Ann: VTG Investor Briefing Invitation FY20 Results 21 August 2020, page-5

Gary
In hindsight I think most holders would agree that ~1.50 was a pretty reasonable price, but remember that the company had delivered 1H earnings of 8.9c and was proposing a dividend of 4c. My personal view at that time was that the company had just started showing its true earnings potential and was going to grow from there, so 8-9 times earnings (annualising 1H) seemed a little cheap.

Hard to know what 2H will deliver, but I'm assuming (perhaps hoping would be a better word) that mgmt would had flagged if they had gone into a loss; if that holds than worse case 2H delivers EPS of 0-2c which is still not too bad for what it's currently valued at.

My issue with VTG is opportunity cost of holding......mgmt should have flagged the good 1H result well before it was announced, and I feel the same for 2H......there is no forecast or guidance which means that we are always in the dark until results day. I suspect institutions find it too hard to open that black box so move on to easier opportunities.....something on the back of my mind (especially if we have no guidance of what 2021 is going to look like).