Russell's departure is great news for VTG. This should give the...

Russell's departure is great news for VTG. This should give the market some certainty that further significant rem cuts are now looking quite unlikely. VTG is extremely cheap at the moment, only 4x FY18 EBITDA and generating strong FCF to pay divs. All we really need to see is stabilisation in earnings outlook beyond FY18 (FY18 will be down, but in my view, less than the brokers are predicting) and the stock could double over the next 12-18 months .