Re: Share Buybacks
Posted: 14 Feb 2013 22:32
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https://www.financialwisdomforum.org/forum/
https://www.financialwisdomforum.org/forum/viewtopic.php?t=1344
Code: Select all
Symbol Name Mar/13 Sep/12
AGU.TO Agrium 5.4 -0.1
MRU.TO Metro Inc. 1.6 2.5
SC.TO Shoppers Drug Mart 1.6 2.1
CNR.TO Canadian National Railway 1.6 1.6
WJA.TO WestJet Airlines 1.3 2.4
CM.TO CIBC 1.3 -0.7
SU.TO Suncor Energy 1.2 1.3
PJC-A.TO Jean Coutu Group 1.1 1.0
QBR-B.TO Quebecor Inc. 1.1 0.8
IGM.TO IGM Financial 0.9 1.0
THI.TO Tim Hortons 0.8 1.7
OCX.TO Onex Corporation 0.8 0.2
TCK-B.TO Teck Cominco Ltd. 0.6 0.0
CTC-A.TO Canadian Tire Corporation 0.4 0.0
WN.TO George Weston 0.4 0.0
SAP.TO Saputo Inc. 0.2 1.2
CNQ.TO Canadian Natural Resources 0.2 0.5
ACO-X.TO ATCO Ltd. 0.1 0.3
MG.TO Magna International 0.1 -0.1
ATD-B.TO Alimentation Couche-Tard 0.1 -4.5
RCI-B.TO Rogers Communications 0.0 1.8
BA.TO Bell Aliant Inc. 0.0 0.0
COS.TO Canadian Oil Sands 0.0 0.0
EMP-A.TO Empire Company 0.0 0.0
ECA.TO Encana Corporation 0.0 0.0
FFH.TO Fairfax Financial Holdings 0.0 0.0
FM.TO First Quantum Minerals 0.0 0.0
IMO.TO Imperial Oil 0.0 0.0
POW.TO Power Corp of Canada 0.0 0.0
BBD-B.TO Bombardier Inc. 0.0 -0.1
CCO.TO Cameco 0.0 -0.1
FTT.TO Finning International 0.0 -0.2
UFX.TO Domtar Canada Paper 0.0 -0.3
ABX.TO Barrick Gold Corp. -0.1 0.0
GWO.TO Great-West Lifeco -0.1 0.0
L.TO Loblaw Companies -0.1 0.0
CVE.TO Cenovus Energy -0.1 -0.1
G.TO Goldcorp Inc. -0.1 -0.1
RY.TO Royal Bank of Canada -0.1 -0.2
T.TO TELUS Corp. -0.1 -0.2
HSE.TO Husky Energy -0.1 -1.7
TRI.TO Thomson Reuters -0.2 0.3
BCE.TO BCE Inc. -0.2 0.2
SNC.TO SNC-Lavalin Group -0.2 0.1
PWF.TO Power Financial Corp. -0.2 0.0
TLM.TO Talisman Energy -0.2 0.0
BPO.TO Brookfield Office Properties -0.2 -0.1
TRP.TO TransCanada Corp. -0.2 -0.1
BAM-A.TO Brookfield Asset Management -0.2 -0.2
K.TO Kinross Gold -0.2 -0.2
NA.TO National Bank of Canada -0.2 -0.6
TIH.TO Toromont Industries -0.3 0.7
BMO.TO Bank of Montreal -0.4 -1.5
POT.TO Potash Corp. of Saskatchewan -0.7 -0.1
MX.TO Methanex Corp. -0.7 -0.5
MFC.TO Manulife Financial -0.7 -0.8
CU.TO Canadian Utilities -0.8 0.0
MBT.TO Manitoba Telecom Services -0.8 -0.8
FTS.TO Fortis Inc. -0.9 -0.7
KEY.TO Keyera Corp. -0.9 -0.9
TD.TO TD Bank -0.9 -0.9
RUS.TO Russel Metals -1.0 -0.1
SJR-B.TO Shaw Communications -1.0 -0.7
