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Companies still buying back their shares


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I know it’s kind of a dog on the governance, but I believe EZPW is buying back. They had a plan in place, and we’re doing so at a steady rate on a monthly basis, and even had it set up so that they could buy under certain conditions when the company was in possession of material info... Will get an update in the next week or two, when they report earnings and all that, but I’m hoping they bought a ton back in the past month!

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Pershing Square buys the most it can every day, easy to do when your assets are liquid, you have permanent capital and you trade at a 30% discount despite NAV and price being at all time highs

 

Tetragon is tendering for 3% Of the fund.

 

FRPH is/was buying, cash rich

 

EQC has been, cash box

 

Big cap tech GOOG and AAPL

 

SoftBank was available at a 60% discount to mark to market NAV after they announced the biggest buyback in their history along with asset sales (need to update math on this for today as am unsure)

 

I bet Berkshire bought some but not a ton

 

As mentioned above PGRE bought 5% in a quarter but is potentially on hold according to their call until some asset sales close.

 

Naspers was doing some selling of Prosus at a huge discount to buy Naspers at an even bigger one. In general, Prosus got extremely cheap during the sell-off 50% diisocunt to 700HK holding alone. Need to check if this is the same now

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ESRT, CTO, FIZZ, PGRE... all of them minus FIZZ doing so somewhat aggressively.

 

How aggressive are they buying back shares?

 

ESRT and PGRE looked like roughly 4-5% of outstanding shares from March-April, CTO ~$9M(against $190M mc) in shares and convertible notes during the same period. FIZZ really just holds a floor at $40 and below so likely not a lot, but they have an immaculate balance sheet and sales have been crazy for them during this period of time.

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NVEC. 

 

I love a company has a buyback program but only buys shares when they are really cheap.  They bought shares in late 2015, early 2016 and then stopped.  They didn't buy in Jan or Feb this year but in March they started buying again!

 

Quite the contrast to other mgmts that buy back shares mechanically EXCEPT during market swoons when mysteriously, they stop buying back their own shares at the lows.

 

wabuffo

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NVEC. 

 

I love a company has a buyback program but only buys shares when they are really cheap.  They bought shares in late 2015, early 2016 and then stopped.  They didn't buy in Jan or Feb this year but in March they started buying again!

 

Quite the contrast to other mgmts that buy back shares mechanically EXCEPT during market swoons when mysteriously, they stop buying back their own shares at the lows.

 

wabuffo

 

What kind of company is this?

 

NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. The company manufactures high-performance spintronic products including sensors and couplers.

 

 

What, what?

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NVEC. 

 

I love a company has a buyback program but only buys shares when they are really cheap.  They bought shares in late 2015, early 2016 and then stopped.  They didn't buy in Jan or Feb this year but in March they started buying again!

 

Quite the contrast to other mgmts that buy back shares mechanically EXCEPT during market swoons when mysteriously, they stop buying back their own shares at the lows.

 

wabuffo

 

What kind of company is this?

 

NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. The company manufactures high-performance spintronic products including sensors and couplers.

 

 

What, what?

 

You should read the fun facts: https://www.nve.com/funFacts.php

These make everything clear, no?

 

 

I think we'll have to ask Spekulatius to explain this stuff to us.

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NVEC. 

 

I love a company has a buyback program but only buys shares when they are really cheap.  They bought shares in late 2015, early 2016 and then stopped.  They didn't buy in Jan or Feb this year but in March they started buying again!

 

Quite the contrast to other mgmts that buy back shares mechanically EXCEPT during market swoons when mysteriously, they stop buying back their own shares at the lows.

 

wabuffo

 

What kind of company is this?

 

NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. The company manufactures high-performance spintronic products including sensors and couplers.

 

 

What, what?

 

You should read the fun facts: https://www.nve.com/funFacts.php

These make everything clear, no?

 

 

I think we'll have to ask Spekulatius to explain this stuff to us.

 

Quantum electronics. This Spintronics was supposed to be a great technology 30 years ago, but ended up being used only in niches.

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It’s niche - but still used in some medical devices (pacemakers, heading aids).  Many types of industrial sensors.

 

It’s not growing but it generates 65% FCF margins and yields over 7%.  Cash rich - $14 of cash per share.

 

wabuffo

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