Loaded up . Sub 10 PE , 5.7% yield net cash, page-8

Well, I started a position because they seem to be doing the right things, focus on the shading, that's the bread and butter. I don't mind the buy back, it's not overvalued and I would much rather have them do this than waste excess capital on a misguided acquisition. Maybe a difficult first half, but they are investing in the future, look through the short term and in a few years time, it should be earning more and paying bigger divs. Reasonable medium-long term value I think, the current price suggests it won't grow earnings from here.