In theory, but what you fail to factor in is the company's propensity to increase the A/S. So we churn churn churn meanwhile watching the company dillute using the A/S while buying back a measly amount of shares (without cash they just can't buy back a large amount).
Then - just when we think the A/S is fully utilized and we could start moving up, BANG! the company increases the A/S. history repeats itself