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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

Braemar Shipping Services PLC / Equity Bottom-Up

<p>While the shipbroking activity continues to trade in line with expectations, weakness in the oil &amp; gas market has continued to adversely impact the Technical division. Corrective actions have been accelerated, with &pound;6m of benefit expected in FY18. FY17 EBIT guidance is cut to &pound;3-3.5m and the reduced dividend should more closely reflect the underlying earnings potential, with an historic yield of 5.7% likely to build as earnings recover.</p>

While the shipbroking activity continues to trade in line with expectations, weakness in the oil &amp; gas market has continued to adversely impact the Technical division. Corrective actions have been accelerated, with &pound;6m of benefit expected in FY18. FY17 EBIT guidance is cut to &pound;3-3.5m and the reduced dividend should more closely reflect the underlying earnings potential, with an historic yield of 5.7% likely to build as earnings recover.

Braemar Shipping Services PLC

Cyclical challenges continue