News: PRN Perenti Launches On-Market Share Buyback Program, page-45

I wouldn’t want to short this name as it’s got growth (post DDH buy), trading at around a 40% discount to book value (and that includes DDH), and doing a buyback (pause in buy-back to me is probably just being in black-out pending half yearly results in Feb).

Based on guidance (reconfirmed in Dec) , PRN should generate around $100m in free cash this year and over $120m in 2025 which puts it on a free cash flow yield of around 13%. So perhaps a restart in dividends in the near future.

Also super attractive at around 2.1x EBITDA (2024) which compares favourably to pre-covid history at 4-5x.

Interesting that other mining contractors (MAH, NWH ... EHL) seem to be catching a bit more of a bid over recent weeks.

All my opinion of course. DYOR