Agree, was particularly disappointing that after the stock...

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nicleeson

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07/08/24

12:05

Post #: 75107022
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Originally posted by BerserkWarrior: ↑

Management have spoken of returning capital to shareholders, buybacks were one of the mechanisms and it would be a great choice considering how cheap the equity is trading for and the lack of franking credits for dividends. The buyback is in place, yet to be utilised. I have no idea why they are not buying back shares. If not now, when ever?

I have a large holding here, around 2% of the register and have been a shareholder since 2016 continuously. The BoD have done a solid job with moving the business forward in scale and profitability but could do a lot better with moving the share price to what would be considered a fairer valuation i think. Shares are trading for less than they were 3 years ago, there's excess capital on the balance sheet and the biz is swimming in generated free cash. What gives? If the BoD don't think the equity of the biz is worth investing in through a buyback at these prices it's hardly any wonder the market won't move it forward. Mining services generally are trading well as reflected in their share prices. MSV far less so.

If they don't start buying meaningful amounts of shares back after the Full Year announcement in a few weeks, I would be inclined to move my capital elsewhere.......3-5 years without capital appreciation has tested my patience. I imagine it should for most shareholders. Bring on the buyback.....and meaningfully. 75,000 shares a day would equate to 10% of the Register over the forward year. That should exceed the ROIC the business is generating. There's no point expanding the business further at this time when the better investment is in buying its own shares and cancelling them.

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Agree, was particularly disappointing that after the stock traded below 40 cents on the Monday session when markets were very nervous, that it does not appear they had any buy back orders then.

As you say if not now then when?

MSV Price at posting: 42.5¢ Sentiment: Buy Disclosure: Held
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(20min delay)
Last 38.5¢		Change 0.005(1.32%)		Mkt cap ! $82.30M

Open	High	Low	Value	Volume
39.0¢	39.0¢	38.0¢	$38.34K	98.44K

Buyers (Bids)

No.	Vol.	Price($)
1	49610	38.5¢

Sellers (Offers)

Price($)	Vol.	No.
39.0¢	14000	1

View Market Depth

No.	Vol.	Price($)
1	49610	0.385
5	69943	0.380
2	49666	0.375
7	99900	0.370
3	39735	0.365

Price($)	Vol.	No.
0.390	14000	1
0.395	16877	2
0.400	67523	3
0.410	28400	2
0.415	52304	2

Last trade - 15.42pm 14/10/2024 (20 minute delay)

MSV (ASX) Chart

Agree, was particularly disappointing that after the stock...

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Agree, was particularly disappointing that after the stock...

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