What does the cumulative €90.1 million repurchase to date indicate about management's confidence in the business and its future cash flow sustainability?

The €90.1 million of shares that management has already taken off the market signals a strong conviction that the business is generating, and will continue to generate, excess cash beyond its investment needs. By allocating a sizable chunk of free cash flow to a buy‑back rather than retaining it on the balance sheet, the board is effectively saying that the current valuation (≈ €22.4 per share) is attractive relative to the company’s earnings power and growth outlook. In addition, the reduction of the share count (≈ 4.4 m shares, roughly 2‑3 % of the total float) will lift earnings‑per‑share and return‑on‑equity metrics, providing a mechanical boost to the stock price and reinforcing a “shareholder‑friendly” narrative that can attract momentum investors.

From a technical standpoint, LIGHT has been trading in a tight upward channel since the February buy‑back announcement, with the recent repurchase pushing the price back toward the upper trend‑line around €23.5. The buy‑back volume spikes have coincided with modest price rallies, suggesting that the market views each tranche as a floor‑support event. Traders could look for continuation patterns (e.g., bullish flags or ascending triangles) and consider buying on pull‑backs toward the 20‑day moving average, targeting the channel high or a break above the recent swing‑high at €24.0. Conversely, if the stock breaches the lower channel boundary on declining volume, it may indicate that the buy‑back has been priced in and a short‑term correction is likely. In short, the cumulative €90 m repurchase underlines management’s confidence in sustainable cash flow and provides both a fundamental catalyst and a technical support level for bullish positions.