Share Buybacks

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George$
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Post by George$ »

Today's Globe and Mail
Want some good news? Buybacks are booming
some text ...
According to Standard & Poor's, companies in the S&P 500 index repurchased a record $589-billion (U.S.) of their own shares in 2007. To put that into context, it's more than double the $246-billion they paid in dividends during the same period.

The amount of buybacks has been growing at a rapid clip, even as fewer companies raise their dividends and a growing number cut their payouts. The 2007 buyback total was 34.6 per cent higher than the $432-billion spent on buybacks in 2006 and 350 per cent higher than the $131-billion in 2001.

"Standard & Poor's expects buyback activity to continue at a high level for 2008, but not at a record-setting pace, as corporations and investors continue to be concerned" about economic and credit issues, said Howard Silverblatt, senior index analyst at Standard & Poor's.
and
Mergent's Buyback Achievers Index tracks the performance of U.S.-traded companies that have repurchased 5 per cent or more of their shares over the previous 12 months. The index trails the S&P 500 this year (down 11.6 per cent through March 31, compared with a 5.1-per-cent drop for the S&P 500), but over the previous five years it's posted an average annualized return of 16.5 per cent, compared with 11.3 per cent for the S&P 500.
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Post by Mike Schimek »

Buy backs is one of the main reasons I hold so much (more like an irrational amount, "irrational exuberance" comes to mind) Methanex.

Their buyback rate is more than double that of the top stock on the chart Dennis posted up;

End of 2006: 113.6 million shares outstanding
End of 2007: 98.3 million shares outstanding

They bought back 13.47% of their outstanding stock over the past year.

Their policy is to return unused cash to shareholders through buybacks and dividends. It seems like they keep half for expanding, half is returned more or less.

Mike
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Post by DenisD »

What I found interesting is that all the big six banks had an increase in shares outstanding over the last six months. For the six months previous to that, all, except RY, decreased their shares outstanding. RY was nearly flat.
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Post by Lado »

FWIW, Canadian Resources Income Trust, Loring Ward International and MDS each have between 15% and 18% fewer shares than a year ago, have positive EPS, have positive interim revenue growth and have positive interim earnings growth.

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Post by Taggart »

THE INTELLIGENT INVESTOR
By JASON ZWEIG

With Buybacks, Look Before You Leap

Repurchases Routinely Give Shares a Lift,
But the Effect Could Be Ephemeral
August 30, 2008
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Post by Mike Schimek »

That's an interesting article, pulled the following from it

I've never liked Jason Zweig much. From his own article the effects of buybacks seem positive, while at the same time he claims they could be ephemeral.
Stocks regularly jump up 3% to 6% on the announcement of a buyback, and it's easy to see why they should.
This must be the ephemeral part he refers to, since the other parts of the article all seem to look upon buybacks as positive.
Done right, buybacks are a boon.
They reduce the number of shares outstanding, spreading the company's future profits over a smaller base -- thus increasing earnings per share.
Over time, firms that repurchase their shares have beaten the market by about three percentage points a year.
Unlike dividends, buybacks generate no tax bills for ongoing shareholders.
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Post by DenisD »

Time for the fall refresh of my Canadian large-cap screen.

One of the inputs to the screen is the % of shares bought back over the previous year. I thought some of you would be interested in who's buying back shares.

The table below shows the % reduction in shares outstanding for the two previous six-month periods for the selected companies. I copied the shares outstanding from the Sep07 and Mar08 issues of TSX e-Review magazine. The Sep08 numbers are from www.TSX.com

If companies have multiple share classes, I either added the numbers together or weighted the classes by the trading price. Some classes appear to be unlisted. In that case, I either copied the additional number of shares from the quarterly report or just used the one class listed.

Suggestions/corrections are appreciated.

