Jan Muska, a financial analyst with Fidelity Investments, must evaluate Statoil ASA for possible inclusion in the company's Energy Fund portfolio. During the period January 1, 2001‐September 15, 2006, Statoil's stock, which was listed as an American Depositary Receipt (ADR) on the New York Stock Exchange (NYSE), outperformed the S&P 500 by a wide margin. In August 2006, an ING analyst issued a report changing the firm's rating on Statoil from buy to hold. In October 2006, ValuEngine issued a market “outperform” rating and set a target price of $28.40 per share. With conflicting analyst opinions on Statoil's value, Muska must prepare his own evaluation of Statoil's financial performance and valuation and make a recommendation to the portfolio manager of Fidelity's Energy Fund.