Fools BuybackIt a fools buyback to waste capital buying back stock while the horrible hedges impair the market from realizing the real operational performace of ARX assets. (The CFO is making the entire company look bad)
Last year around 1.47 billion dollar impairment inflicted on ARX opperational assets by a FAILED 2 Billion dollars share buyback program. The cash went up in smoke.
The reason for ARX's poor performance is the horrible risk management strategy, and really you should fix this first before squardering share holder capital on a buy back program. How do you expect to get a rerating when the balance sheet has be broken by you risk management strategy?
The company not valued correctly becasue they keep evaporating cash, imparing the value of funds from Operation, and incurring the industry worst risk management losses.
IMHO