Bons I think with a stock like Gap you may find only a limited...

Bons
I think with a stock like Gap you may find only a limited amount of stock is bought as it is likely to re rate to a level that will result in reduced benefit. The buy back however is arguably more important in the message it sends to the market than the reduction in share on issue to grow EPS. It says to the market
1 our shares are fundemetally cheap ( I agree 55-60 is a fairer level )
2 our cash flow is strong enough to pay a divi , and buy back shares
3 our view of future growth is strong that we believe we can do point three and grow organically and inorganicallly

It will also support the buy side volume so in my view it's all good. Note this is not a cyclical business like resources - it's an industrial stock supported by a warming globe and increase Agri demand