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hi, interesting article, but i saw no evidence of the buyback anywhere..
Nov 21 10:56 am
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All Comments by tranquil trader »Joy Global's Ludicrous Valuations [View article]
besides, with only about $300m in cash it could probably only buy back 20m shares. Unwise in this environment when cash is so precious.
on the earnings front, with all miners cutting doen on output and freezing their CAPEX plans, i can't see how they could sustain the current level of profitability.
Lets suppose that it could garner $200m profits after tax, with the reduced shares in issued down to 85m, that gives an eps of around $2.40 or somewhere around 6x PE. Cheap in absolute terms, but i guess there are better value elsewhere......