RE:RE:RE:DividendsHave not checked your numbers, but cash flow from operations and EPS may be the most relevant. Sales analysis does not factor in the debt.
You can also look to Enterprise value/ Ebitda (ie market value of shares plus net debt/ Ebitda), which seems relatively low.
I picked some up earlier this year when SXP seemed cheap, and it still seems cheap.
The NCIB should make all shareholders richer eventually, but the number of shares that can be acquired is a problem, unless SXP can buy some blocks from one or more funds. 100k shares per month is not enough to move the needle.
If there are potential buyers, a dividend, assuming it will lift the share price, may help to better ensure full value is obtained. The same applies should Zucker Trust decide to privatize SXP themselves.