RE:RE:RE:RE:RepurchaseIt's not the end of the world....I think this type of thing is quite common with U.S. companies... a lot of the buyback dollars just go toward soaking up stock option issuances.
Just look at Google....they spend like half of operating cash flow just to soak up the treadmill of stock option dilution, making CRH look like an angel.
Still...for valuation purposes, I think it makes send to deduct something from the quoted $0.40 FCF figure the company has provided in the past as it is unlikely that that figure accounted for the required repurchases that only offset stock option dilution. With CRH, it looks like about half of repurchases offset dilution.
Take half of money spent on repurchases in 2019 as a proxy (~$2.4 million) divided by # shares (71.5) and we get 3.3 cents. That is a bit above 8% of the 40 cents.
The stock is still cheap even after factoring the above... again not the end of the world.