Spot valuation 22c, page-2

Firstly Autosime your opening paragraph has no attribution ....Who produced this , which Firm ?.
most analysts over the past months are paid by Management to deliver their reports.

" Fundamentals are strong "
HZN has risen 77 % YTD ....look at the base of the SP from that YTD starting point around 7c "at the start of the time frame paid analysists had a fair enterprise value of 12c.- 14c so around a 50% discount .this was when oil was $45 bbl..
Further "we feel HZN will outperform in a higher oil price environment." well we have moved from $45 to $70 plus in the past 6 months and the SP
has has only just recovered from its poor low of 7c ... thats not outperforming , outperforming would see HZN right now at 15c.which its not.

The only possible upside going forward

China ramps up exploration significantly
and we dont see Oil tank In 2022.

We need the capital returns to be delivered on a regular basis whilst oil is where it is price wise.