11.05.2015 - Studies
DAX and MDAX corporations make little use of the option to buy back their own shares. Almost all corporations are authorized to buy back their own shares, but this is to be understood as an "advance resolution" to give management flexibility in the allocation of capital. One cannot speak of a general intention to buy back shares.
In comparison to dividends, share buybacks play only a minor role in Germany and are carried out only occasionally. Since 2005, 85 % of the distributed capital has been paid in dividends, only 15 % through share buybacks.
Since 2005, around 13 % of the fiscal years of the DAX and MDAX groups feature share buybacks, which correspond on average to 3.9 % of their market capitalization. The financial crisis has drastically reduced both the volume and the number of buybacks.
Less than half of the DAX and MDAX groups, which have carried out significant share buybacks since 2005, have shown a good timing. On average, they bought back their own shares once or twice in periods of low prices.
Please note: This study is available in German only.
12.10.2018 - Companies
13.08.2018 - Companies
The information contained and opinions expressed in this document reflect the views of the author at the time of publication and are subject to change without prior notice. Forward-looking statements reflect the judgement and future expectations of the author. The opinions and expectations found in this document may differ from estimations found in other documents of Flossbach von Storch AG. The above information is provided for informational purposes only and without any obligation, whether contractual or otherwise. This document does not constitute an offer to sell, purchase or subscribe to securities or other assets. The information and estimates contained herein do not constitute investment advice or any other form of recommendation. All information has been compiled with care. However, no guarantee is given as to the accuracy and completeness of information and no liability is accepted. Past performance is not a reliable indicator of future performance. All authorial rights and other rights, titles and claims (including copyrights, brands, patents, intellectual property rights and other rights) to, for and from all the information in this publication are subject, without restriction, to the applicable provisions and property rights of the registered owners. You do not acquire any rights to the contents. Copyright for contents created and published by Flossbach von Storch AG remains solely with Flossbach von Storch AG. Such content may not be reproduced or used in full or in part without the written approval of Flossbach von Storch AG.
Reprinting or making the content publicly available – in particular by including it in third-party websites – together with reproduction on data storage devices of any kind requires the prior written consent of Flossbach von Storch AG.
© 2023 Flossbach von Storch. All rights reserved.