Table of Contents
Executive Summary .................................................................3
Stock selection .........................................................................7
Economic Backdrop and Scenarios .....................................12
Sector valuation – 9-26% upside to mid-cycle fair value ....16
Pricing the key driver and risk ..............................................19
Sector margin and return analysis........................................25
Analyzing earnings recovery drivers....................................31
Summary J.P. Morgan end-market views.............................42
Sector trading multiples ........................................................76
Valuation Methodology and Risks ........................................77