Q: Strong NCIB announced to buy back 10% of the shares - understand no action has to be taken but do you view this a management is confident buying at today's price will be rewarding?
5i Research Answer:
Yes. While we would have better confidence once we actually see more buying, the decline post-earnings seems a bit reactionary and the outlook for growth remains good, and management believes a buyback makes sense based on its valuation and capital alternatives.