We expect another good result from Vita

We expect another good result from VTG this reporting season. Management have a history of under-promising and over-delivering and we would expect this year to be no different. In addition, VTG has delivered half on half EBITDA growth for 11 consecutive halves. There is a good chance it will be 12. Canaccord upgraded earnings last week and now have a t/p of $2.15. on their numbers its on a FF yield is over 8% with an FY16 p/e of 12x However, we think consensus is still too low and our internal estimates are above consensus by a reasonable margin. Of all our holdings we are most looking forward to Vita's results and as such it remains our largest holding.