SLF.TO Sun Life Financial Inc. -1.0 -1.1
CP.TO Canadian Pacific Railway -1.0 -1.3
PWT.TO Penn West Petroleum -1.1 -0.9
BNS.TO Bank of Nova Scotia -1.1 -3.8
ENB.TO Enbridge Inc. -1.2 -2.0
IFC.TO Intact Financial -2.9 0.0
TA.TO TransAlta Corporation -2.9 -11.8
PPL.TO Pembina Pipeline Corp. -5.7 -71.9
IAG.TO Industrial Alliance Ins & Fin -7.7 -0.1
CPG.TO Crescent Point Energy -8.7 -10.5
PRE.TO Pacific Rubiales Energy -9.2 -1.0
GEI.TO Gibson Energy -20.1 -2.4
Code: Select all
Symbol Name Sep/13 Mar/13
MRU.TO Metro Inc. 4.1 1.6
T.TO TELUS Corp. 3.7 -0.1
MG.TO Magna International 2.8 0.1
SC.TO Shoppers Drug Mart 1.9 1.6
AGU.TO Agrium 1.8 5.4
THI.TO Tim Hortons 1.8 0.8
CNR.TO Canadian National Railway 1.7 1.6
WJA.TO WestJet Airlines 1.7 1.3
SU.TO Suncor Energy 1.5 1.2
PJC-A.TO Jean Coutu Group (PJC) 1.4 1.1
BMO.TO Bank of Montreal 1.4 -0.4
IFC.TO Intact Financial 1.3 -2.9
TCK-B.TO Teck Resources 1.0 0.6
CTC-A.TO Canadian Tire Corporation 0.9 0.4
SAP.TO Saputo Inc. 0.9 0.2
QBR-B.TO Quebecor Inc. 0.8 1.1
OCX.TO Onex Corporation 0.5 0.8
CNQ.TO Canadian Natural Resources 0.5 0.2
TD.TO TD Bank 0.5 -0.9
RY.TO Royal Bank of Canada 0.4 -0.1
BAM-A.TO Brookfield Asset Management 0.3 -0.2
CM.TO CIBC 0.2 1.3
RCI-B.TO Rogers Communications 0.1 0.0
POT.TO Potash Corp. of Saskatchewan 0.1 -0.7
IGM.TO IGM Financial 0.0 0.9
BA.TO Bell Aliant Inc. 0.0 0.0
CCO.TO Cameco 0.0 0.0
COS.TO Canadian Oil Sands 0.0 0.0
UFX.TO Domtar Canada Paper 0.0 0.0
EMP-A.TO Empire Company 0.0 0.0
FFH.TO Fairfax Financial Holdings 0.0 0.0
FTT.TO Finning International 0.0 0.0
IMO.TO Imperial Oil 0.0 0.0
POW.TO Power Corp of Canada 0.0 0.0
ABX.TO Barrick Gold Corp. 0.0 -0.1
CVE.TO Cenovus Energy 0.0 -0.1
BCE.TO BCE Inc. 0.0 -0.2
TRI.TO Thomson Reuters 0.0 -0.2
ATD-B.TO Alimentation Couche-Tard -0.1 0.1
ACO-X.TO ATCO Ltd. -0.1 0.1
G.TO Goldcorp Inc. -0.1 -0.1
HSE.TO Husky Energy -0.1 -0.1
L.TO Loblaw Companies -0.1 -0.1
BPO.TO Brookfield Office Properties -0.1 -0.2
K.TO Kinross Gold -0.1 -0.2
NA.TO National Bank of Canada -0.1 -0.2
TLM.TO Talisman Energy -0.1 -0.2
TIH.TO Toromont Industries -0.1 -0.3
WN.TO George Weston -0.2 0.4
BBD-B.TO Bombardier Inc. -0.2 0.0
PWF.TO Power Financial Corp. -0.2 -0.2
SNC.TO SNC-Lavalin Group -0.2 -0.2
TRP.TO TransCanada Corp. -0.2 -0.2
RUS.TO Russel Metals -0.2 -1.0
ECA.TO Encana Corporation -0.3 0.0
