Braemar Shipping Services PLC (GB:BMS)
LSE:BMS
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Braemar Shipping Services
(LSE:BMS)
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Rating:64Neutral
Price Target:
256.00 p
▲(13.53% Upside)
Action:Reiterated
Date:05/26/26
The score is driven primarily by a solid financial base (moderate leverage and consistently positive free cash flow) but tempered by weakened 2026 net profitability and ROE. Technicals are supportive with price above key moving averages, while valuation is a notable headwind due to a high P/E. Earnings-call commentary adds a mixed but constructive outlook: near-term profit pressure alongside improving order book, diversification progress, and better balance-sheet flexibility.
Positive Factors
Consistent Cash Generation
Consistent and recently stronger free cash flow (operating cash flow £12.1m, FCF £10.7m) supports durable financial flexibility. This enables disciplined dividends, buybacks and targeted M&A, and provides a buffer through shipping cycles that undercut revenue timing and margin volatility.
Negative Factors
Near-term Revenue & Profit Decline
Revenue and operating profit declines in FY26 reflect structural sensitivity to market cycles. Persistent or recurring softer charter markets would compress operating leverage, slow margin recovery and make multi-year revenue targets harder to reach absent sustained growth in diversified segments.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Cash Generation
Consistent and recently stronger free cash flow (operating cash flow £12.1m, FCF £10.7m) supports durable financial flexibility. This enables disciplined dividends, buybacks and targeted M&A, and provides a buffer through shipping cycles that undercut revenue timing and margin volatility.
Read all positive factors
Braemar Shipping Services (BMS) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£77.68M
Dividend Yield2.25%
Average Volume (3M)38.70K
Price to Earnings (P/E)33.0
Beta (1Y)0.17
Revenue Growth-4.40%
EPS Growth-62.70%
CountryUK
Employees400
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.07
Shares Outstanding33,067,604
10 Day Avg. Volume34,874
30 Day Avg. Volume38,696
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 Upside41.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.25
Revenue Forecast (FY)£139.47M
Braemar Shipping Services Business Overview & Revenue Model
Company Description
Braemar Plc is a specialized service provider to the shipping, marine, and energy industries, offering expertise in shipbroking, financial advisory, and logistics. Its Shipbroking division facilitates the chartering of various vessels, including t...
How the Company Makes Money
BMS primarily makes money by earning fees and commissions for arranging and advising on shipping-related transactions and services. A major revenue stream is brokerage commission from fixing chartering business (matching cargo interests/charterers...
Braemar Shipping Services Earnings Call Summary
Earnings Call Date:May 21, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 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 | 13.88M | 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
Positive
225.50
Price Trends
226.72
Positive
223.62
Positive
227.71
Positive
Market Momentum
2.56
Positive
61.07
Neutral
61.30
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:BMS, the sentiment is Positive. The current price of 225.5 is below the 20-day moving average (MA) of 236.70, below the 50-day MA of 226.72, and below the 200-day MA of 227.71, indicating a bullish trend. The MACD of 2.56 indicates Positive momentum. The RSI at 61.07 is Neutral, neither overbought nor oversold. The STOCH value of 61.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | £2.51B | 17.05 | 16.69% | 1.27% | 1.69% | 276.44% | |
75 Outperform | £1.48B | 21.14 | 12.93% | 2.89% | -4.54% | -22.81% | |
64 Neutral | £77.68M | 33.01 | 2.74% | 2.25% | -4.40% | -62.70% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | £252.33M | -55.70 | -2.37% | ― | -9.89% | -109.47% | |
42 Neutral | £80.27M | -8.83 | -5.70% | 0.90% | 8.64% | -143.74% | |
40 Underperform | £7.40M | -0.20 | -52.46% | ― | 11.78% | -39.58% |
* Industrials Sector Average
GB:BMS
Braemar Shipping Services
235.00
7.83
3.45%
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GB:FSJ
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GB:SRP
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GB:MPL
Mercantile Ports and Logistics
1.40
0.42
42.86%
Braemar Shipping Services Corporate Events
Business Operations and StrategyExecutive/Board Changes
Braemar strengthens board with shipping veteran as it pursues FY2030 growth targets
Positive
May 27, 2026
Braemar Plc has appointed Richard Prince as an independent non-executive director with immediate effect, adding him to its Remuneration and Audit Risk Committees as it pursues a growth strategy targeting £200 million in revenue and a 15% ope...
Business Operations and StrategyFinancial Disclosures
Braemar sets 21 May date for FY26 results and investor briefing
Positive
May 13, 2026
Braemar Plc will publish its audited final results for the year ended 28 February 2026 on 21 May 2026, followed shortly by the release of its 2026 Annual Report and Accounts. The announcement date sets expectations for investors and signals contin...
Regulatory Filings and Compliance
Braemar Confirms Total Voting Rights and Share Capital Base
Neutral
May 1, 2026
Braemar Plc has confirmed that it has 33,067,603 ordinary shares of 10 pence each in issue as at 30 April 2026, with each share carrying one voting right and no shares held in treasury. The stated share capital and voting rights figure will serve ...
Executive/Board ChangesRegulatory Filings and Compliance
Braemar CEO Exercises LTIP Options, Increases Stake to 3.4%
Neutral
Apr 20, 2026
Braemar Plc has disclosed that Group Chief Executive Officer James Gundy has exercised 218,750 nil-cost options awarded under the company’s 2020 Long Term Incentive Plan, which vested in July 2023 following the satisfaction of performance co...
Regulatory Filings and Compliance
Braemar Confirms Total Voting Rights and Share Capital Structure
Neutral
Apr 1, 2026
Braemar Plc has confirmed that as of 31 March 2026 it has 33,067,603 ordinary shares of 10 pence each in issue, all carrying one vote and with no shares held in treasury. This updated total voting rights figure provides shareholders with the forma...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Braemar Delivers In-Line FY26 Results and Expands Strategic Footprint
Positive
Mar 25, 2026
Braemar reported preliminary figures for the year to 28 February 2026 showing revenue of about £135m and underlying operating profit of roughly £13.2m, both in line with market expectations despite being lower than the prior year. Net de...
Business Operations and StrategyRegulatory Filings and Compliance
Braemar Confirms Total Voting Rights and Share Capital Structure
Neutral
Mar 2, 2026
Braemar Plc has confirmed that as of 28 February 2026 it has 33,067,603 ordinary shares of 10 pence each in issue, with each share carrying one voting right. The company holds no shares in treasury, meaning all issued shares currently carry voting...
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.