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...the company is worth the same amount, so the value per share is higher.
Really? The company is worth the same amount? I guess WEB got to repurchase the shares for free!

The guy is indeed incorrect, on both counts.
Stock repurchases almost invariably cause the aggregate value of any company to go down.
It's the same business, less the cash that left to go to other places.

The effect on value per share is a function of the price/value ratio at which the purchase is done.
Might be higher, lower, or the same.

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