- Braemar
- 01 November 2024 10:28:17
Source: Sharecast
Canaccord Genuity stated that based on previous precedent, accrued bonuses at FY25 will be paid in the new tax year and estimates that an extra 1.2% on end FY24 accruals will deliver a £300,000 adverse impact.
Additionally, Canaccord also calculated a further £150,00 adverse impact for FY25 on share-based remuneration. On a full-year basis, the analysts see a £750,000-800,000 in FY26.
"We have thus reduced our forecasts and target price as a result. With interim results due on 6 November 2024, we think this will provide more on the trading outlook for the company," said the Canadian bank.
"We think Braemar shares offer: 1) scope for sector multiple expansion from a potential (non-linear) super-cycle emerging in shipping (rising demand, too few new ships); 2) multiple restoration and thus expansion as new management shows its capabilities; and 3) potential for significant upside from targeted expansionary investment – where the impact on Braemar can be significant."
Reporting by Iain Gilbert at Sharecast.com