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NVL [M-PF +4.0%] - Solid 2017 earnings expected, but dilution risk looming - Update

We lower our rating for NVL from O-PF to M-PF with total return of +4.0%. We increase our TP by 22% as a brighter outlook for 2017 property launches and newly acquired projects offset an increase in fully diluted shares, but the share price increased 41% since our initiation report. New launches of diversified products will fuel contract sales value +11% in 2017.