$SNDK just reported earnings. As of end-June, tangible equity is ~$11bn and mkt cap rn is ~$210bn...so call it 20x tangible book. Despite that $SNDK spent $5bn buying back stock in 2Q and will spend another $15bn (per announcement) buying back stock in 3-4Q...way more than op FCF. How does this not end in tears? Why wouldn't they just pay out divs instead of buying back equity at 20x book?? https://t.co/dq4NZwR7a0
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