CP.TO Canadian Pacific Railway -0.4 -1.0
PRE.TO Pacific Rubiales Energy -0.4 -9.2
MFC.TO Manulife Financial -0.6 -0.7
CU.TO Canadian Utilities -0.7 -0.8
MBT.TO Manitoba Telecom Services -0.7 -0.8
KEY.TO Keyera Corp. -0.7 -0.9
IAG.TO Industrial Alliance Ins & Fin -0.8 -7.7
BNS.TO Bank of Nova Scotia -0.9 -1.1
GEI.TO Gibson Energy -0.9 -20.1
SLF.TO Sun Life Financial Inc. -1.0 -1.0
MX.TO Methanex Corp. -1.1 -0.7
SJR-B.TO Shaw Communications -1.1 -1.0
PWT.TO Penn West Petroleum -1.2 -1.1
PPL.TO Pembina Pipeline Corp. -1.6 -5.7
ENB.TO Enbridge Inc. -2.3 -1.2
CPG.TO Crescent Point Energy -2.9 -8.7
TA.TO TransAlta Corporation -3.0 -2.9
GWO.TO Great-West Lifeco -5.2 -0.1
FTS.TO Fortis Inc. -10.4 -0.9
FM.TO First Quantum Minerals -24.0 0.0
Code: Select all
Symbol Name Mar/14 Sep/13
PJC-A.TO Jean Coutu Group (PJC) 10.5 1.4
THI.TO Tim Hortons 8.3 1.8
MRU.TO Metro Inc. 4.3 4.1
MG.TO Magna International 2.5 2.8
AGU.TO Agrium 2.1 1.8
OCX.TO Onex Corporation 2.1 0.5
PRE.TO Pacific Rubiales Energy 2.1 -0.4
WJA.TO WestJet Airlines 1.9 1.7
SU.TO Suncor Energy 1.8 1.5
POT.TO Potash Corp. of Saskatchewan 1.5 0.1
CNR.TO Canadian National Railway 1.4 1.7
TRI.TO Thomson Reuters 1.4 0
T.TO TELUS Corp. 0.9 3.7
CTC-A.TO Canadian Tire Corporation 0.6 0.9
QBR-B.TO Quebecor Inc. 0.5 0.8
CM.TO CIBC 0.5 0.2
GWO.TO Great-West Lifeco 0.1 -5.2
IFC.TO Intact Financial 0 1.3
TCK-B.TO Teck Resources 0 1
SAP.TO Saputo Inc. 0 0.9
RCI-B.TO Rogers Communications 0 0.1
POW.TO Power Corp of Canada 0 0
CCO.TO Cameco Corp. 0 0
IMO.TO Imperial Oil 0 0
COS.TO Canadian Oil Sands 0 0
BA.TO Bell Aliant Inc. 0 0
ACO-X.TO ATCO Ltd. 0 -0.1
HSE.TO Husky Energy 0 -0.1
BBD-B.TO Bombardier Inc. 0 -0.2
WN.TO George Weston 0 -0.2
PWF.TO Power Financial Corp. 0 -0.2
FM.TO First Quantum Minerals 0 -24
BMO.TO Bank of Montreal -0.1 1.4
RY.TO Royal Bank of Canada -0.1 0.4
IGM.TO IGM Financial -0.1 0
CVE.TO Cenovus Energy -0.1 0
FTT.TO Finning International -0.1 0
LNR.TO Linamar Corp. -0.1 0
BCE.TO BCE Inc. -0.1 0
G.TO Goldcorp Inc. -0.1 -0.1
TLM.TO Talisman Energy -0.1 -0.1
K.TO Kinross Gold -0.1 -0.1
TRP.TO TransCanada Corp. -0.1 -0.2
SNC.TO SNC-Lavalin Group -0.2 -0.2
RUS.TO Russel Metals -0.2 -0.2
UFX.TO Domtar Canada Paper -0.3 0
CP.TO Canadian Pacific Railway -0.3 -0.4
TD.TO TD Bank -0.4 0.5
CNQ.TO Canadian Natural Resources -0.4 0.5
BAM-A.TO Brookfield Asset Management -0.4 0.3