Code: Select all

Symbol   Name                           Sep/08  Mar/08
FFH.TO   Fairfax Financial Holdings        3.4    -5.2
POT.TO   Potash Corp. of Saskatchewan      3.3     0.2
IIC.TO   ING Canada                        3.1     0.0
MG-A.TO  Magna International               3.0     1.9
MX.TO    Methanex Corp.                    2.9     3.2
ATD-B.TO Alimentation Couche-Tard          2.5     1.6
PJC-A.TO Jean Coutu Group (PJC)            2.5    -2.6
CNR.TO   Canadian National Railway         2.1     3.5
IMO.TO   Imperial Oil                      1.9     2.4
TA.TO    TransAlta Corp.                   1.7     0.9
T.TO     TELUS Corp.                       1.5     2.4
MRU-A.TO Metro Inc.                        1.2     2.1
OCX.TO   Onex Corporation                  1.0     2.1
SLF.TO   Sun Life Financial Inc.           0.8     0.7
SJR-B.TO Shaw Communications               0.6     0.1
RCI-B.TO Rogers Communications             0.6     0.0
IGM.TO   IGM Financial                     0.4     0.1
MFC.TO   Manulife Financial                0.3     0.9
BPO.TO   Brookfield Properties             0.2     0.5
FTT.TO   Finning International             0.0     3.7
ACO-X.TO ATCO Ltd.                         0.0     0.4
SNC.TO   SNC-Lavalin Group                 0.0     0.4
ECA.TO   EnCana Corp.                      0.0     0.1
HSE.TO   Husky Energy                      0.0     0.0
PWF.TO   Power Financial Corp.             0.0     0.0
L.TO     Loblaw Companies                  0.0     0.0
WN.TO    George Weston Ltd.                0.0     0.0
CTC-A.TO Canadian Tire Corporation         0.0     0.0
ELF.TO   E-L Financial Corporation         0.0     0.0
MBT.TO   Manitoba Telecom Services         0.0     0.0
TLM.TO   Talisman Energy                   0.0    -0.1
IAG.TO   Industrial Alliance Ins & Fin     0.0    -0.2
NCX.TO   Nova Chemicals Corp               0.0    -0.2
POW.TO   Power Corp of Canada              0.0    -0.6
CM.TO    CIBC                              0.0   -13.7
CCO.TO   Cameco Corp.                     -0.1     2.7
BBD-B.TO Bombardier Inc.                  -0.1    -0.1
SC.TO    Shoppers Drug Mart               -0.1    -0.1
CNQ.TO   Canadian Natural Resources       -0.1    -0.1
BCE.TO   BCE Inc.                         -0.1    -0.1
GWO.TO   Great-West Lifeco                -0.1    -0.2
CP.TO    Canadian Pacific Railway         -0.1    -0.2
EMP-A.TO Empire Company                   -0.1    -0.4
ABX.TO   Barrick Gold Corp.               -0.1    -0.7
AGU.TO   Agrium                           -0.1   -18.1
GNA.TO   Gerdau AmeriSteel                -0.1   -41.4
PCA.TO   Petro-Canada                     -0.2     0.7
CU.TO    Canadian Utilities               -0.2     0.1
RUS.TO   Russel Metals                    -0.2    -0.1
BAM-A.TO Brookfield Asset Management      -0.2    -0.2
NXY.TO   Nexen Inc.                       -0.3    -0.3
FTS.TO   Fortis Inc.                      -0.3    -1.5
BNS.TO   Bank of Nova Scotia              -0.4    -0.3
SAP.TO   Saputo Inc.                      -0.4    -0.3
BMO.TO   Bank of Montreal                 -0.4    -1.0
G.TO     Goldcorp Inc.                    -0.5    -0.7
TRI.TO   Thomson Reuters                  -0.6     0.2
AXC.TO   Addax Petroleum                  -0.6     0.0
ENB.TO   Enbridge Inc.                    -0.7    -0.2
NA.TO    National Bank of Canada          -0.7    -0.4
SU.TO    Suncor Energy                    -0.9    -0.3
TCK-B.TO Teck Cominco Ltd.                -1.7    -0.4
RY.TO    Royal Bank of Canada             -3.5    -1.3
TRP.TO   TransCanada Corp.                -7.1    -0.7
TD.TO    TD Bank                         -12.3    -0.3
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Shakespeare
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Post by Shakespeare »

Are the numbers "% change" (a reduction is negative) or "% reduction" (a reduction is positive)? (I assume the latter from the big numbers for, e.g. TD).
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Post by DenisD »

A reduction is positive.
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Post by Small Investor Activist »

What's worse about these share buybacks is that they deprive companies of the capital they need to make it thru a crisis.
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DavidR
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Post by DavidR »

Happy Days wrote:What's worse about these share buybacks is that they deprive companies of the capital they need to make it thru a crisis.
Yeah, like General Electric
From NY Times July 14/07
The company ... said it would buy back another $8 billion in shares this year, above the $6 billion it had announced earlier. By the end of 2008, G.E. expected that its buyback would total $27 billion.

