Downgrade, page-17

That's assuming management are honest, capable and that the company has money they couldn't find what else to do with beside a buyback. None of that is true for AHY.

They owe a lot of money, the bulk of which is due Sept 2017 and could bankrupt them if they can't find cash or have the loan extended somehow.

Yet management went out, borrow a $100M to buy back the stocks. At a price that is practically the same as when the company was first floated on the market.

Remember that the company is still being run by the same bunch of privateer, still majority owned by SCA... and it was these same guys who flogged it off onto the market for not a cheap price - all after paying themselves big bonuses, added crap load of debt to the balance sheet, then almost immediately sold most of their holdings after the IPO.

Logic would tell you that either these guys priced the IPO at a very cheap price - hence they're buying it back at the same price now, on borrowed cash; or that the company have since break all growth and profit records that its price is a real bargain. That or they're manipulating the market.