TIH.TO Toromont Industries -0.4 -0.1
ECA.TO EnCana Corp. -0.4 -0.3
ATD-B.TO Alimentation Couche-Tard -0.5 -0.1
MFC.TO Manulife Financial -0.6 -0.6
SLF.TO Sun Life Financial Inc. -0.6 -1
PWT.TO Penn West Petroleum -0.6 -1.2
NA.TO National Bank of Canada -0.7 -0.1
ENB.TO Enbridge Inc. -0.7 -2.3
FTS.TO Fortis Inc. -0.7 -10.4
CU.TO Canadian Utilities -0.8 -0.7
GEI.TO Gibson Energy -0.8 -0.9
MX.TO Methanex Corp. -0.8 -1.1
BNS.TO Bank of Nova Scotia -1 -0.9
SJR-B.TO Shaw Communications -1 -1.1
KEY.TO Keyera Corp. -1.1 -0.7
IAG.TO Industrial Alliance Ins & Fin -1.1 -0.8
TA.TO TransAlta Corporation -1.5 -3
CPG.TO Crescent Point Energy -1.9 -2.9
PPL.TO Pembina Pipeline Corp. -2.8 -1.6
WFT.TO West Fraser Timber Co. -3.5 0
FFH.TO Fairfax Financial Holdings -5 0
MBT.TO Manitoba Telecom Services -13.8 -0.7
ABX.TO Barrick Gold Corp. -16.3 0
EMP-A.TO Empire Company -35.9 0
L.TO Loblaw Companies -46.2 -0.1
S&P/TSX Composite Shareholder Yield IndexThe S&P/TSX Composite Buyback Index provides exposure to the 50 constituent companies in the S&P/TSX Composite Index with the highest buyback ratio in the last 12 months. The buyback ratio is defined as the monetary amount of cash paid for common shares buyback in the last four calendar quarters with interim reports available divided by the total market capitalization of common shares at the beginning of the buyback period.
In related news, Horizons ETFs Management Inc has licensed the S&P/TSX Composite Shareholder Yield Index as the basis for a potential new exchange-traded fund for the Canadian market.The S&P/TSX Composite Shareholder Yield Index provides exposure to the 50 constituent companies in the S&P/TSX Composite Index with the highest shareholder yield ratio in the last 12 months. The shareholder yield ratio is defined as the monetary amount of cash paid for common dividends and common shares buyback plus debt paydown (change in total debt) in the last four calendar quarters with interim reports available divided by the total market capitalization of common shares at the beginning of the shareholder yield period.
I agree. Maybe one of these days I'll backtest the two and see if history agrees as well.ig17 wrote:N.B. Buyback index seems flawed. It targets gross buybacks. Net buybacks is a better metric: it takes into account simultaneous share issuance.