The next buy-back will be Warren's preferreds I guess, at a 10% premium. Seems like a bargain compared to the previous buy-backs! :wink:
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Post by bubbalouie »

Code:
Symbol Name Sep/08 Mar/08
FFH.TO Fairfax Financial Holdings 3.4 -5.2
POT.TO Potash Corp. of Saskatchewan 3.3 0.2
IIC.TO ING Canada 3.1 0.0
MG-A.TO Magna International 3.0 1.9
MX.TO Methanex Corp. 2.9 3.2
ATD-B.TO Alimentation Couche-Tard 2.5 1.6
PJC-A.TO Jean Coutu Group (PJC) 2.5 -2.6
CNR.TO Canadian National Railway 2.1 3.5
IMO.TO Imperial Oil 1.9 2.4
TA.TO TransAlta Corp. 1.7 0.9
T.TO TELUS Corp. 1.5 2.4
MRU-A.TO Metro Inc. 1.2 2.1
OCX.TO Onex Corporation 1.0 2.1
SLF.TO Sun Life Financial Inc. 0.8 0.7
SJR-B.TO Shaw Communications 0.6 0.1
RCI-B.TO Rogers Communications 0.6 0.0
IGM.TO IGM Financial 0.4 0.1
MFC.TO Manulife Financial 0.3 0.9
BPO.TO Brookfield Properties 0.2 0.5
FTT.TO Finning International 0.0 3.7
ACO-X.TO ATCO Ltd. 0.0 0.4
SNC.TO SNC-Lavalin Group 0.0 0.4
ECA.TO EnCana Corp. 0.0 0.1
HSE.TO Husky Energy 0.0 0.0
PWF.TO Power Financial Corp. 0.0 0.0
L.TO Loblaw Companies 0.0 0.0
WN.TO George Weston Ltd. 0.0 0.0
CTC-A.TO Canadian Tire Corporation 0.0 0.0
ELF.TO E-L Financial Corporation 0.0 0.0
MBT.TO Manitoba Telecom Services 0.0 0.0
TLM.TO Talisman Energy 0.0 -0.1
IAG.TO Industrial Alliance Ins & Fin 0.0 -0.2
NCX.TO Nova Chemicals Corp 0.0 -0.2
POW.TO Power Corp of Canada 0.0 -0.6
CM.TO CIBC 0.0 -13.7
CCO.TO Cameco Corp. -0.1 2.7
BBD-B.TO Bombardier Inc. -0.1 -0.1
SC.TO Shoppers Drug Mart -0.1 -0.1
CNQ.TO Canadian Natural Resources -0.1 -0.1
BCE.TO BCE Inc. -0.1 -0.1
GWO.TO Great-West Lifeco -0.1 -0.2
CP.TO Canadian Pacific Railway -0.1 -0.2
EMP-A.TO Empire Company -0.1 -0.4
ABX.TO Barrick Gold Corp. -0.1 -0.7
AGU.TO Agrium -0.1 -18.1
GNA.TO Gerdau AmeriSteel -0.1 -41.4
PCA.TO Petro-Canada -0.2 0.7
CU.TO Canadian Utilities -0.2 0.1
RUS.TO Russel Metals -0.2 -0.1
BAM-A.TO Brookfield Asset Management -0.2 -0.2
NXY.TO Nexen Inc. -0.3 -0.3
FTS.TO Fortis Inc. -0.3 -1.5
BNS.TO Bank of Nova Scotia -0.4 -0.3
SAP.TO Saputo Inc. -0.4 -0.3
BMO.TO Bank of Montreal -0.4 -1.0
G.TO Goldcorp Inc. -0.5 -0.7
TRI.TO Thomson Reuters -0.6 0.2
AXC.TO Addax Petroleum -0.6 0.0
ENB.TO Enbridge Inc. -0.7 -0.2
NA.TO National Bank of Canada -0.7 -0.4
SU.TO Suncor Energy -0.9 -0.3
TCK-B.TO Teck Cominco Ltd. -1.7 -0.4
RY.TO Royal Bank of Canada -3.5 -1.3
TRP.TO TransCanada Corp. -7.1 -0.7
TD.TO TD Bank -12.3 -0.3
Interesting chart Denis. I just went through 407 pages of insider data at Sedi for this week and found that out of the TSX 60, only 5 companies were buying back their shares this week. These companies were:

