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  "documentTitle": "A&M Valuation Insights November 2023",
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      "text": "In the long-term, both values typically converge over time, resulting in a ratio of about 1.0x. However, over the past years, the market capitalization of both residential and commercial real estate companies in Germany has diverged substantially from their NAV.",
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      "text": "1) Source: S&P Capital IQ, Company Financial Reports, A&M Analysis\n2) Note: The market capitalization shown refers to a peer group of residential real estate companies...\n3) Note: The market capitalization shown refers to a peer group of commercial real estate companies...",
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      "text": "Development of the P/NAV ratio: Before the outbreak of the COVID-19 crisis... The gap between the two metrics widened... Since the end of 2021, the market capitalization began to decline sharply...",
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      "text": "Development of the P/NAV ratio: Similar to the residential real estate companies... With the onset of the COVID-19 crisis... Overall, the share prices of commercial real estate companies fell much more sharply...",
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