crucial fact, page-46

Ptolemic.

On your point about MAD being overvalued due to low returns on capital employed, I had a closer look. I took the fully year accounts of MAD and compared them to the accounts of and oiler which you hold and have as a buy rating - HZN.

Once again the facts speak volumes and show that MAD has been returning a far superior ROCE of 13% when compared to HZN's 8%.

You seem to be making the 'mistake' of forecasting ROCE. This I'm afraid is nothing but tea-leaf reading. Let's stick to the facts.

Perhaps MAD's superior ROCE, zero debt, far greater reserves, and much lower market cap, is why you are eyeballing MAD?