Huge if prices are maintained, from UBS:
All else equal, our BHP & RIO earnings estimates for CY 16 would be 5134% and 69% higher respectively, under a spot scenario. At spot, S32’s CY 16 earnings would decrease 15% to US$219m. Iron ore: The spot iron ore price is 11% above our CY 16 forecast but combined with FX and freight implies a 25% upgrade to FMG’s FY 16E earnings.
For 2017 it is literally off the chart:
If only…