they may not buy back all the shares but the action itself will support a rerate as well as provide a good back stop in times of SP weakness . Don’t forget a lot of the cash flow over the last 18 months was spent on capex so you can’t look it at that simply . It also included periods of Tin price weakness . At present the Tin supply issue is underpinning a robust tin price and I am sure the Tin price outlook and subsequent projected cash flow was also a factor they considered before launching a buy back
MLX Price at posting:
35.0¢ Sentiment: Buy Disclosure: Held
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