Computershare launches buyback
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Computershare's share price has continued to feel the heat since last week's result, falling 8% since our upgrade in Computershare: Result 2015 on 12 Aug 15 (Buy – $10.55), to a close yesterday of $9.69. So it's good to see that we're not the only ones that see the stock as cheap, with the company announcing a share buyback this morning of up to $140m (around 2.5% of its market capitalisation at current prices). The program will run for 12 months starting on 1 September.
The stock has responded with a 3% bounce today to put it 5% below our recent upgrade and a comfortable 17% below our $12 Buy price. BUY.
Note: Our Growth and Income portfolios own shares in Computershare.
Disclosure: Staff members own shares in Computershare, but they don't include the author.
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