The P/E for NWH is about double that of PRN. For all the talk of PRN having high debt, the leverage of both companies is relatively similar when you look at this years forecasts.
Solme explanations for the difference - PRN has significant overseas earnings, and DDH1 brought with it tax losses, meaning even if dividends start getting paid they are unlikely to be franked in the early phases. PRN also has a not too distant history of poor results/performance. You don't have to look too hard to find distrust of management. The merger communications has been confusing at best regarding results guidance feeds into this. Headwinds - DDH1 had issues about this time last year with rigs not returning to work because of weather and other delays in Qld - weather this year doesn't look any better - so if this is repeating/ongoing this will impact Australian earnings, further delaying dividend franking and risking guidance. It looks to me like management have work to do to sell the story. Look for a "savings from restructuring/synergies" announcement to further justify the DDH1 acquisition.
Compare that to NWH (where my knowledge is much more limited) which is predominately Australian based and seems to have a long history of trusted management. Their exposure to Lithium seems to be the main headwind, but that would seem offset by opportunities in the never ending expansion of iron ore in the Pilbara and the way they've sold their income diversification story.
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