1. They are going to borrow to pay dividends.2. QR have not...

1. They are going to borrow to pay dividends.

2. QR have not fully taken into account any negative impact on their earnings from a carbon tax.

3. They assume that China will continue to buy Australian coal and other resources at an escalating pace.

4. The rising Australian dollar will ultimately impact earnings for exporters.

5. QR have assumed a increasing share price based on their assumptions that earnings before tax increase by 75% in the next two years. I find this doubtful.

7.Very Capital intensive, main competitor Asciano who are up to there eye balls in debt

8.Estimated yield is poor - 2.5 to 3 per cent, which will be paid out of borrowings.