I'm pretty sure they will announce another buyback in six months...

I'm pretty sure they will announce another buyback in six months time - at least another $100m.

The PCA multiple continues to increase despite their strong commitment to quickly bring it down to the target range. With continued benign claims (noting $6m paid in Q1, $6m paid in Q2 and guidance total claims incurred for the year being slashed from $100m to $0 - $50m), this thing is going to print money in the next six months, especially noting the running yield generating $50m+ per half.

I expect capital management fireworks in six months time, when they have the franking credits to play with.