The specific question you need to answer relates to share buybacksExplain using an example, how a company undertaking a share buyback and using either its existing reserves or borrowing money could result in an increase in its share price. How is value being created for shareholders? Theres an old saying in economics: there is no such thing as a free lunch. What it means is that when you get something, you end up paying for it one way or another. Is there a free lunch when a company buy back its shares?Please use Framework for analysis of company value analysis.

Firm competitiveness Cost of Production Product Differentiation Quality of management Technology, Politics Licence to operate Framework for analysis of company value Sales Volume X Profit Margin Growth options Value Market price Discounted Cash flow Industry attractiveness: Barriers to entry Leverage capacity Competition Governance Quality of management Alignment of incentives Investor protection Macroeconomic settings