Certainly more than its lows of <$1 from four years ago. I...

Certainly more than its lows of <$1 from four years ago. I remember wanting to buy then but got talked out of it by a colleauge.

But it's not worth $9.3 bn. That's for sure.

Think about it: if QAN are buying a heap of shares on the market now, what would happen to the share price when that supply interest stops? You can be certain that it would be lower.

In my experience, share buybacks don't work out well for long term share price gains. It means that management don't know what to spend the money on to make the business grow and it just introduces artificial demand for shares during the buyback period (which then eventually ends and the price settles to normal supply and demand forces again). Buybacks are usually done with management focussing on their remuneration targets that have KPIs defined by the share price. It's pretty sneaky usually.