Share cannibals

I read recently that Charlie Munger recommended looking at “cannibals” – companies that “eat themselves” by buying back shares – as a way of achieving above-average performers.

Using data from Sharelock Holmes, I have extracted those companies where the number shares has declined over the period of a decade (or shorter, where a full decade was not available). Here are the results:

EPIC EE NSHG
1229 SPSC -12.90 0.99
728 RES -0.22 0.13
1087 IMAC -0.01 0.95
1177 SRG 0.15 0.01
1243 DRS 1.42 0.98
990 RM. 1.54 0.99
810 EDP 1.77 0.51
827 DWHA 2.36 0.87
947 DMGT 2.45 0.05
119 HOME 2.47 0.93
1057 HYNS 2.56 0.39
760 DTE 2.80 0.99
870 SWJ 2.92 0.86
435 MSI 2.98 0.92
423 BLT 3.17 0.34
925 CCT 3.38 0.55
1004 CCAP 3.39 0.94
1125 GOG 3.40 0.84
942 HDT 3.45 0.98
1097 RDSB 3.71 0.97
867 TLPR 3.74 0.99
1167 NARS 3.76 0.96
1043 TNI 3.78 0.88
630 ASY 3.97 0.59
663 IPEL 4.06 0.98
280 BMT 4.06 0.67
1116 BP. 4.20 0.86
759 ARGO 4.33 0.88
1133 CWC 4.37 0.43
826 AVA 4.37 0.01
593 DWHT 4.38 0.87
991 RNK 4.47 0.66
213 CFX 4.48 0.61
986 WOR 4.59 0.95
200 VP. 4.71 0.92
0 RTO 4.87 0.96
1349 JEL 4.92 0.62
311 AZN 4.99 0.72
177 PHSC 5.02 0.91
1115 TRD 5.04 0.83
1059 RNWH 5.07 0.86
84 BT.A 5.09 0.92
621 BRSN 5.10 0.91
712 BMTO 5.39 0.33
1168 LDSG 5.55 0.78
223 C21 5.60 0.99
1352 IRV 5.63 0.76
42 FFY 5.83 0.50
711 VOD 5.85 0.72
327 TOT 5.90 0.94
1048 GRG 5.91 0.84
859 SMWH 5.96 0.74
627 CLA 6.07 0.69
176 UBM 6.31 0.74
182 IND 6.37 0.11
960 LTHM 6.40 0.91
490 MNZS 6.47 0.92
47 SGC 6.49 0.44
494 MACF 6.51 0.98
634 CCC 6.53 0.85
307 SSY 6.61 0.23
230 BET 6.81 0.96
548 MKS 6.84 0.70
209 AUG 6.88 0.90
533 BOY 7.24 0.68
1047 HVT 7.42 0.34
742 RIO 7.44 0.85
159 VED 7.50 0.93
680 IPF 7.66 0.97
380 SN. 7.66 0.98
808 SAF 7.71 0.72
338 MAI 7.76 0.79
339 CFYN 7.77 0.97
455 JDW 7.88 0.59
497 SIG 7.98 0.95
643 SMJ 7.98 0.95
91 TPT 8.04 0.85
370 LSE 8.06 0.93
231 ICGC 8.06 0.69
460 BG. 8.20 0.96
583 ITV 8.24 0.98
1378 MCRO 8.25 0.76
51 RBN 8.29 0.82
629 AAL 8.36 0.98
689 HEAD 8.37 0.99
66 DVW 8.38 0.89
935 MAB 8.39 0.56
884 HSM 8.41 0.93
1251 LSC 8.64 0.85
940 IGG 8.68 0.87
816 NBL 8.76 0.27
1329 FOUR 8.78 0.93
936 CAU 8.86 0.96
667 RCG 8.95 0.57
306 OCN 9.00 0.99
916 TATE 9.01 0.98
1053 CNC 9.03 0.98
1290 JMAT 9.09 0.94
478 BBA 9.10 0.95
166 GSK 9.13 0.83
1213 RYA 9.22 0.96
153 IMI 9.39 0.91
350 BSY 9.47 0.88
68 LAD 9.65 0.55
304 SUS 9.73 0.98
1323 XPP 9.80 0.93
532 SPT 9.90 0.70
599 ABBY 10.13 0.63
1145 WG. 10.16 0.91
