The market cap is what the market would like to pay for the...

The market cap is what the market would like to pay for the whole company. There are two items decide the market cap, the price per share and the outstanding shares. It is pointless to to get market cap with the outstanding shares only.

FMS market cap has quite big part for the expectation of the IO but has huge discount corresponding to its declared IO. It is common senses in the market.

That is the reason why the drilling is tightly watched by all of the people around FMS. If the IO confirmed, the discount will be gone. That is the risk and also opportunities to FMS shareholders.

Yes, if you want to get the huge discount into your pocket, you have to get your gut with your senses basd on your R/D and the information you trust in.

You have not got clear what you want. Actually you don't know what FMS is but you think you know. It is most risky if you don't know but you believe you know.

What're the opportunities? Most of people don't believe but you know it and hold it. To people who don't know it is opportunity, it is too risky. To people who know it is opportunity, it is worthwhile to take action.

What is the most riksy things? The risk to lose some great opportunities.