London, UK, 10 May 2017
Edison issues outlook on Braemar Shipping Services (BMS)
FY17 proved a very challenging period for Braemar, although both the Shipbroking and Logistics divisions proved quite resilient. The weakness in the Technical division has been decisively addressed, with a new management team implementing a restructuring programme expected to return the operation swiftly to profit in FY18. With potential for both oil and gas and shipping markets to recover, although timing and strength remain uncertain, medium-term progress seems likely. The strategy remains intact and the balance sheet supports ongoing investments to augment growth.
The 19% discount to the peer group is unlikely to close significantly until end market dynamics deliver sustained growth prospects. Our current DCF value for the company stands at 326p per share, reflecting the modest long-term growth rates.
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