Heading to $2, page-3

FWIW Morningstar's update has just been uploaded to the ANZ share trading platform. They were rather scathing of what has transpired these last two days but nevertheless maintain a buy recommendation although they have now cut their fair value by 25% to $4.80. That makes sense as that cut reflects the cuts in the numbers given to us yesterday. Morningstar trace all the problems back to financial and reporting systems that are, and I quote, "woefully inadequate". The good news is they also believe this is all fixable however they acknowledge that VOC credibility is at a low and will take time to recover that 51% discount to fair value. They also mention DPS will likely be cut in line with the cuts to other numbers. I guess you could read that (IMO) as a 25% cut in dividends.

Mind you in the few months I have followed VOC they have cut fair value from $7 to $6.40 to $4.80. But to be fair they are hostage to the same sets of numbers that we have been fed.