we've been overtaken by cnp, page-14

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Citi rates VPG as Downgrade to Sell, Speculative Risk from Hold, High Risk - The broker has had a good think about the company since management withdrew the FY09 guidance and the cancellation of the Feb-09 distribution. Sure it is trading below valuation, but with earnings in question and covenant risk from asset value weakness and further potential losses, the broker says it has no choice to be pessimistic. Downgrade to Sell from Hold and target slashed to 5c (from 43c).

Target price is $0.50 Current Price is $0.06 Difference:$0.45 - (brackets indicate current price is over target). If VPG meets the Citi target it will return approximately 809% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June. Citi forecasts a full year FY09 dividend of 0.00 cents and EPS of 5.20 cents. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1.06.

Market Sentiment: 0.0