Trading currently at 3.26 EV/EBTIDA which is beginning to close...

Trading currently at 3.26 EV/EBTIDA which is beginning to close in on its 1 year mean of 3.59x.

On a comparitive basis DDH trades at a material discount to its Canadian and US counterparts. One might understand this if on a like for like basis these comps were of higher quality. In DDH's instance the opposite is true with respect to current and historical EBTIDA %, FCF %, ROE, ROIC and debt. Its not clear to me why DDH wouldn't revert to the 6 month industry average of EV/EBITDA 4.8x. This disregards the alignment between management and investors which I tend to add a premium to.

Possible takeover target - makes sense for scaled trade buyers in the US who exposure to stable drilling geographies