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  "documentTitle": "CPI Property Group (CPIPGR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
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  "presentationDate": "2024-01-22 00:00:00",
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  "notes": "The slide highlights a discrepancy between CPI's carrying value and JLL's valuation range for the Bubny landbank.",
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      "text": "While JLL uses the comparable method for the Bubny landbank, it only uses from a sample size of six properties, none of which are identified.",
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      "kind": "metric",
      "text": "valuation per sqm: 100%",
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      "kind": "paragraph",
      "text": "CPI PG, through its subsidiary CPI FIM, presents the Bubny Landbank's asset value as well as a fair value on range (weighted average by comparator property similarity to the Landbank) per sqm basis.1,2 CPI's carrying value is slightly higher than the valuation by Jones Lange Lasalle (JLL), which appears quite flawed. While JLL uses the comparable method for the Bubny landbank, it only uses from a sample size of six properties, none of which are identified.",
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      "text": "In 2022, CPI carried the Bubny Landbank at €276.9 million, or ~€1,378/sqm based on its reported 201,000 sqm. JLL's 2022 range weighted average equates to €245.8 million or ~1,223/sqm.",
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      "kind": "source-note",
      "text": "1 CPI FIM Consolidated Financials 2022, Pp. 27, 35. (Note: Bubny is 20% held by CPI FIM and 80% held by CPI's German subsidiary GSG Europa Beteiligungs Gmbh.) 2 https://app.iprpraha.cz/apl/app/cenova-mapa/index.html?lang=en",
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      "text": "JLL: Bubny landbank range (weighted avg) value: €1,223/sqm",
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      "kind": "table",
      "text": "Landbank and Development | Fair Value 2022 | Fair Value 2021 | Valuation technique | Significant unobservable Inputs | Range (weighted avg) 2022 | Range (weighted avg) 2021",
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      "kind": "title",
      "text": "We Estimate that CPI PG Overvalues Bubny by Approximately 100%",
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