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Symbol Name Sep/14 Mar/14
THI.TO Tim Hortons 3.9 8.3
MG.TO Magna International 3.9 2.5
MRU.TO Metro Inc. 2.9 4.3
POT.TO Potash Corp. of Saskatchewan 2.6 1.5
CP.TO Canadian Pacific Railway 2.0 -0.3
MX.TO Methanex Corp. 1.9 -0.8
TRI.TO Thomson Reuters 1.5 1.4
T.TO TELUS Corp. 1.3 0.9
WFT.TO West Fraser Timber Co. 1.3 -3.5
CTC-A.TO Canadian Tire Corporation 1.2 0.6
CNR.TO Canadian National Railway 1.0 1.4
PJC-A.TO Jean Coutu Group (PJC) 0.8 10.5
PRE.TO Pacific Rubiales Energy 0.7 2.1
OCX.TO Onex Corporation 0.5 2.1
SU.TO Suncor Energy 0.4 1.8
CM.TO CIBC 0.2 0.5
QBR-B.TO Quebecor Inc. 0.1 0.5
IGM.TO IGM Financial 0.1 -0.1
RY.TO Royal Bank of Canada 0.1 -0.1
AGU.TO Agrium 0.0 2.1
GWO.TO Great-West Lifeco 0.0 0.1
BA.TO Bell Aliant Inc. 0.0 0.0
BBD-B.TO Bombardier Inc. 0.0 0.0
CCO.TO Cameco Corp. 0.0 0.0
COS.TO Canadian Oil Sands 0.0 0.0
HSE.TO Husky Energy 0.0 0.0
IMO.TO Imperial Oil 0.0 0.0
IFC.TO Intact Financial 0.0 0.0
PWF.TO Power Financial Corp. 0.0 0.0
RCI-B.TO Rogers Communications 0.0 0.0
TCK-B.TO Teck Resources 0.0 0.0
K.TO Kinross Gold 0.0 -0.1
LNR.TO Linamar Corp. 0.0 -0.1
TLM.TO Talisman Energy 0.0 -0.1
TRP.TO TransCanada Corp. 0.0 -0.1
ECA.TO EnCana Corp. 0.0 -0.4
ATD-B.TO Alimentation Couche-Tard 0.0 -0.5
FFH.TO Fairfax Financial Holdings 0.0 -5.0
ABX.TO Barrick Gold Corp. 0.0 -16.3
EMP-A.TO Empire Company 0.0 -35.9
WJA.TO WestJet Airlines -0.1 1.9
ACO-X.TO ATCO Ltd. -0.1 0.0
CVE.TO Cenovus Energy -0.1 -0.1
FTT.TO Finning International -0.1 -0.1
G.TO Goldcorp Inc. -0.1 -0.1
CNQ.TO Canadian Natural Resources -0.1 -0.4
TD.TO TD Bank -0.1 -0.4
WN.TO George Weston -0.2 0.0
POW.TO Power Corp of Canada -0.2 0.0
BCE.TO BCE Inc. -0.2 -0.1
BAM-A.TO Brookfield Asset Management -0.2 -0.4
TIH.TO Toromont Industries -0.2 -0.4
NA.TO National Bank of Canada -0.2 -0.7
BNS.TO Bank of Nova Scotia -0.2 -1.0
BMO.TO Bank of Montreal -0.3 -0.1
SNC.TO SNC-Lavalin Group -0.3 -0.2
SLF.TO Sun Life Financial Inc. -0.3 -0.6
L.TO Loblaw Companies -0.3 -46.2
SAP.TO Saputo Inc. -0.5 0.0
MFC.TO Manulife Financial -0.5 -0.6
IAG.TO Industrial Alliance Ins & Fin -0.6 -1.1
RUS.TO Russel Metals -0.7 -0.2
CU.TO Canadian Utilities -0.7 -0.8
MBT.TO Manitoba Telecom Services -0.8 -13.8
PWT.TO Penn West Petroleum -0.9 -0.6
GEI.TO Gibson Energy -0.9 -0.8
FTS.TO Fortis Inc. -1.0 -0.7
SJR-B.TO Shaw Communications -1.0 -1.0
TA.TO TransAlta Corporation -1.1 -1.5
FM.TO First Quantum Minerals -1.6 0.0
ENB.TO Enbridge Inc. -1.8 -0.7
PPL.TO Pembina Pipeline Corp. -2.2 -2.8
KEY.TO Keyera Corp. -5.9 -1.1
CPG.TO Crescent Point Energy -6.6 -1.9
The library printed off a copy of TSX eReview magazine last week. So I compared the shares outstanding in the magazine with those I downloaded from the screener on October 1. Usually, there are one or two small differences. This time, to my surprise, nearly half were different! Eventually, I discovered that the shares outstanding displayed by the screener are different from those displayed on the quotes screen. They used to be the same, as far as I could tell. Also, the screener shares outstanding on October 1 are the same as those on October 23. It looks like they stopped updating the screener numbers some time ago.On Oct 5, DenisD wrote:I download the shares outstanding at month end every 6 months using the screener at TMXMoney and compare the numbers to the corresponding issue of TSX eReview magazine.
