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ybacks / dudand payments / cach aoquattore) —— Increase capitd ng spend —— Improve balance sheets (repay debt, top up company panaian plan) Source: BofA Merrill Lynch Global Fund Manager Survey (17 January 2017) Potential EPS impacts 16% 14% 12% 10% 8% Benchmark High Share Repurchase INEXPENSIVE Companies with High Share Repurchase No
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