braemar’s global footprint to 19 offices in 14 countries. The long-term fundamentals remain in place and we expect a return to growth in FY27e. Following the update, our profit estimates are unchanged, as is our valuation of 462p, which offers c 90% upside.

Braemar’s H126 trading update confirms that the first half was a tough period but the company is making progress against its FY30 growth targets (announced earlier this year). These include the opening of a new Cape Town office focusing on tanker chartering, which brought Braemar’s global footprint to 19 offices in 14 countries. The long-term fundamentals remain in place and we expect a return to growth in FY27e. Following the update, our profit estimates are unchanged, as is our valuation of 462p, which offers c 90% upside.

Braemar — H1 trading as expected, but rates edging up

Braemar has successfully grown underlying group revenue by c 10% per year since 2013 and the new growth strategy outlines initiatives and targets that are designed to continue top-line growth and improve the margin, such that operating profit is expected to almost double by 2030. This strategy is likely to see investment in new hires and/or M&A, which may be funded by short-term debt. Despite the growth targets, the company has guided to lower profits in FY26e due to external issues, but the fundamentals remain in place, and we expect a return to growth in FY27e. Accordingly, our short-term profit estimates are reduced, as is our valuation, from 535p to 462p, but this still offers c 100% upside.

Braemar has successfully grown underlying group revenue by c 10% per year since 2013 and the new growth strategy outlines initiatives and targets that are designed to continue top-line growth and improve the margin, such that operating profit is expected to almost double by 2030. This strategy is likely to see investment in new hires and/or M&A, which may be funded by short-term debt. Despite the growth targets, the company has guided to lower profits in FY26e due to external issues, but the fundamentals remain in place, and we expect a return to growth in FY27e. Accordingly, our short-term profit estimates are reduced, as is our valuation, from 535p to 462p, but this still offers c 100% upside.

Braemar — Revised 2030 strategy for growth

Despite a challenging trading environment in H225, which has prompted a modest adjustment to forecasts, Braemar’s trading outlook for FY26 is promising. The underlying activities continue to expand and diversify, and the company remains well positioned to leverage its strong balance sheet to drive its growth strategy in a fragmented market. Although we have adjusted forecasts modestly, we have maintained our 535p valuation as this is driven by our dividend discount model, which remains unchanged. Furthermore, it is worth highlighting the substantial valuation differential between Braemar and its only quoted peer, Clarkson.

Despite a challenging trading environment in H225, which has prompted a modest adjustment to forecasts, Braemar’s trading outlook for FY26 is promising. The underlying activities continue to expand and diversify, and the company remains well positioned to leverage its strong balance sheet to drive its growth strategy in a fragmented market. Although we have adjusted forecasts modestly, we have maintained our 535p valuation as this is driven by our dividend discount model, which remains unchanged. Furthermore, it is worth highlighting the substantial valuation differential between Braemar and its only quoted peer, Clarkson.

Braemar — Geopolitical factors weigh on charter rates

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gamma-communications-plc" target="_blank" data-smartkarma-citation="entities:21942:1" rel="noopener">Gamma Communications (GAMA LN)</a> is the flagship addition forecast at the review at a market cap of ~$1.7bn following its listing transfer from AIM to Main Market on 2 May.</li>
<li>The ~$1.5bn tender offer of BBGI is expected to close prior to the review. Current F250 replacement candidates are <a href="https://www.smartkarma.com/entities/wickes-group-plc" target="_blank" data-smartkarma-citation="entities:41349:1" rel="noopener">Wickes Group (WIX LN)</a> and <a href="https://www.smartkarma.com/entities/pantheon-infrastructure-plc" target="_blank" data-smartkarma-citation="entities:35077:1" rel="noopener">Pantheon Infrastructure (PINT LN)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/mobico-group-plc" target="_blank" data-smartkarma-citation="entities:22059:1" rel="noopener">Mobico Group (MCG LN)</a> and <a href="https://www.smartkarma.com/entities/bellevue-healthcare-trust-plc" target="_blank" data-smartkarma-citation="entities:44348:1" rel="noopener">Bellevue Healthcare Trust (BBH LN)</a> are the main deletion candidates set to migrate from F250 to SmallCap.</li>
</ul>



Gamma Communications (GAMA LN) is the flagship addition forecast at the review at a market cap of ~$1.7bn following its listing transfer from AIM to Main Market on 2 May.
The ~$1.5bn tender offer of BBGI is expected to close prior to the review. Current F250 replacement candidates are Wickes Group (WIX LN) and Pantheon Infrastructure (PINT LN).

Mobico Group (MCG LN) and Bellevue Healthcare Trust (BBH LN) are the main deletion candidates set to migrate from F250 to SmallCap.


UK Index June 2025 Annual Review: GAMA Headlines F250, F100 Stays Quiet, All-Share Reshuffles

United Kingdom

Braemar Plc operates as an international ship-brokerage company. The Company offers advisory services in shipping investment, chartering, and risk management. Braemar serves customers worldwide.

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Braemar Shipping Services PLC (BMS LN)

Braemar — Freight rate recovery points to optimism

Braemar’s H126 results confirm a tough trading period, but the company is making progress against its FY30 growth targets. These include the...

Edison Investment Research

Braemar — H1 trading as expected, but rates edging up

Braemar’s H126 trading update confirms that the first half was a tough period but the company is making progress against its FY30 growth targets...

Edison Investment Research

Braemar — Revised 2030 strategy for growth

Braemar has successfully grown underlying group revenue by c 10% per year since 2013 and the new growth strategy outlines initiatives and targets...

Edison Investment Research

Braemar — Geopolitical factors weigh on charter rates

Despite a challenging trading environment in H225, which has prompted a modest adjustment to forecasts, Braemar’s trading outlook for FY26 is...

Edison Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Braemar — Freight rate recovery points to optimism

Braemar’s H126 results confirm a tough trading period, but the company is making progress against its FY30 growth targets. These include the...

Edison Investment Research

Braemar — H1 trading as expected, but rates edging up

Braemar’s H126 trading update confirms that the first half was a tough period but the company is making progress against its FY30 growth targets...

Edison Investment Research

Braemar — Revised 2030 strategy for growth

Braemar has successfully grown underlying group revenue by c 10% per year since 2013 and the new growth strategy outlines initiatives and targets...

Edison Investment Research

Braemar — Geopolitical factors weigh on charter rates

Despite a challenging trading environment in H225, which has prompted a modest adjustment to forecasts, Braemar’s trading outlook for FY26 is...

Edison Investment Research

UK Index June 2025 Annual Review: GAMA Headlines F250, F100 Stays Quiet, All-Share Reshuffles

GAMA to join F250 at the review following its listing transfer. WIX to join F250 before the review as a replacement to the BBGI tender offer. AEP...

Dimitris Ioannidis