Seeing I own 1000 cpg shares, interested in your and Alta's remarks.ig17 wrote:CPG is the darling of dividend chasers. Yet their payout yield is close to zero. Shareholder yield is negative.
Payout yield = dividend yield + buyback yield
Shareholder yield = dividend yield + buyback yield + debt repayment
I am interested just where these numbers come from.ig17 wrote:CPG is the darling of dividend chasers. Yet their payout yield is close to zero. Shareholder yield is negative.
Payout yield = dividend yield + buyback yield
Shareholder yield = dividend yield + buyback yield + debt repayment
As you define it, yes.DenisD wrote:Yabbut, when you use shareholder yield blindly, historically, you beat the market. That's shareholder yield as defined by O'Shaughnessy – dividend yield + buyback yield.
When I ran the screener at the end of March, it looked like the number of shares outstanding was back in sync with the Quotes page at TMXMoney. So, I did my refresh on Monday this week. Today, I went to the library to see if they'd printed the March issue of TSX eReview magazine. The spot where the magazines usually are was empty. Eventually, I learned that they've cancelled their subscription! I guess I'll be using the screener only from now on.On Oct 25 DenisD wrote:It looks like they stopped updating the screener numbers some time ago.
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Symbol Name Mar/15 Sep/14
CP.TO Canadian Pacific Railway 4.1 2.4
MG.TO Magna International 3.1 4.2
MX.TO Methanex Corp. 2.9 1.9
CTC-A.TO Canadian Tire Corporation 1.4 1.6
TRI.TO Thomson Reuters 1.4 1.5
SU.TO Suncor Energy 1.4 0.4
MRU.TO Metro Inc. 1.2 3.3
CNR.TO Canadian National Railway 1.1 1.3
OCX.TO Onex Corporation 0.9 1.4
T.TO TELUS Corp. 0.9 1.3
WJA.TO WestJet Airlines 0.6 0.0
BNS.TO Bank of Nova Scotia 0.6 -0.2
WFT.TO West Fraser Timber Co. 0.4 2.2
IGM.TO IGM Financial 0.3 0.1
L.TO Loblaw Companies 0.3 -0.3
BMO.TO Bank of Montreal 0.3 -0.6
GWO.TO Great-West Lifeco 0.2 0.0
WN.TO George Weston 0.2 -0.2
ACO-X.TO ATCO Ltd. 0.1 -0.1
SAP.TO Saputo Inc. 0.1 -0.6
QBR-B.TO Quebecor Inc. 0.0 0.1
AGU.TO Agrium 0.0 0.0
ABX.TO Barrick Gold Corp. 0.0 0.0
CCO.TO Cameco Corp. 0.0 0.0
COS.TO Canadian Oil Sands 0.0 0.0
HSE.TO Husky Energy 0.0 0.0
IMO.TO Imperial Oil 0.0 0.0
IFC.TO Intact Financial 0.0 0.0
