RBS has maintained its Buy recommendation on VBA, seeing...

RBS has maintained its Buy recommendation on VBA, seeing significant value on a 12-month view. Target price = $0.44.

In short,

- VBA half-way through the game change strategy. Expect to see most of the remaining initiatives delivered during FY11, with corporates being shown the full package by FY12.

- Potential strike action at QAN could be a positive for VBA. They estimate that the last time QAN had a stike, it resulted in a 6-month 2% market share improvement for VBA.

- Currently looks cheap, trading at a forcast 0.6x FY12 P/NTA.

- Target price of $0.44 reflects a forcast 1.0x FY12 P/NTA. Using a DCF vaulation would bring a price target of $0.59.

All IMO based on how I read it. DYOR!