shameless upramp, page-47

CT, while I am totally wary of any analyst report to discount them as useless is silly IMO. The better ones contain a great deal of useful information but like anything in business you need verification before coming to any conclusions. I've followed JPM on Lynas since they initiated coverage, and while they were a little slow to adjust to the later downside, they've generally been quite conservative with their numbers. I think they still are.
An interesting observation is the similarity of their research on forward demand by segment to Lynas, almost obviously IMO from the same source as it is distinctly at odds with consensus, although I noted that Con K from Moly made supporting comments on phosphors last QR.
On the flip side their CoP numbers FY 14 are way over what Lynas has led as to expect.
DCF would be at 22ktpa, your not going to apply that kind of value on Mt Weld/LAMP for 11ktpa. While you may think 50% is a steep discount it's nothing like the one the market is applying ATM. Did like your comment re EN's commitment to nameplate by YE, I also felt there was a very different tone to previous statements.