RCI-B.TO Rogers Communications 0.0 0.0
TLM.TO Talisman Energy 0.0 0.0
TCK-B.TO Teck Resources 0.0 0.0
CNQ.TO Canadian Natural Resources 0.0 -0.1
FTT.TO Finning International 0.0 -0.1
SNC.TO SNC-Lavalin Group 0.0 -0.3
FM.TO First Quantum Minerals 0.0 -1.6
CM.TO CIBC -0.1 0.2
RY.TO Royal Bank of Canada -0.1 0.1
ATD-B.TO Alimentation Couche-Tard -0.1 0.0
TRP.TO TransCanada Corp. -0.1 0.0
K.TO Kinross Gold -0.2 0.0
PWF.TO Power Financial Corp. -0.2 0.0
POW.TO Power Corp of Canada -0.2 -0.2
SLF.TO Sun Life Financial Inc. -0.2 -0.3
POT.TO Potash Corp. of Saskatchewan -0.3 2.6
TD.TO TD Bank -0.3 -0.1
PJC-A.TO Jean Coutu Group (PJC) -0.4 1.2
NA.TO National Bank of Canada -0.4 -0.2
CU.TO Canadian Utilities -0.4 -0.7
RUS.TO Russel Metals -0.4 -0.7
LNR.TO Linamar Corp. -0.5 0.0
BAM-A.TO Brookfield Asset Management -0.5 -0.3
KEY.TO Keyera Corp. -0.5 -6.0
TIH.TO Toromont Industries -0.6 -0.2
ENB.TO Enbridge Inc. -0.6 -1.8
IAG.TO Industrial Alliance Ins & Fin -0.8 -0.7
GEI.TO Gibson Energy -0.8 -1.1
EMA.TO Emera Inc. -0.9 -0.4
MBT.TO Manitoba Telecom Services -0.9 -0.8
MFI.TO Maple Leaf Foods -1.1 -0.8
TA.TO TransAlta Corporation -1.3 -1.1
PWT.TO Penn West Petroleum -1.4 -0.9
EMP-A.TO Empire Company -1.5 0.0
CPG.TO Crescent Point Energy -1.6 -11.4
SJR-B.TO Shaw Communications -1.7 -1.0
BCE.TO BCE Inc. -1.7 -6.4
G.TO Goldcorp Inc. -1.8 -0.1
VRX.TO Valeant Pharmaceuticals Intl. -2.2 -0.1
TFI.TO TransForce Inc. -2.7 -0.1
PPL.TO Pembina Pipeline Corp. -4.2 -2.2
FFH.TO Fairfax Financial Holdings -5.5 0.0
MFC.TO Manulife Financial -6.0 -0.5
CVE.TO Cenovus Energy -8.9 -0.1
ECA.TO EnCana Corp. -13.3 0.0
BBD-B.TO Bombardier Inc. -27.8 0.0
FTS.TO Fortis Inc. -28.3 -1.0
Here is a time series back to 1987. I’ve also included share issuers here. You can see that on average firms issue shares at higher relative prices.
More interesting, while low conviction buyback companies buyback shares a little cheaper than the market on average (45th percentile or so across this sample), the higher conviction programs (5+% buybacks) tend to repurchases at much cheaper prices (33rd percentile or so).
Finally, the high conviction companies have gone on to ourperform the average large stock by about 3.3% in the subsequent year, while the low conviction firms haven’t really delivered much excess return at all (just 0.5%, on average).
