In his letter to shareholders within the 2011 JPMorgan Chase (NYSE:JPM) Annual Report, Chairman and CEO Jamie Dimon makes the following comments with respect to share buybacks:
"Our tangible book value per share is a good, very conservative measure of shareholder value."
"If you like our businesses, buying back stock at tangible book value is a very good deal."
"Our appetite for buying back stock is not as great (of course) at higher prices."
Dimon elaborates on the second and third points, comparing the attractiveness of repurchasing shares at JPM's tangible book value per share ("TBV-PS"), which according to SNL Financial LC was $33.13 at year-end 2011, to repurchasing them at $45 (or 1.36x TBV-PS), JPM's approximate market...
|FREE||SA PRO MEMBERS|
|IDEA GENERATOR||X||Exclusive access to 10 PRO ideas every day|
|INVESTING IDEAS LIBRARY||X||Exclusive access to PRO library of more than 15,000 ideas|
|SECTOR EXPERT NETWORK||X||Exclusive access to all sector experts for direct consultation|
|PERFORMANCE TRACKING||X||Track performance of all PRO stock ideas|
|PROFESSIONAL TOOLS||X||Professional Idea Filters to zero-in based on industry, market cap and more|