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MSN [BUY +25.3%] - Consumer growth starts to materialize - Update

We update MSN with a BUY rating with 25.3% upside. The 20% upward revision in our TP is driven by an improved F&B outlook, revaluation of associate companies and higher metal prices. 2018F PER seems high at 25.6x, but is supported by a strong earnings outlook. We forecast an EPS CAGR of 34% during 2019-2020 driven by robust core business growth and deleveraging. Proceeds from MSN's potential sale of treasury shares (up to 110 million shares) will accelerate the deleveraging process and, he