S32's buyback program has roared back into life on current price weakness.
Today's notice has total buybacks since March 2017 of $1,986,716,498 for 683,305,652 shares.
That is a lot of money by anyone's measure. It demonstrates just how strong FCF from operations is and how significant buybacks are to S32's overall strategy.
All would rather see M&A to grow the business. As a multi-metal miner, any M&A will either broaden or deepen the business. GK & team have been saying NO to everything of quality on offer, based on price and risk, and the buyback option is a robust measure to benchmark against.
The recent assumption of $US700m in long term debt provides another option to deploy FCF, when or if the numbers move that way - though I dont ever expect this as the debt at 4.35% is so cheap.
Next hard data in the Quarterly, around 21 July and the FY around 19 August.
Ash
S32 Price at posting:
$4.38 Sentiment: Buy Disclosure: Held
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