October 2021
Intermediate to advanced
528 pages
10h 11m
English
book
Capital Allocation: Principles, Strategies, and Processes for Creating Long-Term Shareholder Value
by David R. Giroux
Content preview from Capital Allocation: Principles, Strategies, and Processes for Creating Long-Term Shareholder Value
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CHAPTER 9
How Should Management Teams and Boards Think About Share Repurchase?
A number of factors should be considered:
• Share repurchase versus alternatives—Compare the cash-on-cash returns from share repurchase over the intermediate term (next five to six years) to other capital allocation options.
• Secularly-challenged firms and heavy cyclical firms should avoid share repurchase—Firms with secular challenges and volatile FCF are not great candidates for share repurchase. Companies facing secular challenges with long-term concerns about the sustainability, viability, and/or growth of the underlying business should favor special dividends over buybacks in order to bring forward cash distributions to shareholders. Firms with FCF that materializes ...
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