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MEG has begun to return free cash flow back to shareholders with 25 per cent of free cash flow going towards an active share buyback, reaching the next threshold to increase to 50 per cent of free cash flow in the fourth-quarter of this year. With the company trading at a 32 per cent free cash flow yield and a commitment to return all of it back to shareholders once the company reaches their final debt target in the third-quarter of 2023 we believe MEG can drive a re-rating in its trading multiple from 2.8x to 6.0x (12 per cent free cash flow yield target) = $41 target price = 137 per cent potential upside.
GLTA
To paraphrase the CEO speaking about share buybacks, he states ;
MEG will stick to its plan and not try to time the market.
Why the heck wouldn’t you time the market??? Have a junior finance employee monitor the daily if not hourly stock price in this volatile environment and buy low? I’m obviously missing something, how difficult is it to buy big when you have the cash and the stock price is below management’s perceived value ?
I guess they have better things to do rather than prudently spend my Free Cash Flow.
Let’s goooo
this will be green today.
lets gooo