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MBB [M-PF +0.7%] - Forecast struggles against gust of dilution - Update

Wednesday’s opening of MBB’s foreign ROOM signifies imminent settlement of the 406m share domestic placement and we accordingly update our valuation. Significant dilution forces us to be more generous across the board in terms of forecast assumptions with the exception of holding our NIMs assumptions constant relative to our 7th Sept 2015 report.