Ann: Update and FY24 Guidance, page-37

I love the smell of Annual Reports in the morning.

Page 45 of the DDH1 2023 Annual Report, EBITDA-EBITA $119.4m-$68.5m equals $50.9m depreciation (though $49.9m on a subsequent page- whatever).

August guidance for PRN and DDH confirmed (not the right word) at Canaccord Mining Services Forum 27 November.

EBITDA for DDH- guidance- $123m-$130m. Lets take $60m off- more toys and greater utilisation- lets say then guided EBITA for DDH of $63m-$70m.

Add that to PRN guidance range- $260-275m. Combined range now $323m to $345m.

New guidance given yesterday- only weeks after the Forum $310m-$325m.

Mr Market was not impressed. I call it a miss.

I retract a comment from an earlier post that suggested that PRN had not been straight forward- or whatever words I used- the information was all there in their various announcements- just needed to dig.

The problem is more, IMHO, that newspapers have a plethora of announcements to get through each day and news desks are probably not resourced all that well. Journalists are probably capable of discerning facts from announcements but perhaps not resourced to do so- deadline pressures etc.

Conclusion, to the extent that you are able, and depending on the extent that you have a life- do your own research.

I still see PRN as a good company- perhaps fully valued for my liking above a dollar- shall await a suitable price for reentry.

Hooteroo