The value has been answered, but now what you're seeing is that NC is overvalued and HY is undervalued. NC has coal and kitchen appliances, and only coal has ever made any money - and it's in trouble. If Obama wins, coal is effectively dead for years to come. And the kitchen appliance business hasn't made money for years! HY is kickin' butt - growing sales, designing and selling best-in-class fork trucks, and generally doing fantastic. Short term, should go up. Long term, definitely a great value.
Each holder of NC got one A Share and one B Share of HY in the spinoff. So there should be twice as many shares of HY as NC. Yahoo hasn't updated the market cap or shares outstanding figures for HY yet. I tried to calculate it by dividing the NC market cap by the share price and then multiplying that number by two to get the HY outstanding shares. I think it was 16 million or so.
My point Is that HY has 2/3 of the earnings of the old Nacco $80 million out of $121 million last year. I am not sure why NC is going up and HY is flat. To be sure, the NC dividend will be reduced by the loss of the HY earnings, right? Of course, I may be missing something, but as a holder of NC over the past few years, I like the HY business better than coal, blenders, and gourmet kitchen stuff. I just don't think this has filtered through the market yet.