Fundamentally buybacks of undervalued stocks add value, the question is what is undervalued?
Imho anything this close to cash backing has to result in accretive value per share with any buyback. Whether the sp responds is a short term matter, but the law of supply and demand is evidence that it probably does in general.
I like the buyback in this instance, I don't want to see mgmt feel unconstrained in terms of supply of cash.
EL
MPO Price at posting:
72.0¢ Sentiment: LT Buy Disclosure: Held
