CGGR - Meta Platforms: Buffer Against Another Correction

• The recent carnage in the stock market offers Meta's management a good opportunity.
• In the last twelve months, Facebook has spent over $50 billion on buybacks and the company has another $30 billion in authorized capital for buybacks.
• Facebook’s trailing twelve months free cash flow was $40 billion, which should allow the company to continue buybacks at the current pace for the foreseeable future.
• This will be a big tailwind for EPS growth and we could see close to a 10% annual jump in EPS due to buybacks alone.
• The buybacks should help the company limit short-term volatility in the stock and allow better sentiment during the current transition phase.

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