Stock BuyBack- Codan., page-4

One of the good Warren Buffett quotes is "In the short term the market is a popularity contest; in the long term it is a weighing machine." I think that applies here. If the Codan can deliver consistently over the next couple of years in terms of revenue and earnings growth then the share price will appreciate considerably. But the company still has a bit to do to win back trust after the last couple of years. Worrying about the share price in the short term is a waste of time and I'd rather management have a long term focus on sustainably growing the business. That's not to say a share buy-back isn't a good idea, but there may be better long term opportunities for the cash they have.