Markets , even in tough times , respond very positively to a share buy back.
Yesterday morning FMG announced a share buy back of A$500M over 12 months.
FMG has 3,113M shares issued and a MC a$11.71b , at todays SP of $3.90 , FMG will buy on market approx 130M shares or 4.2% of issued shares. On the worst trading day for ages FMG went up 2.5% and continued the trend today with another 4% gain.
A2M have 733M shares on issues , to retire 4.2% , A2M would need to buy on market 30.8M shares at today's cost of $9 which equates t $277M.
So , I am thinking that is too high and believe that $150m for 16.6M shares is about right.
This all depends if A2M have a need for the COH for some capex we do not know about.
I am in no way comparing FMG and A2M as companies , just the merits of a share buy back.
All just an opinion and happy to have others dissect.
Chart Update, page-2289
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Last
$5.90 |
Change
-0.090(1.50%) |
Mkt cap ! $4.271B | |||
| Open | High | Low | Value | Volume |
| $5.96 | $5.97 | $5.86 | $19.03M | 3.213M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 4800 | $5.87 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $5.91 | 29913 | 3 |
View Market Depth
| Last trade - 16.10pm 18/10/2024 (20 minute delay) ? |
| A2M (ASX) Chart |