jp morgan equity research 9th/01/2014, page-32

BBY and Macquaries have both released updated research, presumably using the latest information available from LYC management. I have also seen a dated JPM research paper. None of these banks/brokers have included a CR in their numbers or projections which are calculated out to YE2016, all include debt repayment, and BBY and Macs have a dividend payment in 2016. These research people have access to more detailed information than any retail investor will receive, have the time to analyse the detail, and model the business, and also have the necessary expertise to calculate a valuation using various methodologies, but generally a DCF. In each case, the value is way north of current market value. Unfortunately the market determines its own value and we must learn to live with this fact. I see little point in sweating over the daily market price gyrations.
IMHO any talk of a CR is mischievious and should be supported by hard facts rather than speculation about future REE pricing or other factors about which retail investors have little or no hard evidence or proof.