I agree this company is great value and this stock should hit...

I agree this company is great value and this stock should hit $20 again one day - maybe 1 year away maybe 5. Not a big fan of buybacks though because not all shareholders want to participate and therefore those shareholders that don't only gain by the likely increase in the incremental increase in net earnings ( per reduced number of shares). Total earnings actually go down because less cash , maybe more debt to finance the buyback. The reason why some shareholders don't participate is because some are not holding those shares in a tax advantaged enviroment ( eg SMSF) therefore may pay a top up tax on the franked dividend component. Or they can't utilise the CGT losses on the other component .Some just don't want to sell - period. Usually when directors go down the path of a buyback it is because they are devoid of any other avenues either because of the economy or because they lack vision