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NVL - Lower deliveries pull down 9M 2017 results - Earnings Flash

NVL announced a 9M 2017 NPAT-MI decline of 16% vs 9M 2016, mainly due to lower property deliveries and financial income coupled with surging financial expenses. This performance was broadly below our expectation (reaching 43% of previous 2017F NPAT-MI). We therefore anticipate lowering our forecast in our next update report.