During the last buy back there was no meaningful rise in the share price. Unfortunately, with modern automated bot trading algorithms shares are easily sold down to enable a lower average buy price. The low daily volume turnover of HZN stock also prohibits any meaningful buy back focus.
I would rather see the company look to investing free cash into a new development, however current management have shown they are risk averse and seemingly not up to such a strategy. Just take a look at who was appointed MD. In addition, take a look at the make-up of the board: Not the mix of people who are going to take the company to the next level to develop new assets. They appear to be waiting for retirement while looking to extract cash from current operations.
I do not anticipate any alignment with shareholders from this lot. Have a look at how many shares they hold. So, yes, expect more 20% + returns in the coming few years, but don't anticipate any capital appreciation with the current board mix and company strategy.
HZN Price at posting:
13.5¢ Sentiment: Hold Disclosure: Held
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