Rückkaufprogramm

Rückkaufprogramm, also known as a share buyback program, is a corporate action where a company repurchases its own outstanding shares from the open market. This reduces the number of shares available to the public. Companies typically initiate buyback programs for several reasons. One primary motivation is to return capital to shareholders. By reducing the number of shares, each remaining share represents a larger ownership stake in the company, potentially increasing earnings per share (EPS). This can make the stock more attractive to investors.

Another reason is to offset the dilutive effect of employee stock options or other equity-based compensation plans. When employees exercise stock options, new shares are issued, increasing the total number of outstanding shares. A buyback can counteract this increase. Additionally, companies may believe their stock is undervalued by the market. Repurchasing shares at what they perceive to be a low price can be seen as a good investment for the company itself, signaling confidence in future performance.

Share buybacks can also influence a company's financial ratios, such as return on equity, by reducing the equity base. The decision to implement a buyback program is usually made by the board of directors and is often announced publicly. The program can be executed over a specific period or until a certain number of shares are repurchased. While buybacks can benefit shareholders, they are also subject to regulatory scrutiny and can be controversial if perceived as artificially inflating stock prices.