Not necessarily, from my discussions with the CEO they are of...

Not necessarily, from my discussions with the CEO they are of the opinion that a buyback would just further restrict liquidity and you wouldn’t see any re-rating as a result.

They are looking to increase scale, which involves increasing the market cap rather than per share value. So put 2 and 2 together and you can quickly derive that the preferred use of their cash is scale enhancing M&A. They have eluded to that multiple times as a preference.

Buybacks at this price would no doubt be accretive, but what you need to see is that buying private businesses is similarly accretive, even at the ~8-10x PE you could buyback on market at.