Ann: VTG Investor Briefing Invitation FY21 Results, page-9

I think the language from TLS is encouraging.

To me, it just further validates the whole investment thesis.

TLS will buy back the retail stores from VITA, the only question is around the precise details of the terms.

I have heard that TLS have been paying low end market rates to license holders, as predicted.

So that looks like somewhere between 2, and 2.5x's EBITDA.

And it would have to be on pre covid EBITDA also..


So my valuation on VTG hasn't changed much over the last few months

To reiterate for new readers, here is my latest (simplified) math



Retail network, about to be sold to TLS :160-200M
Net cash in bank: 40M
75M franking credits balance: 18-36M
Sprout accessories brand: 2M
Artisean/SHAW: 35-60M
SQDatheltica: 0M lol....


Minus CGT on TLS sale: -10 to -20M

Nets to 245M at low end, 315M at high end..

Or, $1.40ish, through $1.90ish as a SP