Canadian Natural Resources
Imperial Oil
Nexen
Thomson Reuters
Yellow Pages Income Fund


I find it curious that even though there are some companies trading at 3-4 times earnings (eg. Suncor), they haven't bought back their own stock. It makes me think they don't think the stock is cheap. More downside coming?
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Post by pitz »

bubbalouie wrote:I find it curious that even though there are some companies trading at 3-4 times earnings (eg. Suncor), they haven't bought back their own stock. It makes me think they don't think the stock is cheap. More downside coming?
From what I've read, the Oil and Gas producers have been concentrating on getting rid of short-term and medium term debt, as opposed to share buybacks.

The oilsands producers, in particular, incurred very large amounts of debt to fund the construction of facilities. Many oilsands facilities remain under construction, and access to new debt issuance is limited, so they are in the position of being forced to do all of the funding internally.
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Post by bubbalouie »

The oilsands producers, in particular, incurred very large amounts of debt to fund the construction of facilities. Many oilsands facilities remain under construction, and access to new debt issuance is limited, so they are in the position of being forced to do all of the funding internally.
Yes, I agree. If you look at the cash flow statements from these companies you will see that the profits they make are just poured into capital expenditures which will later be depreciated.
What a way to run a company. (Not much left for shareholders)
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Post by pitz »

bubbalouie wrote: Yes, I agree. If you look at the cash flow statements from these companies you will see that the profits they make are just poured into capital expenditures which will later be depreciated.
What a way to run a company. (Not much left for shareholders)
At 4-5X earnings...who needs leverage??

I certainly don't. What's the point of a firm piling on more risk to get a P/E of 3-4, when 4-5X is just fine for 99% of investors out there (but apparently not the ones bidding in the stock market right now, unfortunately....).

The further O&G producers can distance themselves from a funding model that involves short or medium-term bank credit, the better, IMHO, especially in the current environment.
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Post by jbowyer »

Small Investor Activist wrote:Stock buybacks are a sham used by large shareholders who need liquidity. They raid corporate treasuries. Often companies buyback their stock at inflated prices. They usually have little upward effect on the stock price.
Small Investor Activist!!!! I thought that I was a lone voice in the wilderness. I am so happy that you exist!!!!

----------------------------------

A BLOG THAT I PREVIOUSLY WROTE

You’re probably still scratching your head and wondering, “How is it possible that upper management at seemingly every bank and financial company in the world defied prudent conduct and invested in subprime mortgages? Didn’t any director have the independence of mind to say “No”?

Well, raise your second hand to the other side of your head and start scratching because another pandemic is upon us—the “share repurchase program”.

In “the good old days”, a company with excess cash would pay a dividend or split its shares, thereby distributing this excess cash to even the smallest shareholder.

Now, however, a company with excess cash typically implements a “share repurchase program”, and the directors consistently say, “By reducing the number of shares on the market, the share price ***should*** rise.”

Don’t be fooled! A “share repurchase program” is actually a sleazy trick designed to keep excess cash out of the pockets of small shareholders.

Rarely does a correlation exist between share price and the number of shares on the market.

Rarely does a “share repurchase program” make a dent in the number of shares on the market.

In the future, when the company needs to raise new capital, it will simply issue new shares, which negates the original “share repurchase program”.

Doesn’t any director have the independence of mind to say, “Maybe if we give the excess cash DIRECTLY to our shareholders, other people will want to buy our shares, and the share price ***will*** rise”?

----------------------------------

A COMMENT THAT I PREVIOUSLY WROTE ABOUT A COMPANY IN MY PORTFOLIO

• Cogent Inc. (symbol: COGT) sits on a large pile of cash. Rather than distribute this cash to its shareholders, the company has decided, of course, to churn shares. Options to management—share repurchase program (funded by the shareholders)—options to management—share repurchase program (funded by the shareholders). Repeat over and over again ad nauseam.
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Post by bubbalouie »

FWIW, Potash and Telus filed share buybacks today on sedi. (POT was 20 days late). The other notable TSX60 stock on sedi had Exxon Mobile buying IMO.
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Post by Small Investor Activist »

OSFI CAUTIONS ON BUYBACKS
Reuters

October 25, 2008

Canada's regulator of financial institutions told the country's banks and insurers this week that they should not repurchase any of their shares under approved buyback programs without consulting the regulator first. It is the first time in memory that the Office of the Superintendent of Financial Institutions has issued a specific advisory on share buybacks, known as normal course issuer bids, a spokesman for the federal regulator said.

