As a net buyer of stock overtime, I am happy for it to remain undervalued for now.
The buy-back is being conducted at levels below intrinsic value - this is not a bad thing IMO.
It certainly is bad for liquidity in the short term but if the company continues to kick goals and perform well - at some point the interest in the stock will match the performance. Imagine how quickly it will rise when demand increases and there are less shares available.
Therefore I am in no rush for the SP to rise, I just want to see a continuation of the business performance.
And as you say - dividends will only increase from here given the inevitable increased earnings in this business.
As a net buyer of stock overtime, I am happy for it to remain...
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