Q: Which is a better long term hold for income. PBH or AW, and why. Thank you
5i Research Answer:
PBH is much larger and much more diversified, and likely safer. AW tends to pay out most of its income, and thus is limited in its expansion capabilities. PBH has more sales and cash flow, and clients are less sensitive to economic conditions (institutions vs consumer for part of the business). We think AW is decent, but PBH is 'better'.