501 PMO 10.17 0.68
85 DVO 10.32 0.95
344 SMIN 10.35 0.71
703 PUB 10.38 0.53
32 ITE 10.43 0.93
395 HAS 10.68 0.73
512 NXT 10.78 0.53
745 SGE 10.82 0.93
984 PNN 10.88 0.94
832 BWNG 11.09 0.97
1189 ETI 11.09 0.75
291 SVT 11.24 0.69
565 BATS 11.29 0.85
13 REL 11.42 0.89
694 CPG 11.51 0.83
875 FLTR 11.60 0.96
1091 ULVR 11.74 0.94
873 CPS 11.78 0.84
198 PFG 11.91 0.72
249 BNZL 11.98 0.72
114 WTB 12.01 0.62
1175 SPD 12.15 0.83
992 AGA 12.16 0.54
384 RWA 12.27 0.98
1242 ALPH 12.72 0.95
184 UU. 12.74 0.99
575 BKG 12.80 0.61
899 EXPN 12.85 0.99
817 YNGN 12.91 0.98
1033 SNCL 12.96 0.76
682 BRBY 12.97 0.89
1095 CRDA 13.00 0.77
763 FSTA 13.00 0.53
227 DNO 13.06 0.98
1198 CPI 13.10 0.99
134 DLAR 13.15 0.60
1266 MPI 13.31 0.83
1299 DGE 13.52 0.76
951 AVR 13.62 0.88
271 CLI 13.62 0.44
1009 KYGA 13.76 0.95
545 PEN 13.79 0.95
331 WSP 14.51 0.84
142 ARDN 15.04 0.97
537 AIE 15.25 0.90
452 LIV 15.69 0.77
1137 YNGA 15.82 0.99
982 LOK 16.15 0.90
31 IHG 16.25 0.44
821 EDR 16.69 0.27
1173 DIA 17.20 0.31
211 STZ 17.42 0.50
708 TCSC 17.79 0.80
1051 SHRE 18.37 0.83
588 PZC 18.45 0.99
671 CPR 19.14 0.90
1262 CPW 20.11 0.49
297 RMV 20.46 0.84
1068 CDFF 21.31 0.54
367 NAR 25.37 0.71
613 HTG 28.17 0.70
359 LMS 32.41 0.75
676 BEST 34.68 0.74
343 FTC 40.81 0.41
1066 HLCL 40.96 0.83
276 MPO 44.67 0.90
614 PER 46.61 0.99
102 MOG 65.82 0.12
108 SVI 83.54 0.87
647 TPF 103.23 0.01
668 IKK 129.76 0.98
356 SGR 148.92 0.53
1206 FBH NaN 0.92
22 LGEN NaN 0.91
770 SEA NaN 0.80
1002 PCGB NaN 0.01
19 CDI NaN 0.77
1187 PPIR NaN 0.60
1265 ECR NaN 0.24
453 HLO NaN 0.28
328 LMBT NaN 0.96
340 CNE NaN 0.47
9 TREE NaN 0.98
767 OIL NaN 0.93
30 ZIOC NaN 0.99
1154 ORA NaN 0.35
818 VMED NaN 0.82
974 TRC NaN 0.99
242 LRE NaN 0.83
943 ITA NaN 0.01
1046 FPM NaN 0.05
508 LTS NaN 0.99
1359 PTH NaN 0.90
127 BLZ NaN 0.80
1069 ACC NaN 0.11
928 SLP NaN 0.99
256 TPS NaN 0.01
677 TON NaN 0.99
573 ISH NaN 0.70
272 KCO NaN 0.99
637 VNL NaN 0.98
205 MFX NaN 0.28
1163 LMT NaN -666.00
292 SDR NaN 0.76
293 CAML NaN 0.98
961 ITM NaN 0.64

The data has not been adjusted for share splits, consolidations, and suchlike, so it is up to you to very the accuracy of the data. 218 companies are in the list.

Needless to say, just because a company makes it into the list does not imply that it should be bought.
Have at it.

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About mcturra2000

Computer programmer living in Scotland.
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