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No. of Recommendations: 1
The company presentation. BTW, the increase in share count is due to shares issued on the M&A. They were steadily buying back. WY, has in my opinion a strong balance sheet, net debt is < 15% of EV, debt is 1.5 x EBITDA, @ $1 dividend it will be around 2.75% to 3% depending on the share price; the buybacks will be about 1% of outstanding capital @ $250M buyback on $25 B market cap.

In the future if the stock price declines, I think the company has ability to lever up and deploy couple of billions on buyback. In other words, at right conditions, they can lever up, and retire 10% of outstanding shares without impacting their investment grade.

The challenge is buying the stock at the right price or for an idiot like me, when you buy, just hold it forever.
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