Demerging to maximise shareholder value

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Demerging to maximise shareholder value

Equity Research - 7 July 2026 21:41 CEST

Fast commentBruton Limited

Demerging to maximise shareholder value BUY

• Two separate companies: A dividend company and an asset-play Shipping & Transport

• Secured sale leaseback for the first 4 NBs BRUT-NO/BRUT NO

• Maximising shareholder value, expect a positive share price reaction Share price (NOK) 6/7/2026 52.60

Two separate companies: A dividend company and an asset- Target price 74.00

play

This evening, the company announced that the board has resolved to MCap (NOKm) 3,208

demerge the company, creating one entity with "immediate cash flow MCap (EURm) 288

and dividend ability based on the early delivered ships, and another with No. of shares (m) 61.9

exposure to future asset values based on the later deliveries."

The first 4 VLCCs delivered from the yard will remain with Bruton, intended Analyst(s):

as a monthly dividend-paying company owning 4 VLCCs (similar to oliver.dunvold@abgsc.no, +47 22 01 61 36

HSHP's setup today). One vessel has been delivered, with the remaining olav.bakke@abgsc.no, +47 22 01 61 13

three scheduled for January, August, and October '27. The first delivered

VLCC is chartered at USD 95k/day, generating an estimated (according

to the company) annualised FCFE of USD 0.32/sh (6% yield). Based on

consensus '28e VLCC rates of USD 64k/day, this rises to USD 0.83/sh

(16% yield) once all 4 VLCCs are delivered.

Bruton will also initiate a listing process in Oslo for the remaining 8

vessels, expected to complete by end Aug'26. These vessels will sit in a

separate Bermuda company demerged to shareholders, with deliveries

expected between Q1'28 and Q3'29. Financing on some or all remaining

ships is expected to be secured within the next few months. We also note