Companies

Ferrexpo

Ferrexpo is an LSE-listed producer and exporter of iron ore pellets. Its principal production facility is the Ukrainian iron ore mining company Poltavskiy GOK. The company owns significant iron ore reserves, making it one of the world’s largest pellet producers.

Shareholders Structure

SUMMARY

Market Price ($)	0.543
Market Cap ($m)	320
Enterprise Value ($m)	214
Shares Outstanding	588,624,142
Code	FXPO LN

Recommendations

FV ($)	****
Upside (%)	****
Recommendation	****

Indicator	2020	2021	2022	2023	2024
Sales ($m)	1,700	2,518	***	***	***
EBITDA ($m)	859	1,439	***	***	***
Net Income ($m)	635	871	***	***	***
Net Debt ($m)	(4)	(117)	***	***	***

Indicator	2020	2021	2022	2023	2024
P/E	0.50	0.37	***	***	***
P/Sales	0.19	0.13	***	***	***
EV/EBITDA	0.4	0.1	***	***	***
P/Book	0.21	0.17	***	***	***

Ferrexpo — Net cash down to $25m, considers equity raise

Ferrexpo reported in a trading update that available cash stood at $35m and net cash at $25m (down from $30m at end-February). Net accessible cash, excluding balances held at MBaer Merchant Bank AG (currently in liquidation), amounted to $22m. The company estimates it has sufficient liquidity to operate until at least end-June 2026 and is exploring several funding options, including a potential equity raise. Ferrexpo also reported $80m in withheld VAT refunds as of end-March, warning that continued delays in refunds and funding could have material adverse consequences. The company added that it is currently operating one pellet line (out of four) following the partial resumption of production in February. Ferrexpo expects to publish 2025 financials on or before Apr. 30.

Mar 09, 2026

| Metals & Mining

Ferrexpo — Restarts production; 10% of cash is held in Swiss bank facing liquidation

Ferrexpo reported that, following the temporary suspension of operations on Jan. 20 amid reduced power availability and a surge in power costs, it has now resumed production with one of its pelletizers. The company also announced that it holds $3m (out of $30m total cash currently) with Swiss bank MBaer Merchant Bank AG, which recently had its license revoked and has been ordered to liquidate.