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DXG [BUY +54.7%] - Excellent sales progress boosts confidence in business model transformation - Update

We reiterate a BUY rating for DXG. The Q1 decline in brokerage does not reflect the full-year outlook, while the 2017 forecasted EPS decline hides the 32% forecast three-year EPS CAGR which will come as the company starts handover of its large portfolio of projects. This long-term growth is not reflected in the current valuation.