Today
TPSA will open buy back program running under three conditions: number of acquired shares won’t exceed 5% of share capital, founds allocated to the program won’t be higher than PLN 700 m, program should be done until end of December 2007.
Our View: We view the news positively, as it eliminates risk to our forecasted PLN 1.9 per share dividend + buyback payment, leading to an attractive 8.62% dividend yield for 2007. We expect the news to have a neutral impact on the stock today.