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 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.