Valuation & NCIBI'd say the lower the stock gets, the more the company should consider putting an NCIB in place.
It sounds great to keep building with acquisitions in ITS but everything has to be considered in terms of price and I'm having doubts that Quarterhill will be able to find any ITS high-quality bargain that's even remotely close in terms of value to the current price of Quarterhill shares.
I'm also thinking of how the market is currently likely to react to an ITS acquisition vs. even the mere announcement of an NCIB. In mid-2021 everything was about grow, grow, grow and who cares about actual earnings.
But how the market has changed on that score. My fear is that if an ITS acquisition--even a very high quality one--has nothing to offer but more EBITDA (and no earnings) and another year of integration, well, I doubt this very impatient mid-2022 market will take it well.
Indeed, it may be that the stock is currently slipping BECAUSE people are fearful that an acquisition is coming soon. Not sure.