Braemar Shipping Company Research (BMS)

Braemar published a short statement to accompany its AGM today, including a trading update where the company states that positive momentum into the new financial year has continued, building on the strong second half of FY26, which ended in February. The company reiterated that it remains confident in its ability to deliver profitable growth in line with market expectations for FY27 revenue of £139.7m and underlying operating profit before acquisition-related expenditure of £14.2m. We note that positive momentum also continues at the management level as Grant Foley steps up from CFO to CEO as planned, supported by new CFO Richard Heading, who joined Braemar on 29 June. Our unchanged 370p earnings-based valuation continues to offer c 50% upside.