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Despite poor earnings results last year, MBKE believe the outlook for EIB’s earnings growth over the next 3-5 years is favorable, partly because of the long-term benefits that should emerge from the proposed merger with Sacombank (STB). MBKE's BUY rating is based on undemanding valuation of 1.2x PB and a FY13 PE of 7.2x vs. expected earnings growth of 20% in 2013.
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