"Valuation remains significantly above the security price on any...

"Valuation remains significantly above the security price on any reasonable metric. Our DCF valuation remains $1.34/share. The BBI share register is likely to experience a Transurban (TCL) type adjustment with retail investors having little reason to own the stock without a yield. This is why disclosure is even more crucial for a recovery in BBI's security price as it needs to attract institutional investors to the register.

�� We expect BBI to reinstate the distribution in FY10 at 10cps in line with our net operating cash flow forecasts (EBITDA less interest less tax less maintenance capex).

Recommendation remains Buy / Out Perform."

10c div in FY10..... not a bad dividend for a stock you can buy for 13c.