Baillieu Holst are also big fans of Vita

Baillieu Holst are also big fans of Vita. The Broker has stamped it with a buy, giving four reasons why: 1) Compelling growth and valuation 2) aforementioned metrics include minimal contribution from the B2B earnings, thus a free option exists on this material opportunity; 3) FY15F dividend yield of 7.3% fully franked at a payout ratio of 65% with VTG reviewing ways to leverage its 71cps franking balance by year end; and 4) strong financial positioning (net cash from FY16F trading on FY16F free cash flow multiple of 5.2x) which provides scope for future acquisitions or increased dividend payout ratio. See page 25: (VIEW LINK)