operating statistics imminent, page-12

This is what we've been waiting for. The upgrades have already started coming out. Merrill Lynch has lifted FY10 pre-tax profit forecast +52% to $92m. Their new valuation is 85c, up from 64c. They base this on 1.7x F11 P/B - still below 2.0x historical average. Also, they have a positive outlook for VBA FY11-12.

I have no doubt that once these global macro issues subside (ie CDS spreads narrow after Greece and Portugual sort themselves out) and other brokers release their upgrades VBA will head pretty quickly to $1.