So that makes it a $5.1B buyback facility every 12 months
Compared to $500M for a 3 month period before.
Seems that share buybacks call was a very good one. The register is now tightening and dont forget AF bought $97M on market at an average 16.15 only weeks ago further tightening the share register.
With larger FCF, FMG has to either pay more tax, retire more debt, buyback shares, issue higher dividends, build more infrastructure or start acquisition/diversification programmes.
Next should be a debt retirement programme.
By 30 Dec FMG should have $8B cash v $5B debt.
Buying back shares will increase the value per share. Great move. Market isnt impressed but soon as this $5B share buying gets underway it will be flooded with buying volume.
Ann: Extension of Share Buy-back Programme, page-8
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Last
$22.36 |
Change
-0.230(1.02%) |
Mkt cap ! $68.84B | |||
| Open | High | Low | Value | Volume |
| $22.46 | $22.63 | $22.34 | $108.3M | 4.768M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 1690 | $22.35 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $22.37 | 13926 | 2 |
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| Last trade - 16.10pm 17/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |