Nuh- sloppy- I got it wrong- lazy and based on a quick look.
Capex is not the issue here- though it will always be an issue.
The issue today is EBIT(A), though DDH gave EBITD(A) previously.
The quoted August guidance from PRN and DDH combined EBIT(A) and EBITDA was $383m-$405m. Guidance now is $310m-$325m. Albeit that DDH used the EBITDA metric- no idea what the difference might be there.
What I do know is that there is a thing called a 'Post Earnings Announcement Drift (PEAD)- that is- that after an earnings announcement the effect on an SP can last for a few months. This means that even if there is a rally of sorts today or in coming days- the announcement may prevail for a while yet.
Something like that.
I may buy back in- but maybe not yet.
Never love a stock. Saying that- I have a lot of respect for the management of stocks in this sector- they do a fantastic job given the ever-present headwinds and they appear to learn from setbacks and position themselves well for all scenarios.
Good luck to all holders.
IMHO DYOR
PRN Price at posting:
$1.04 Sentiment: None Disclosure: Not Held
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