"OSFI is of the view that the current environment calls for increased conservatism in capital management ...," the regulator told banks and insurance companies on Wednesday. This practice should continue until further notice, it said.
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Post by pitz »

Happy Days, insane. The OSFI is just encouraging the hoarding of liquidity when liquidity hoarding is somewhat at the root of this crisis we're in.

When will they ever learn?
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Post by bubbalouie »

maybe what they're getting at is that many of these share buybacks are insane and benefits mostly management; also, in a falling market, it helps those exiting by keeping the price artificially high (ie. POT at $175)
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Post by jbowyer »

bubbalouie wrote:maybe what they're getting at is that many of these share buybacks are insane and benefits mostly management
Amen!

My guess--A large percentage of the public now realizes that share repurchase programs are a "sham" with minimal concrete benefits to the average shareholder, so OFSI has chosen the exit strategy "increased conservatism in capital management".
pitz wrote:Happy Days, insane. The OSFI is just encouraging the hoarding of liquidity when liquidity hoarding is somewhat at the root of this crisis we're in.

When will they ever learn?
No need to hoard liquidity. Pay a friggin' dividend like in the good old days.
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Post by DenisD »

Time for the spring refresh of my Canadian large-cap screen.

One of the inputs to the screen is the % of shares bought back over the previous year. I thought some of you would be interested in who's buying back shares.

The table below shows the % reduction in shares outstanding for the two previous six-month periods for the selected companies. I copied the shares outstanding from the Mar08 and Sep09 issues of TSX e-Review magazine. The Mar09 numbers are from www.TSX.com

If companies have multiple share classes, I either added the numbers together or weighted the classes by the trading price. Some classes appear to be unlisted. In that case, I either copied the additional number of shares from the quarterly report or just used the one class listed.

Suggestions/corrections are appreciated.

