what am i misssing here, page-57

IPL $1.2B increase in MC on your figures works out to $12/share increase in value on MAK's FD 100M shares.

MAK has increased in value $92M since 1 January, on FD 100M shares basis, ie sp rise from 20c to $1.115 = $0.915 x
100M.

MAK has increased 7.6% as much as IPL in MC terms, ie 1/13th.

The obvious difference between IPL and MAK though is that IPL is a producer and distributor, lower risk and is earning money today, not in 2-3 years time.

MAK certainly doesn't look overpriced though!