I don't think you are wrong . The buyback scheme started as a way of returning profits under McNamee -good idea, from memory the balance sheet only showed 11% debt at the time. Since then it's developed a life of it's own supporting the share price and management's sp linked performance bonuses. The June balance sheet for CSL shows 55% debt with an interest bill of $96.4M pa. The shareholders now only own 45% of the company's equity and they're borrowing money to buy their own shares back in order to reduce their equity even further. But it does make management look good at each AGM.
Buying??, page-15
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Last
$285.29 |
Change
1.900(0.67%) |
Mkt cap ! $138.1B | |||
| Open | High | Low | Value | Volume |
| $286.24 | $286.95 | $283.70 | $138.5M | 483.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 79 | $285.29 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $285.40 | 112 | 2 |
View Market Depth
| Last trade - 16.10pm 08/11/2024 (20 minute delay) ? |
| CSL (ASX) Chart |