Q: your opinion on vnp please.
thank you.
thank you.
5i Research Answer:
First, we would note that VNP has never created any long term shareholder value; it went public at $3 in 2007, and now 17 years later it is $3.58. It is small and risky, yet not cheap at 20X earnings. EPS has been volatile and cash flow is not overly impressive. Net debt is very high at more than 5X cash flow. It has missed estimates in seven of the past eight quarters with a big miss in 3Q. There is very little to like here, in our view.