Projected FY 2021-22 and Final dividends, page-178

I understand the bird in the hand philosophy. However the multiplier effect of buybacks would amplify any profits in the future.

For example if we spend 2.5B buying back 50% of our stock, then if we had a crappy year and only made $1B profit then you would get $2.00 EPS.
Imagine if you rode out the cycles and made $3B profit (which we have just made) That is a whopping $6.00 per share.
Unless you can out do that IRR then buybacks are king, not withstanding bird in the hand.

If we buy back all the stock we can at these depressed prices we have the set the company for decades to earn massive $EPS