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Braemar Shipping Services
(LSE:BMS)
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Rating:62Neutral
Price Target:
261.00 p
▲(16.00% Upside)
Action:Reiterated
Date:08/26/26
The score is driven primarily by a solid financial footing (moderate leverage and improving/positive free cash flow) but capped by weak recent profitability and ROE. Earnings-call takeaways are constructive on strategy, diversification, order book and balance-sheet trajectory, yet near-term guidance shows continued earnings pressure. Technicals are mostly neutral with mildly negative momentum, while valuation is stretched on P/E despite a supportive dividend yield.
Positive Factors
Multi-year expansion and order book
Revenue has expanded materially over five years, while the larger forward order book provides visibility into future activity. This combination indicates broader commercial reach and a stronger platform for sustained growth, even though annual revenue remains exposed to shipping-market cycles.
Negative Factors
Weak bottom-line profitability
The sharp decline in net margin and return on equity shows that improved operating performance is not translating efficiently into shareholder earnings. Persistently weak profit conversion could constrain reinvestment capacity and reduce the benefits of revenue growth if costs or financing pressures remain elevated.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year expansion and order book
Revenue has expanded materially over five years, while the larger forward order book provides visibility into future activity. This combination indicates broader commercial reach and a stronger platform for sustained growth, even though annual revenue remains exposed to shipping-market cycles.
Read all positive factors
Braemar Shipping Services (BMS) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£76.40M
Dividend Yield2.94%
Average Volume (3M)89.96K
Price to Earnings (P/E)33.4
Beta (1Y)0.15
Revenue Growth-4.40%
EPS Growth-62.70%
CountryUK
Employees388
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.07
Shares Outstanding33,067,604
10 Day Avg. Volume135,211
30 Day Avg. Volume89,960
Financial Highlights & Ratios
PEG Ratio-0.48
Price to Book (P/B)0.82
Price to Sales (P/S)0.50
P/FCF Ratio6.32
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£320.00Price Target Upside42.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.25
Revenue Forecast (FY)£142.23M
Braemar Shipping Services Business Overview & Revenue Model
Company Description
Braemar Plc engages in the knowledge and skill-based services to the shipping, marine, energy, offshore, and insurance industries. It operates through the following segments: Shipbroking, Financial, Logistics, and Engineering. The Shipbroking segm...
How the Company Makes Money
BMS primarily makes money by earning fees and commissions for broking and advisory work in maritime markets. Key revenue streams typically include: (1) Chartering/shipbroking commissions: When BMS brokers charter contracts between shipowners and c...
Braemar Shipping Services Earnings Call Summary
Earnings Call Date:May 21, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call presented a mixed but constructive picture: near-term financials showed a decline in revenue (‑4%), operating profit (‑21%) and EPS (‑23%) driven largely by weaker chartering and tanker rates in the first half. However, strategic and operational progress is material — strong growth in the risk advisory business (+29% YoY), improved revenue per head (~+50% vs FY21), increased forward orderbook (USD 78m at end-April), return to net cash post-year-end, successful hiring (16 senior brokers) and geographic expansion. Management emphasized diversification, disciplined capital allocation (unchanged dividend), cost control and confidence in hitting medium-term revenue targets (GBP 200m by FY30). Given the significant strategic momentum, balance sheet improvement and operational wins that offset the short-term profit pressures, the overall tone is cautiously positive.Positive Updates
Revenue (FY26) and Multi-Year Growth
FY26 revenue of GBP 135.6m (4% lower than prior year) but materially higher than FY21 (from GBP 83.7m to GBP 135.6m since 2021), demonstrating multi-year expansion and business transformation.
Negative Updates
Revenue and Profit Declines (FY26)
Total revenue declined 4% YoY (GBP 6.3m lower) and underlying operating profit fell 21% YoY to GBP 13.2m; underlying operating profit margin reduced to 10% for the year (first half 9% -> second half 11%).
Read all updates
Q4-2026 Updates
Positive
Negative
Revenue (FY26) and Multi-Year Growth
FY26 revenue of GBP 135.6m (4% lower than prior year) but materially higher than FY21 (from GBP 83.7m to GBP 135.6m since 2021), demonstrating multi-year expansion and business transformation.
