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NT2 [BUY +24.8%] - Ongoing rains may hurt sales volume in 2018 - Update

Company Research

01 Feb 2018

Our target price inches up by 1.6% due to lower WACC and roll-over effect from DCF valuation which implies a BUY rating and a 24.8% total return (including a 9.1% yield). However, we cut 2018F recurring earnings by 8.9% due to a lower weather-related sales volume assumption and lower contracted volume for 2018 than previously expected.
Tags: NT2

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