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  "documentTitle": "CPI Property Group (CPIPGR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-22 00:00:00",
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  "notes": "The slide uses a table to highlight the disparity between larger, lower-value sites and smaller, higher-value sites used in the valuation.",
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      "text": "Given the enormous difference in our results, we believe the simplest explanation for JLL’s valuation findings is that three of the six comparable properties were cherry-picked, with several smaller, higher valued properties employed to push up the average value/sqm.",
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      "text": "Transacted price per sqm (EUR)",
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      "text": "JLL's three larger, but lower value sites have values of €400-€900/sqm, closer to our findings for land values in comparable plots lacking significant, recent redevelopment. Obviously, recently developed land is a poor comparator for undeveloped, brownfield land (under a construction ban, no less).",
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      "text": "Appraisal for Bubny as at 31 December 2022\nBubny is a land bank with a size over 202 thousand square meters and is located near the Prague's city center. The majority of the site is currently not used. As at 31 December 2022 and 2021, a valuation of the land bank was conducted by external valuation expert Jones Lang La Salle (\"JLL\") using the comparable method. This method was based on 6 recently executed land site transactions in Prague, included in below table:",
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      "text": "Given the enormous difference in our results, we believe the simplest explanation for JLL's valuation findings is that three of the six comparable properties were cherry-picked, with several smaller, higher valued properties employed to push up the average value/sqm.",
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      "text": "Table showing 6 comparable transactions with Zoning plan, Size (sqm), and Transacted price per sqm (EUR).",
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      "kind": "title",
      "text": "CPI PG's Appraisals Seem to Use Cherry-Picked Comps to Skew the Weighted Average",
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