NWH has endured a far worse 2025 than WOR falling over 23% year-to-date primarily due to their $113mn exposure to the Whyalla Steelworks, which entered administration earlier in the year. Underperformance was been compounded by weaker than expected earnings in 1H25, due to lower-than-expected margins in its Mining segment. The painful one-two has been enough to leave investors on the sidelines, even if the stock is a rare member of the ASX200 that’s not expensive from a historical perspective, and it’s forecast to yield an attractive 5.5% fully franked over the next 12-months.
- We feel the worst is behind NWH, and we do have some interest in NWH for the Emerging Companies Portfolio following the sale of SRG Global (SRG).
MM is neutral towards NWH around $3
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