A pictorial view
- IGT bought back 110 million shares over the past 8 years, or almost 30% of the outstanding shares
- The buyback has been very accretive to EPS but hasn’t done much for the stock. The stock is at the low end of its 8 year range and 76% off its high in early 2008
- Nevertheless, we are currently projecting almost 25% EPS growth in FY2013 which, if achieved, would likely result in significant share appreciation – the one advantage of low expectations
