NVL [M-PF +4.0%] - Solid 2017 earnings expected, but dilution risk looming - Update
  • 2017-04-07T17:08:47
  • Company Research
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.