Agree wholeheartedly. I am very impressed at the rate of the...

Agree wholeheartedly. I am very impressed at the rate of the buyback - suggests to me that cashflow is healthy. Also 10% of remaining buyback is only 2M - at the current rate that would be bought in under 2 weeks!

In my experience companies with growing earnings (and therefore dividends) trading at yields of >5% inevitably rerate...if topline growth can be matched with margin expansion and a rerate you can get very very healthy returns. Will take 2 years at least to play out and there have been a few false starts before with GAP (I was close to buying in about a year ago...), so has to be taken with a grain of salt.

I would be most grateful if it stays at these prices and they can complete the full buyback (however long that takes)...having only 270m shares on issue will definitely help the bottom line. The other neglected fact is that spending money this way also limits losses from poor capital allocation decisions and therefore reduces risk...