We expect another good result from Vita

Pie Funds

Pie Funds

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.

Pie Funds is a boutique Investment Manager. We are committed to our investment style and ignore the crowd. All our clients are treated with respect and we understand that choosing an investment manager is a big decision with important consequences...


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