rbc valuation

RBC sure put a conservative (read negative) spin on their valuation of RES. They are forecasting $850m capex and a 12 month delay to first coal (Q2 2015). Equity raising of $350m @ .75cps

Unless we get a favourable takeover bid from a bunch of cashed up Indians, it's hard to see RES ever trading above $1.00 based on RBC.

Does anyone know how to calculate NAV? There doesn't seem to be a standard method.