I think the major differences apart from the debt is that MSV...

I think the major differences apart from the debt is that MSV still has 30% coal exposure, whereas DDH does not.

However the investment opportunity arises in MSV as they are pivoting away from Coal, and will have the opportunity to reduce debt as well. It appears MSV will always be smaller than DDH, unless there is a big acq. Unfortunately (and the reason I got in on the bad news that hopefully has been learned from) is that it will be a while before the board is perceived to be of similar quality after that SMS debacle, so there will remain a discount there.

I'll not pretend to be across what other aspects might differentiate the two businesses. However I do look forward to hopefully getting a far higher earnings yield if there are no more SMSs.