No. of Recommendations: 16
Last 15 months ratio of average repurchase price to book value. Price expressed in B and takes into account both A & B repurchases. Quarter end book value used for all 3 months in the quarter.
1.57 and 1.56 from the last 2 months are the highest ever. Feels like a step change in what he is willing to pay. However, upon closer inspection, he has paid close to these levels in the past. Note 1.51 & 1.49 for Sep & Aug last year.
Average
Repurchase Book ARP/BV
Price (ARP) Value (BV) Ratio
March 415.47 265.08 1.57
February 414.12 265.08 1.56
January 370.08 265.08 1.40
December 360.71 259.58 1.39
November 355.27 259.58 1.37
October 48.50 259.58 1.34
September 366.42 242.28 1.51
August 361.16 242.28 1.49
July 347.62 242.28 1.43
June 335.55 248.64 1.35
May 329.00 248.64 1.32
April 308.57 248.64 1.24
March 308.51 231.95 1.33
February 306.07 231.95 1.32
January 312.92 231.95 1.35
1Q-24 BV calc:
571,490 million shareholders' equity
------------------------------------ = 265.08
1,437,251 Class A outstanding * 1500
