@mmasharpest @RockFlowGoLow @JBierne Well Casamigos isn't a great example. It was founded 10 years ago, promoted by a celebrity, and $DEO had to buy it for a billion? Same with Aviator. Is that a good business that deserves a high multiple? Buy all these brands and still have your revenue go in reverse?

@MLPguy Prob just spin it and have $PSX keep a big chunk $MPC $MPLX style?

@valuesci Not yet, I'll dive into the numbers deeper when the 20-F comes out.

@MMInvestor0 Agreed. It's not quarterly; SBC running at 4-5% would be a dealbreaker for me.

@JBierne Ok, and? They have negative Rev/OpIncome/EPS growth, and are still trading at a high teens P/E. They're on the wrong side of a lot of trends that are unlikely to reverse anytime soon.

@MMInvestor0 Most of their SBC hits in Q4 every year. It's been running about 1% of market cap give or take last few years, might be a touch higher now.

@daiminghao I'm doing it as of Q4. Add the subsequent ones if you'd like. But I'm not ignoring the shares added via stock grants. So it was a 1.5% net reduction in Q4.

@CP89880222 Very good question. Plus "Subsequent to December 31, 2024, we repurchased 198,926 shares of our common stock in the open market for $15.7 million." @christankerfund @J_M_G_B_ interesting no expanding repurchase auth as part of the annoucement

@daiminghao Q3-24 diluted shares= 19,517 Q4-24 diluted shares = 19,220 1.52% I'm counting net reduction..

@sandyydarling @christankerfund Gone from 20.7 -> 19.2m outstanding since then, so yeah, 1.5m actual repurchase, 1m offsetting dilution.

Book Value Per Share = ~$179-180 based on the below repurchases

@MadisonLackey44 @J_M_G_B_ Took out 1.5% of the total shares outstanding (so closer to 4% of the float) QoQ

@MadisonLackey44 @J_M_G_B_ Drat.

@MadisonLackey44 @J_M_G_B_ They'd need to do better than that. $120 final offer.

@invertedfragil1 @Lars57360069 Worrys about geopolitical conflict and trade wars come and go. We shrugged them off today. May not happen tomorrow. Or I'm wrong. We'll see.

@Lars57360069 We were oversold, shrugged off the weekend tariff today, Gaza situation looking bad, I think tomorrow could be ugly.