Code: Select all
Symbol Name Sep/15 Mar/15
CP.TO Canadian Pacific Railway 5.6 4.1
MRU.TO Metro Inc. 3.0 1.2
WJA.TO WestJet Airlines 2.8 0.6
MFI.TO Maple Leaf Foods 2.5 -1.1
AGU.TO Agrium 2.3 0.0
OCX.TO Onex Corporation 2.2 0.9
TFI.TO TransForce Inc. 2.2 -2.7
CTC-A.TO Canadian Tire Corporation 2.0 1.4
TRI.TO Thomson Reuters 2.0 1.4
MX.TO Methanex Corp. 1.9 2.9
CNR.TO Canadian National Railway 1.8 1.1
IGM.TO IGM Financial 1.8 0.3
SNC.TO SNC-Lavalin Group 1.8 0.0
EMP-A.TO Empire Company 1.4 -1.5
T.TO TELUS Corp. 1.2 0.9
WFT.TO West Fraser Timber Co. 1.1 0.4
FTT.TO Finning International 1.1 0.0
BMO.TO Bank of Montreal 0.7 0.3
MG.TO Magna International 0.5 3.1
SLF.TO Sun Life Financial Inc. 0.4 -0.2
BNS.TO Bank of Nova Scotia 0.2 0.6
QBR-B.TO Quebecor Inc. 0.2 0.0
L.TO Loblaw Companies 0.0 0.3
ACO-X.TO ATCO Ltd. 0.0 0.1
ABX.TO Barrick Gold Corp. 0.0 0.0
CCO.TO Cameco Corp. 0.0 0.0
COS.TO Canadian Oil Sands 0.0 0.0
HBC.TO Hudson's Bay Co. 0.0 0.0
HSE.TO Husky Energy 0.0 0.0
IMO.TO Imperial Oil 0.0 0.0
IFC.TO Intact Financial 0.0 0.0
RCI-B.TO Rogers Communications 0.0 0.0
TCK-B.TO Teck Resources 0.0 0.0
CM.TO CIBC 0.0 -0.1
PJC-A.TO Jean Coutu Group (PJC) 0.0 -0.1
RY.TO Royal Bank of Canada 0.0 -0.1
TRP.TO TransCanada Corp. 0.0 -0.1
K.TO Kinross Gold 0.0 -0.2
RUS.TO Russel Metals 0.0 -0.4
LNR.TO Linamar Corp. 0.0 -0.5
BBD-B.TO Bombardier Inc. 0.0 -27.8
SU.TO Suncor Energy -0.1 1.4
WN.TO George Weston -0.1 0.2
GWO.TO Great-West Lifeco -0.1 0.2
SAP.TO Saputo Inc. -0.1 0.1
POW.TO Power Corp of Canada -0.1 -0.2
PWF.TO Power Financial Corp. -0.1 -0.2
VRX.TO Valeant Pharmaceuticals Intl. -0.1 -2.2
FFH.TO Fairfax Financial Holdings -0.1 -5.5
MFC.TO Manulife Financial -0.1 -6.0
CNQ.TO Canadian Natural Resources -0.2 0.0
ATD-B.TO Alimentation Couche-Tard -0.2 -0.1
TD.TO TD Bank -0.2 -0.3
NA.TO National Bank of Canada -0.2 -0.4
G.TO Goldcorp Inc. -0.2 -1.8
ECA.TO EnCana Corp. -0.2 -13.3
POT.TO Potash Corp. of Saskatchewan -0.4 -0.3
CU.TO Canadian Utilities -0.5 -0.4
ENB.TO Enbridge Inc. -0.5 -0.6
TIH.TO Toromont Industries -0.5 -0.6
CCL-B.TO CCL Industries -0.6 0.0
IAG.TO Industrial Alliance Ins & Fin -0.6 -0.8
KEY.TO Keyera Corp. -0.8 -0.5
FTS.TO Fortis Inc. -0.8 -28.3
GEI.TO Gibson Energy -1.0 -0.8
EMA.TO Emera Inc. -1.0 -0.9
MBT.TO Manitoba Telecom Services -1.0 -0.9
BCE.TO BCE Inc. -1.0 -1.7
SJR-B.TO Shaw Communications -1.0 -1.7
CVE.TO Cenovus Energy -1.1 -8.9
TA.TO TransAlta Corporation -1.3 -1.3
PPL.TO Pembina Pipeline Corp. -1.3 -4.2
BAM-A.TO Brookfield Asset Management -3.7 -0.5
CPG.TO Crescent Point Energy -12.3 -1.6
FM.TO First Quantum Minerals -14.7 0.0