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Strategies & Market Trends : Value Investing

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To: scbeachbum who wrote (72791)	5/15/2023 10:24:51 AM
From: Spekulatius	Read Replies (2) of 78715

re JXN - yes this one shows a lot of volatility, both in the stock as well as in the GAAP results. Anyways, i was reducing the $40+ range and bought back some shares around $27. They could upstream $600M in cash to the Holdco which is imo the most important thing to watch. That means after deducting Holdco expenses (interest on their preferred etc.) they will distribute about $550M this year in dividends and buybacks. With 84M diluted shares outstanding, that's about $6.5 in cash that shareholders will get this year. I think with the weak shareprice, they can reduce the number of shares outstanding by about 1.5-2M shares per quarter, so they should end up with <79M diluted shares by YE. Fore reference, they came out of the gate (post spinoff) with 94.5M diluted shares. We can debate how good this business is, but it for sure distributes a lot of cash.

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