I'm a bit perplexed by your post. There's never a perfect...

I'm a bit perplexed by your post.

There's never a perfect economic environment but, with interest rates at historic low...I say this one isn't too bad. You also mentioned that you'd prefer them to pay debt off. Well, they just did and a lot. Look what happened.

The current results were very solid. They did the following:
-Grew NPAT over 35%
-Cut the company debt by a 3rd (in 6 months!) . This company has a strong balance sheet.
-I heard nothing that said the company doesn't think it won't grow in the future.
-Increased the dividend by 33%.

What more do you want them to do?

I'm a big boy. If the company came out with bad number or a loss then the stock would be at these levels. I'd take my lumps and I'd deal with it. This isn't the case.

I'm not talking about the company's current results or future results. My only concern, which is a very recent concern...is the valuation of the company.

Yes, I would have liked some more top line growth and have got over 13M but, if I have to have one of them grow...it's NPAT. That called making money.

Again, I'm only concerned about the current valuation and the volume.

A stock buy-back addresses these issues. I'm not suggesting the company goes nuts. A 5-10% buy-back is very reasonable and addresses the above two concerns. Many companies practice this. Some that aren't nearly as in good shape as Codan is.

You're concerned about them taking debt on? Debt is cheap now (3-5%). Does anyone think Codan's shares won't go up more than 5% in the next 12 months?

Ok, let's say they don't take on debt. Take 2-3M from cash. Then take 10-12M from cashflow. A 10% buy-back is 18M. If they buy around these levels and the stock goes to over $1.80, which isn't a far reach they'll have pocketed the same amount of profit they just announced.

Or say the just announce a 5% buy-back. 9M is the same amount as their current cash pile.
A buy-back clears sell orders...most importantly tells all shareholder and the market that Codan management think the shares are under valued.

I'm surprised by the tone of some shareholders. The current valuation is a joke on a few levels. Are you happy about it? If not...speak up and say something. After all it's your company.