Read all positive updates
Company Guidance
Management reiterated disciplined, metric‑driven guidance: FY26 revenue GBP135.6m (‑4%), underlying operating profit GBP13.2m (‑21%) with a 10% margin (1H 9% → 2H 11%), underlying EPS GBP0.2423 (‑23%), operating cash flow GBP12.1m and year‑end net debt GBP2.9m (returning to net cash in March). The forward order book was $72.5m at year‑end and ~$78m by end‑April; chartering revenue was down 16% (tankers ‑£9.6m) while Risk Advisory rose 29% to £28.8m. Strategic targets include hiring (16 hires made vs a 10‑broker target, with a 10‑broker target for the new year), 19 offices (from 14), establishing a securities desk and DIFC/EU OTF approvals, embedding AI, pursuing complementary M&A, and a FY30 revenue goal of £200m; dividend maintained at £0.07 p.s. (final £0.045).Braemar Shipping Services Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
66
Positive
Cash Flow
72
Positive
| Breakdown | Feb 2026 | Feb 2025 | Feb 2024 | Aug 2023 | Feb 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 135.61M | 141.86M | 152.75M | 152.91M | 101.31M |
| Gross Profit | 14.26M | 17.86M | 18.60M | 18.35M | 9.63M |
| EBITDA | 16.62M | 15.75M | 14.14M | 14.24M | 13.05M |
| Net Income | 2.28M | 6.10M | 4.62M | 4.60M | 5.82M |
Balance Sheet | |||||
| Total Assets | 155.41M | 157.42M | 161.57M | 177.94M | 149.64M |
| Cash, Cash Equivalents and Short-Term Investments | 23.36M | 20.48M | 27.95M | 34.73M | 13.96M |
| Total Debt | 34.28M | 34.58M | 34.72M | 36.39M | 35.93M |
| Total Liabilities | 73.05M | 73.26M | 81.95M | 101.26M | 78.15M |
| Stockholders Equity | 82.36M | 84.16M | 79.62M | 76.68M | 71.49M |
Cash Flow | |||||
| Free Cash Flow | 10.71M | 5.33M | 4.65M | 21.28M | 19.30M |
| Operating Cash Flow | 12.11M | 5.94M | 5.18M | 22.06M | 20.47M |
| Investing Cash Flow | 1.21M | 1.29M | 1.49M | 6.67M | -5.87M |
| Financing Cash Flow | -9.69M | -15.05M | -12.08M | -10.60M | -15.08M |
Braemar Shipping Services Technical Analysis
Neutral
225.00
Price Trends
231.22
Positive
229.94
Positive
224.24
Positive
Market Momentum
3.13
Positive
50.65
Neutral
49.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:BMS, the sentiment is Neutral. The current price of 225 is below the 20-day moving average (MA) of 239.10, below the 50-day MA of 231.22, and above the 200-day MA of 224.24, indicating a neutral trend. The MACD of 3.13 indicates Positive momentum. The RSI at 50.65 is Neutral, neither overbought nor oversold. The STOCH value of 49.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:BMS.
Braemar Shipping Services Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | £1.58B | 20.30 | 14.50% | 2.24% | 15.10% | 2.67% | |
68 Neutral | £2.71B | 18.49 | 17.55% | 1.64% | 1.20% | 221.80% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | £76.40M | 33.38 | 2.74% | 2.94% | -4.40% | -62.70% | |
55 Neutral | £83.36M | 14.92 | 3.29% | 0.80% | -3.60% | ― | |
54 Neutral | £222.55M | -76.96 | -1.54% | 2.74% | -2.38% | -106.47% | |
48 Neutral | £18.00M | -0.93 | -75.39% | ― | -90.16% | 53.91% |
* Industrials Sector Average
GB:BMS
Braemar Shipping Services
238.00
6.42
2.77%
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GB:MPL
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421.43%
Braemar Shipping Services Corporate Events
Business Operations and StrategyFinancial Disclosures
Braemar Sets November Dates for HY27 Results and Investor Webcast
Neutral
Oct 13, 2026
Braemar Plc, a London-listed provider of chartering, investment, and risk management advice to the shipping and energy sectors, leverages teams of brokers and specialists to deliver integrated, client-focused services. The group aims to help custo...
Business Operations and StrategyRegulatory Filings and Compliance
Braemar Appoints MHA as New Auditor After Tender Process
Neutral
Oct 9, 2026
Braemar Plc has appointed MHA Audit Services LLP as its new external auditor following a formal tender process overseen by the Audit Committee and approved by the Board, replacing BDO LLP, which has resigned after providing a statutory statement o...
Regulatory Filings and Compliance
Braemar Confirms Total Voting Rights and Share Capital Structure
Neutral
Oct 1, 2026
Braemar Plc has confirmed its current capital structure and voting rights, stating that as of 30 September 2026 it has 33,067,603 ordinary shares of 10 pence each in issue. Each share carries one vote and the company holds no shares in treasury, m...
Business Operations and StrategyFinancial Disclosures
Braemar Delivers Strong HY27 Growth and Targets £200m Revenue by FY30
Positive
Sep 29, 2026
Braemar reported a strong first-half performance for the six months to 31 August 2026, with revenue rising 16% to £74.3m on the back of a robust rate environment and underlying operating profit up 7% to £6.0m despite £1.4m of strate...
Business Operations and Strategy
Braemar Expands Risk Advisory Division With New Power Brokerage Desk
Positive
Sep 14, 2026
Braemar plc, a specialist in chartering, shipping investment and risk management, has expanded its Risk Advisory division by launching a dedicated Power brokerage desk in Dubai, led by industry veteran Alastair Richardson. The new desk extends Bra...
Regulatory Filings and Compliance
Braemar Confirms Total Voting Rights and Share Capital Structure
Neutral
Sep 1, 2026
Braemar Plc has confirmed that it has 33,067,603 ordinary shares of 10 pence each in issue as of 31 August 2026, with each share carrying one voting right and none held in treasury. This disclosure clarifies the company’s total voting rights...
Executive/Board ChangesRegulatory Filings and Compliance
Braemar Grants Long-Term Share Awards to Chief Executive
Positive
Aug 14, 2026
Braemar Plc has awarded its Group Chief Executive Officer, Grant Foley, nil-cost options over 450,450 ordinary shares under its Restricted Share Plan, with vesting scheduled for 13 August 2029 and a subsequent two-year holding period, reflecting l...
Regulatory Filings and Compliance
Braemar Confirms Total Voting Rights at 33 Million Shares
Neutral
Aug 3, 2026
Braemar Plc has confirmed that its issued share capital as at 31 July 2026 comprises 33,067,603 ordinary shares of 10 pence each, with every share carrying one voting right and none held in treasury. As a result, the total number of shares with vo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.