Braemar Shipping Services PLC Edison issues outlook on Braemar Shipping Services
May 20 2016 - 10:37AM
RNS Non-Regulatory
TIDMBMS
Braemar Shipping Services PLC
20 May 2016
London, UK, 20 May 2016
Edison issues research outlook on Braemar Shipping Services
Braemar has, once again, demonstrated the efficacy of its
acquisition programme of the past few years. While earnings look
set to plateau in the immediate future due to the ongoing
challenging trading conditions, the group has the financial ability
to sustain its investment strategy and continue group development.
We have trimmed our estimates.
Braemar shares are rated at a substantial discount to global
market leader Clarkson - c 30% on the basis of prospective calendar
2016 earnings (P/E of c 13.2x vs 18.4x), falling to c 16% for 2017.
This probably reflects a combination of the relative size of the
two businesses and the latter's bigger recovery potential from a
turn in the shipping cycle. Nevertheless, the major presence in the
Asia/Pacific region, the strong balance sheet and the high yield
offer considerable attractions for Braemar shareholders.
Click here to view the full report.
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May 20, 2016 10:37 ET (14:37 GMT)
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