CSR are so under geared. Their return on capital is over 10% so...

CSR are so under geared. Their return on capital is over 10% so why not announce a huge buyback if they have nothing to buy.
They could easily afford a 15% buyback. Debt is so cheap. In my view a no brainer.
Alternatively they could do a significant earnings accretive purchase, however this would have to be a business with a return greater than 10% on capital. They would have to be very careful if they went down this path as Shareholder scrutiny would be intense.
In my view, the business they know best is their own, so why not do the buyback?