I saw an article recently on Seeking Alpha saying that Diageo (DEO) is a good company but that it's overvalued. That's not too surprising; high-quality companies like Diageo often appear overvalued based on traditional valuation metrics. The author, Marathon Investing, however went into specifics saying that Diageo should not carry on its share buyback at present given the rising stock price.
As a long-time Diageo owner, and it being one of my larger holdings, it's worth running through a full analysis of the math here. Capital allocation, after all, is a key lever