See my 2/3/20 post on JB's stock picking ability and 'character'. I think it optimistic to expect that NTA increase plus dividends will be positive in the medium to long term. Notwithstanding, it is trading at a substantial discount to NTA, so there is potential for some gain if more buybacks occur.
Try throwing in some growth projections (not exceeding zero!) for the NTA, subtract any tax credits, guess how often you think the buybacks will occur, apply a discount for JB actually delivering on the buybacks and see whether you're happy with the expected return.
ALF Price at posting:
84.5¢ Sentiment: Hold Disclosure: Held
