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 ($)	0.956
Market Cap ($m)	563
Enterprise Value ($m)	455
Shares Outstanding	588,624,142
Code	FXPO LN

Recommendations

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

Indicator	2019	2020	2021	2022	2023
Sales ($m)	1,507	1,700	***	***	***
EBITDA ($m)	586	859	***	***	***
Net Income ($m)	403	635	***	***	***
Net Debt ($m)	281	(4)	***	***	***

Indicator	2019	2020	2021	2022	2023
P/E	1.40	0.89	***	***	***
P/Sales	0.37	0.33	***	***	***
EV/EBITDA	1.4	0.7	***	***	***
P/Book	0.42	0.38	***	***	***

Ferrexpo — 1Q25 production up 20% q-o-q, yet pelletizer utilization halves after VAT refund suspension

Ferrexpo reported 1Q24 pellet production of 1.3 Mt, down 10% q-o-q and 26% y-o-y, including 1.1 Mt of premium 65% pellets, 161 kt of pellets made from third-party ore, and 82 kt of DRI pellets. Quarterly concentrate production tripled q-o-q to 778 kt (+223% y-o-y). Total production thus came in at 2.1 Mt, up 20% q-o-q and 3.5% y-o-y.

Mar 24, 2025

| Metals & Mining

Ferrexpo — Tax authorities suspend VAT refunds

Ferrexpo announced that Ukrainian tax authorities have suspended VAT refunds to its subsidiaries Ferrexpo Poltava and Ferrexpo Yeristovo Mining for the month of January 2025 following the imposition by Ukraine of personal sanctions on Ferrexpo’s largest shareholder, Kostyantyn Zhevago. The combined amount of suspended VAT refunds was reported at UAH 513m ($12.5m). According to Ferrexpo, the suspension of VAT refunds will pressure its liquidity and force it to reduce production and sales, ultimately resulting in lower tax payments to the Ukrainian state. Ferrexpo also said that the personal sanctions targeting Zhevago should not affect the company, as 50.5% of its shares are held by other investors.