Online dating services group Cupid authorised a share buyback programme at its EGM on 19th December. The scale of the programme planned (and which was set to, and did, start on 7th January) was never made clear but it is now clear that it is surprisingly large. It will continue right the way through to results in March and effectively underpins the share price which remains hugely undervalued anyway. That is why the shares should be bought now as I shall explain below – I have increased my 2013 forecasts, formally introduced 2014 numbers and discuss two new target price scenarios accordingly.
As it happens I made this a share tip here at 166p the day before that EGM and so with the shares at 195p I am already looking pretty smart.
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