Table of Contents
Sideways for 8 weeks...............................................................6
Average PT +5% and 3 rating changes...................................7
The Winner Takes All ...............................................................8
Risks to ratings and price targets.........................................27
Appendix I: J.P. Morgan European property valuation model
.................................................................................................58
Appendix II: J.P. Morgan European property Econometric
model.......................................................................................60
Appendix III: Cocktail of property drivers ............................61
J.P. Morgan European Property Universe: Valuation
multiples summary.................................................................63