We initiate coverage with a BUY rating and a target price of 4,500p. Clarkson has been transformed in recent years to become the global leader in providing broking, finance, research and technical services to the global maritime and offshore industries. Depth and breadth have helped to accelerate earnings growth and bring stability; cash conversion is strong, supporting a progressive dividend. The macro backdrop for shipbrokers remains largely positive, with elevated tonne-miles and vessel value ....
