When will there be a buyback?, page-8

1. hmmm, tend to disagree. I think management should start 'talking about' a buy back. Once company announces a scheme, it is under no obligation to follow through and actually buy shares on market. The mere statement of intent will put the cautionaries on the shorting crowd.

Whether or not the company goes ahead and spends a whole heap of cash on it is another matter.

Buy backs are good when

1. the share price is low,
2. and usually rising,
3. when there is spare cash,
4. and when there are too many shares on issue.

We qualify for 3 out of 4.

On the other hand, we don't obviously know everything management knows, and there could be a very specific investment target on the Mac Bank shortlist, by now, that has clarified including overall financial picture. But if there is not - by now, then i am in favor of a (limited) buy back.
James Hardie have been going for it for some time, and seems to be working for them.