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ASTL - Algoma Steel Announces Massive Buyback To Repurchase +30% In 30 Days
June, 16 2022 04:33 AM
Algoma Steel Group Inc.
Algoma Steel leans on its strong balance sheet and issues a Substantial Issuer Bid. This is a huge share repurchase program, where Algoma will look to repurchase $400 million worth of stock in the coming month. Algoma Steel's accelerated share repurchase program could see approximately a third of its total market cap repurchased over the coming month. By my very rough estimates, Algoma is priced at 1.5x free cash flow. I rate this stock a buy. For further details see:
Algoma Steel Announces Massive Buyback, To Repurchase +30% In 30 Days
Stock Information
Company Name:
Algoma Steel Group Inc.
Stock Symbol:
ASTL
Market:
NYSE
Website:
algoma.com
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