From Credit Suisse, page-8

Rc how do deutch stack up
The broker increases its earnings estimates 5%-9% as last week’s site tour revealed increased production at lower costs, but warns that with spot iron ore US$79.5 a ton and AUD/USD at 0.88, its earnings estimates, under the new operating and cost assumptions, would drop by 50% in FY15 and 20-30% from FY16-18. At spot prices, its valuation would drop by around 50% to A$1.85/share and cash would drop below US$500 million unless capex is deferred. “Even if capex is deferred a short term debt facility would be required as cash would dip below the business critical US$1 billion mark,” analyst Paul Young says.