[yummyfajitas]

Share buybacks and dividends are mathematically equivalent:

1% share buyback when you own 100 shares (price=$100) -> $100 cash in your hands + 99 shares valued at $100/share.

1% of corporate value distributed as dividends -> $100 cash in your hands + 100 sharesvalued at $99 (since 1% of corporate value was given away).