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thx for post - that is helpful

big diff - vl is at 5.25 with 22% tax rate
they used 4.58, the NG reported number
course, looking at my notes MA predicted low teens, mid 20 CAGR on EPS (below - direct note)
(i don't try to derive these things myself 90% of the time)
VL assumed 15% EPS growth for 18, 13.5% beyond that
like you numbers better


10. So overall, with these adjustments, estimates 2018 YoverY growth net revenue would grow at mid-teens rate and OpEx would grow low-double digits both on currency-neutral basis and excluding special items.


thanks naj
I did this as a non-eps review
i've got the estimates for this one from others in my notes
but had gotten in the habit of just printing a VL sheet
and only reading my conclusion, not the notes below
something to watch for
course, i wouldn't have normally expected VL to be this off....but that's my problem now
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