Code: Select all

Symbol   Name                           Mar/09  Sep/08
RUS.TO   Russel Metals                     5.7    -0.2
FFH.TO   Fairfax Financial Holdings        3.1     3.0
POT.TO   Potash Corp. of Saskatchewan      2.6     3.9
PJC-A.TO Jean Coutu Group (PJC)            2.5     2.5
IMO.TO   Imperial Oil                      2.2     2.5
MX.TO    Methanex Corp.                    1.9     2.9
BAM-A.TO Brookfield Asset Management       1.9    -0.2
ATD-B.TO Alimentation Couche-Tard          1.8     2.5
BCE.TO   BCE Inc.                          1.8    -0.1
FTT.TO   Finning International             1.3     0.0
NXY.TO   Nexen Inc.                        1.2     0.6
CNR.TO   Canadian National Railway         0.7     2.1
OCX.TO   Onex Corporation                  0.7     1.0
AGU.TO   Agrium                            0.7    -0.1
IIC.TO   ING Canada                        0.6     3.1
T.TO     TELUS Corp.                       0.5     1.5
IGM.TO   IGM Financial                     0.3     0.4
BPO.TO   Brookfield Properties             0.3     0.2
NA.TO    National Bank of Canada           0.3    -0.7
MRU-A.TO Metro Inc.                        0.1     1.2
MG-A.TO  Magna International               0.0     3.0
SLF.TO   Sun Life Financial Inc.           0.0     0.8
RCI-B.TO Rogers Communications             0.0     0.6
ECA.TO   EnCana Corp.                      0.0     0.0
L.TO     Loblaw Companies                  0.0     0.0
WN.TO    George Weston Ltd.                0.0     0.0
TLM.TO   Talisman Energy                   0.0     0.0
ELF.TO   E-L Financial Corporation         0.0     0.0
IAG.TO   Industrial Alliance Ins & Fin     0.0     0.0
PWF.TO   Power Financial Corp.             0.0     0.0
ACO-X.TO ATCO Ltd.                         0.0     0.0
SNC.TO   SNC-Lavalin Group                 0.0     0.0
POW.TO   Power Corp of Canada              0.0     0.0
NCX.TO   Nova Chemicals Corp               0.0     0.0
HSE.TO   Husky Energy                      0.0     0.0
MBT.TO   Manitoba Telecom Services         0.0     0.0
EMP-A.TO Empire Company                    0.0    -0.1
GNA.TO   Gerdau AmeriSteel                 0.0    -0.1
CU.TO    Canadian Utilities                0.0    -0.2
AXC.TO   Addax Petroleum                   0.0    -0.6
RY.TO    Royal Bank of Canada              0.0    -3.5
TA.TO    TransAlta Corp.                  -0.1     1.7
CTC-A.TO Canadian Tire Corporation        -0.1     0.0
CNQ.TO   Canadian Natural Resources       -0.1    -0.1
ABX.TO   Barrick Gold Corp.               -0.1    -0.1
SC.TO    Shoppers Drug Mart               -0.1    -0.1
PCA.TO   Petro-Canada                     -0.1    -0.2
SAP.TO   Saputo Inc.                      -0.1    -0.4
CM.TO    CIBC                             -0.2     0.0
BNS.TO   Bank of Nova Scotia              -0.2    -0.4
SU.TO    Suncor Energy                    -0.2    -0.9
SJR-B.TO Shaw Communications              -0.3     0.6
ENB.TO   Enbridge Inc.                    -0.5    -0.7
TRI.TO   Thomson Reuters                  -0.6    -0.6
G.TO     Goldcorp Inc.                    -2.3    -0.5
TD.TO    TD Bank                          -5.1   -12.3
GWO.TO   Great-West Lifeco                -5.5    -0.1
TRP.TO   TransCanada Corp.                -6.7    -7.1
FTS.TO   Fortis Inc.                      -7.7    -0.4
BMO.TO   Bank of Montreal                 -7.8    -0.4
MFC.TO   Manulife Financial               -7.9     0.3
TCK-B.TO Teck Cominco Ltd.                -8.1    -1.7
CP.TO    Canadian Pacific Railway         -9.2    -0.1
CCO.TO   Cameco Corp.                    -13.9    -0.1
BBD-B.TO Bombardier Inc.                 -26.2    -0.1
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Post by DenisD »

To calculate the share buybacks I have been posting on this thread, I use the current number of shares outstanding from TSX.com and the six and 12 months ago numbers from TSX eReview monthly magazine. A few weeks later, I reconcile the numbers from TSX.com with the latest TSX eReview. Usually, there are only a few minor differences. Understandable, because, usually, I check the website a few days before the end of the month.

This time, 15 companies were different, some significantly. And, when I checked the website recently, they hadn't been updated. I've sent a query to TSX.com and it has been forwarded to the "Senior Manager of the website to look into". I just assumed both sources accessed the same database. But maybe that's not the case.

With the new, correct (I hope), numbers, my screen refresh was wrong. I should be buying BAM.A instead of BNS. What to do? ...

Here are the buybacks for the six months to Mar/09 that are different by 0.1% or more.

Code: Select all

Symbol   Name                       TSX.com TSX eReview
BNS.TO   Bank of Nova Scotia           -0.2        -2.3
BBD-B.TO Bombardier Inc.              -26.2           0
IMO.TO   Imperial Oil                   2.2         2.5
MFC.TO   Manulife Financial            -7.9          -8
NA.TO    National Bank of Canada        0.3        -0.3
NXY.TO   Nexen Inc.                     1.2           1
RY.TO    Royal Bank of Canada             0        -5.2
Positive percentages represent a decrease in the number of shares.
DenisD
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Post by DenisD »

Time for the fall refresh of my Canadian large-cap screen.

One of the inputs to the screen is the % of shares bought back over the previous year. I thought some of you would be interested in who's buying back shares.

The table below shows the % reduction in shares outstanding for the two previous six-month periods for the selected companies. I copied the shares outstanding from the Sep08, Mar09 and Sep09 issues of TSX eReview magazine.

If companies have multiple share classes, I either added the numbers together or weighted the classes by the trading price. Some classes appear to be unlisted. In that case, I either copied the additional number of shares from the quarterly report or just used the one class listed.

I attempted to adjust SU and TRI for their corporate actions.

Suggestions/corrections are appreciated.

