"...this company could sell their accounts receivables at a 80% haircut and buy back 50% of the shares outstanding." Nonsense. For one thing, if a company buys back 50 % of the shares outstanding the pps will soar so much in the process that it is entirely unpredictable how much the compny will have to pay for those shares. For another, a company is only alowed to buy back its shares at a very slow pace.
They don't pay 30% do they? They should focus on sharebuyback and cash dividend. They think expansion is the best thing, but with so low ROE, it's better with cash dividend to the shareholders.
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