Now is time for NCIBI know they have a laser like focus on debt, but now is the time to commence the NCIB. By my rough arithmetic, I figure that FCF for Q4 will be around $250 million, and it seems following quarters will be better. If they were to execute the entire NCIB today it would cost about $5.90 X 26.5 million = $156 million. So doing the entire NCIB over the next 4 months appears easily achievable. Surely they can resevre $150 or $200 million of the FCF over Q4 '21 and Q1 '22 for NCIB.
CPG management acts pretty conservative so they might just continue to focus on debt, but if they want to buy back shares at low cost, now is the time to do it. Cost of buying back shares will probably be MUCH higher if they delay until Q2 2022.