We initiate coverage with a BUY rating and a target price of 330p (+25%). We think Braemar is good value and offers focused exposure to global maritime markets, where strong medium-term demand is supported by vessel shortages and energy transition requirements. Free cash generation and returns are healthy, and the dividend is well supported. Its business model is flexible and scaleable. Shipbroking markets continue to consolidate, driven in part by increased costs of compliance and regulation; B ....
