it's still expensive

Even after todays hammering, @68c VLL is still trading at a revised 2005 p.e. of just over 18.

For a company that has now issued 2 profit downgrades, and absolutely no management credibility, the current p.e. makes the stock look very expensive.

Maybe around 12-13 would be more appropriate that implies VLL should head towards 50c in early course.