Yes, worth remembering NHC chart looks better adjusted for their...

Yes, worth remembering NHC chart looks better adjusted for their higher dividend during this half year (even before adjusting for franking credits).

I hold both as well. While I prefer WHC’s buyback as a long termer relative to dividends (my WHC position is larger because of this), I just don’t think it does much short term. If they raise the buyback to 25% then that would apply enough pressure to make a difference even over the short term.

Of course with PEs sub 2x at spot, and sub 4x on more normalised prices, so long as they are returning capital and not throwing it away, it is easier to hold than much of the rest of my portfolio.