$50 million buybackI guess Yellow Pages continues to generate more cash than they know what to do with. This buyback will eliminate almost 25% of the equity!
Fun with math:
- NBF estimates $3.93 in FCF/share next year
- with 25% fewer shares, that goes to $5.16/share
- applying current multiple of 3x FCF, stock should be at $15.48 after buyback
And enjoy the 7% dividend while you wait.