Code: Select all

Symbol   Name                           Sep/09  Mar/09
ATD-B.TO Alimentation Couche-Tard          3.8     1.8
RCI-B.TO Rogers Communications             3.3     0.0
BCE.TO   BCE Inc.                          3.1     1.8
MRU-A.TO Metro Inc.                        2.0     0.1
IMO.TO   Imperial Oil                      0.8     2.5
BAM-A.TO Brookfield Asset Management       0.2     1.9
OCX.TO   Onex Corporation                  0.2     0.7
SAP.TO   Saputo Inc.                       0.2    -0.1
RUS.TO   Russel Metals                     0.0     5.7
AGU.TO   Agrium                            0.0     0.7
IFC.TO   Intact Financial                  0.0     0.6
T.TO     TELUS Corp.                       0.0     0.5
BBD-B.TO Bombardier Inc.                   0.0     0.0
ECA.TO   EnCana Corp.                      0.0     0.0
WN.TO    George Weston Ltd.                0.0     0.0
IAG.TO   Industrial Alliance Ins & Fin     0.0     0.0
MG-A.TO  Magna International               0.0     0.0
MBT.TO   Manitoba Telecom Services         0.0     0.0
QBR-B.TO Quebecor Inc.                     0.0     0.0
TLM.TO   Talisman Energy                   0.0     0.0
SC.TO    Shoppers Drug Mart                0.0    -0.1
TA.TO    TransAlta Corp.                   0.0    -0.1
PJC-A.TO Jean Coutu Group (PJC)           -0.1     2.5
MX.TO    Methanex Corp.                   -0.1     1.9
FTT.TO   Finning International            -0.1     1.3
CU.TO    Canadian Utilities               -0.1     0.0
HSE.TO   Husky Energy                     -0.1     0.0
POW.TO   Power Corp of Canada             -0.1     0.0
PWF.TO   Power Financial Corp.            -0.1     0.0
SNC.TO   SNC-Lavalin Group                -0.1     0.0
CTC-A.TO Canadian Tire Corporation        -0.1    -0.1
SU.TO    Suncor Energy                    -0.1    -0.2
SJR-B.TO Shaw Communications              -0.1    -0.3
TRI.TO   Thomson Reuters                  -0.1    -0.5
GWO.TO   Great-West Lifeco                -0.1    -5.5
CP.TO    Canadian Pacific Railway         -0.1    -9.2
CCO.TO   Cameco Corp.                     -0.1   -13.9
POT.TO   Potash Corp. of Saskatchewan     -0.2     2.6
NXY.TO   Nexen Inc.                       -0.2     1.0
ACO-X.TO ATCO Ltd.                        -0.2     0.0
SLF.TO   Sun Life Financial Inc.          -0.2     0.0
CNQ.TO   Canadian Natural Resources       -0.2    -0.1
G.TO     Goldcorp Inc.                    -0.2    -2.3
MFC.TO   Manulife Financial               -0.2    -8.0
CNR.TO   Canadian National Railway        -0.3     0.7
CM.TO    CIBC                             -0.3    -0.2
L.TO     Loblaw Companies                 -0.4     0.0
RY.TO    Royal Bank of Canada             -0.5    -5.2
IGM.TO   IGM Financial                    -0.6     0.3
ENB.TO   Enbridge Inc.                    -0.6    -0.5
FTS.TO   Fortis Inc.                      -0.6    -7.7
NA.TO    National Bank of Canada          -0.7    -0.3
BNS.TO   Bank of Nova Scotia              -0.7    -2.3
TD.TO    TD Bank                          -0.7    -5.1
BMO.TO   Bank of Montreal                 -1.1    -7.8
EMP-A.TO Empire Company                   -4.1     0.0
AXC.TO   Addax Petroleum                  -4.9     0.0
TRP.TO   TransCanada Corp.               -10.1    -6.7
ABX.TO   Barrick Gold Corp.              -12.6    -0.1
FFH.TO   Fairfax Financial Holdings      -16.8     3.1
TCK-B.TO Teck Cominco Ltd.               -20.8    -8.1
BPO.TO   Brookfield Properties           -28.0     0.3
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parvus
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Post by parvus »

If I'm interpreting this correctly (i.e., the minus signs mean share issuance) there's been a fair bit of dilution. And that's just to March 2009. Q2 results will doubtless look worse (if I'm not mistaken).
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