Share Price NOT that Undervalued for Buy Backs asdemonstrated in my Book Value example. With Book Value of around $26.85. Share bought back at $13 results in the following. $26.85 - $13 = $13.85 "added" value per share bought back.... BUT you "spent and cancelled" $13 !! So only $13.85 - $13 = $0.85 of value is added per share bought back.
Now more than ever I think I'm correct....
Buyback should only be done when share price is Super Crazy Undervalued.
This doesn't consider reduce share count which will relate to future EPS.
But on BOOK VALUE.... you see, buying back at $13 isn't all that "undervalued".
All just my opinion/view/thinking..... I could be just crazy thinking.