Strong Employment in Qld &Vic, page-2

Daicos, I am both an optimist and a pessimist of VLW - but intend holding because of the product offering and its durability in the long run. Did you see Satterley's recent comment of a 25% default on Vic land? That, plus the consequent follow on of lower block prices for the resale and higher costs of sale suggest there is a lot of carnage to come.  Whilst we have a NPAT of $17m baked in for 1H19 I cannot see the year with anymore than $22m at 17.5c eps. But the value is there. I reckon NTA at FY19 will be $2.48 and take a massive 20% haircut off that for falling resi prices, then the coy has to be worth at least $1.98
The Balance Sheet will be stronger because they have advised they are not making any land acquisitions this year and they have turned off the buy back tap mid December...so all settled sales will pay down debt. 
I reckon they will do a 8c interim and a 5c final...still pretty good...even better if boofhead Shorten doesn't get in the way. I'm holding for a better FY20 and 21.