Thanks, wanted to mention that, but forgot...I think it's definitely helpful. $30M is ~17% of the common, so it's material.
But it also mitigates some M&A risk. It's helpful that they've said for a few Qs that they want to do acquisitions, only at the right price - and then they announce this buyback. They're not growing for growth's sake or trying to empire build. That's always such a core risk to a value case based in part on a cash-heavy balance sheet.
Obv they have to actually execute on it, but if they do that in turn suggests that the board and the CEO (who I think has done a fine job) are focused reasonably well on shareholder value.
Thanks Vince, very interesting read. Do you have any comment on the just announced buyback program?
Thanks, wanted to mention that, but forgot...I think it's definitely helpful. $30M is ~17% of the common, so it's material.
But it also mitigates some M&A risk. It's helpful that they've said for a few Qs that they want to do acquisitions, only at the right price - and then they announce this buyback. They're not growing for growth's sake or trying to empire build. That's always such a core risk to a value case based in part on a cash-heavy balance sheet.
Obv they have to actually execute on it, but if they do that in turn suggests that the board and the CEO (who I think has done a fine job) are focused reasonably well on shareholder value.