Greyinvestor
08 Mar 2016
Re: Topped up Re dividend cover, last year there was an exceptional charge for integrating ACM shipping. This year there shouldn't be. As a result the dividend should be covered, EPS 34p v DPS 26p ie 1.3 times cover.This is quite highly valued (I have CNKS as my riskiest and cheapest stock), but seems like a reasonable bet for a long term hold to me. But DYOR.
soi
04 Mar 2016
Re: Topped up HiI`m following this but have no holding currently.Very tempted to buy.Management seem competent, business been going ages.Good yield but not covered according to the latest figure I`ve seen.The possibility of a divi cut one of my concerns.GLsoi
Broncomaniac
03 Mar 2016
Re: Topped up I'd like to join you investing here Grey, but I need to wait for the new ISA year! Based on last year's schedule it looks like Final Results aren't announced until May, so I should have time to get in beforehand. Hopefully the price doesn't takeoff before April 6th.
Greyinvestor
26 Feb 2016
Topped up Did a final top up today @ £4.30, risky because of the baltic dry index and low director holdings, but my plan is to stay in for the very long term.....
Hydrogen Economy
25 Jan 2016
Questor tips BMS [link] says BUYThe UK shipbroking industry has been hit hard by the downturn in China as the wheels of trade begin to slow. However, the slump holds a silver lining for Braemar Shipping [LON:BMS] as the demand for oil tankers soars, pushing profits up sharply.Shipping feels slowdownThe Baltic Dry, which gives an indicator of the cost of shipping dry bulk goods such as coal, iron ore and grain, has slumped to its lowest level since records began in 1985.For ship brokers who earn a commission based on the cost of each of those trips it is a worrying time. Luckily the dry bulk division is a relatively small part of the Braemar business, contributing about 5pc of group revenues in the latest set of half-year results.Oil’s silver liningBraemar is benefiting from a jump in profits from its oil tanker broking business. The oil price may have dropped from $115 per barrel in June 2014 to less than $30 at the end of last week, but the cost of moving it around the world is heading in a different direction.The US ended a 40-year oil export embargo at the end of last year, and the lifting of sanctions against Iran last weekend means that more Persian oil can start moving around the world. It is not easy to quickly increase the number of oil tankers, so as demand outstrips supply, the price is rising. The rate for oil tankers has increased to $57,500 per day, up from $45,000 a year ago, having briefly reached $100,000 per day in October last year.In July 2014, Braemar merged with rival ACM, a deal that brought with it a much larger oil tanker broking business and leaves the enlarged company well-placed to benefit from the jump in rates. The tanker business contributes a quarter of the group’s total revenue, and more than half of the operating profits. The downturn in the oil price has hit the broking for vessels which service offshore oil rigs, but this has been more than offset by tankers.Profit recoveryRevenue moved 24pc higher to £79.6m, and underlying pre-tax profits more than doubled to £7m during the six months to the end of August last year.The company has incurred £1.8m in costs associated with the merger and reported pre-tax profits were £5.2m at the interim stage.However, the tanker market has remained strong and management is confident it can hit targets of £158m in revenue and £13.5m in underlying pre-tax profits, giving 33.4p in earnings per share for the full year to February.Long-term buyThe shares, trading on about 12 times forecast earnings and offering a 6.1pc prospective dividend, look well placed. The dividend has been maintained for the past 14 years. The outlook is clearly tough but world trade has to keep moving and Braemar has a £56m shipbroking order book so we are positive for the long term.
Greyinvestor
20 Jan 2016
Topped up Topped up today at £4.25......
Greyinvestor
12 Jan 2016
Re: Interims Re the Balance Sheet Games.Yes, there is a massive amount of goodwill.But you have current assets at about £70m v all liabilities of £54m. So no immediate panic.Of the £85m spent on 'stuff' ie acquisitions and so on, £55m was raised, so maybe £30m was earned and retained.NTA is a bit on the low side, the share price is 5.5 * NTA, so WB wouldn't buy it. But it is a services company.My biggest concern is the Baltic Dry Index. See this;[link] the five year graph - it's horrific. And it does indicate the effect on margins. But maybe they will start to rise, sometime......
Greyinvestor
11 Jan 2016
First purchase First purchase for me today, highish P/E by my standards at about 13, and highish multiple of NTA, but this is a decent business, I've been in before and sold out before the ACM takeover, which was a mistake on my part.I've mainly been buying AAIF and some JEMI. Join the queue to tell me that I'm crazy......
gamesinvestor
10 Jan 2016
Re: Interims "The cash flow is aided as always by depreciation"Happy, just joined the board for the first time after John Lee's article in the FT on Friday the 8th referencing his purchase of Braemar.How do you conclude that depreciation aids the cash flow, given that depreciation is a non-cash item and therefore only affects the P&L?Here is John Lees article for those interested or subscribed to the FT :-[link] also have some concerns about the massive Intangibles and Goodwill -- I mean if you take all this away, is the business pretty vulnerable?Games
mcescher
30 Jul 2015
Braemar Shipping Services fundmentals report BMS 5.53% yield, my kinda stock. [link]
Vosene
14 May 2015
Re: surprise rise Yes, a well followed poster on advfn, cockneyrebel, tipped it after 1030 this morning and a load of sheep bought in straight after. Excitement now over.
ozzyg
14 May 2015
surprise rise Does anyone know the reason for this SP rise today?
II Editor
15 Jan 2015
NEW ARTICLE: High-yielding Braemar turns north "LSE:BMS:Braemar Shipping's broking division remains on course to smash last year's numbers following its merger in July with smaller rival ACM Shipping. A strong dollar and weak oil prices are good for business, too, and freight rates, a key ..."[link]
nehpets81
28 Nov 2014
Re: Interims Yeah, agreed with the goodwill, it can hide a multitude of sins on the balance sheet and I am wondering if they overpaid a bit for ACM. The oil price might stimulate demand and shipping but at least some of BMS's business is work for the oil and gas offshore industry which might be rather subdued given the current climate.Having said that, the yield here (if sustainable) is worth holding on to and it will be interesting to see a whole 6 months of contribution from ACM to see how much that adds to the bottom line
