RE:RE:RE:RE:RE:RE:RE:Macro - Post 2022 OutlookI like the term noob because its funny and I take no offense to it.
I don't like non-sensical financial engineering that results in increased debt or a weakend balance sheet.
The moral of the story is that if the business is trading below intrinsic value (ie: you can buy $1.00 of cash for $0.70) AND you don't have a better use for that cash, then a buyback is a decent and prudent action.
At today's price, Macro could buy back 5% of the Company for just north of $4 million (about 2 to 3 months worth of avg historical trading volume since 2016 which is when I bought in). That doesn't seem too egregious given the cash balance.
Macro's Management team has bought back shares in the past so they seemingly don't disagree with this as a mechanism for adding value.
What isn't known by public shareholders is what the capital needs look like going forward (Post 2022). Management's actions are indicating at this time that there is a need to retain the cash. That view could change as TMX work and associated cash flows level out or winds down.
The view that we can't see past our nose is correct if by nose you mean 2022+!
I guess that is what makes this board interesting... a bunch of noobs collectively trying to share their view on companies that interest them in a manner that benefits them and their families financially.
LR