Table of Contents
What Can You Find in This Report?................................................ 3
The State of SMid-Caps (PM Summary) ........................................ 6
Higher Vol ST, but higher highs in '09. ..................................................... 12
At the Sector Level: Focus on “Not Liked” .............................................. 22
At the Country Level: Remain UW Spain.................................................. 23
At the Stock Level: Opportunity Exists..................................................... 24
Country Screens.................................................................................... 26
Pan-Europe .................................................................................................. 28
Nordics ......................................................................................................... 48
United Kingdom........................................................................................... 66
Ireland........................................................................................................... 84
Germany+Austria ........................................................................................ 98
Benelux ...................................................................................................... 116
Switzerland ................................................................................................ 134
France......................................................................................................... 152
Greece ........................................................................................................ 170
Italy ............................................................................................................. 188
Iberia........................................................................................................... 206
JPM Pan-European SMid-Cap Coverage — By Country ....................... 223
The SMid Frontier................................................................................ 230
The Golden Geese..................................................................................... 231
The Halibut Stocks.................................................................................... 234
Sequoia Stocks.......................................................................................... 240
The Minters ................................................................................................ 244
The Roadsters ........................................................................................... 247
All prices