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 ($)	1.429
Market Cap ($m)	841
Enterprise Value ($m)	724
Shares Outstanding	588,624,142
Code	FXPO LN

Recommendations

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

Indicator	2018	2019	2020	2021	2022E
Sales ($m)	1,274	1,507	***	***	***
EBITDA ($m)	503	586	***	***	***
Net Income ($m)	335	403	***	***	***
Net Debt ($m)	339	281	***	***	***

Indicator	2018	2019	2020	2021	2022E
P/E	2.51	2.09	***	***	***
P/Sales	0.66	0.56	***	***	***
EV/EBITDA	2.3	1.9	***	***	***
P/Book	0.97	0.62	***	***	***

Ferrexpo — Reports 2022 financial results

Ferrexpo published its 2022 financials, reporting a 50% y-o-y drop in net sales, to $1.2bn, a 47% slide in EBITDA, to $765m, and a 75% decline in net income, to $220m, for EBITDA and net margins of 51.5% (-5.7pp y-o-y) and 38.3% (-3.7pp y-o-y). EBITDA was hit by lower sales volumes (impact of -$665m y-o-y), lower prices of benchmark iron ore fines (-$394m), and higher C1 costs (-$169m). This was partially offset by UAH devaluation (+$278m EBITDA impact), lower logistical costs (+$170m), and higher pellet premiums (+$64m). Ferrexpo recorded a $254m impairment loss due to the Russian invasion of Ukraine.

Mar 08, 2023

| Metals & Mining

Ferrexpo — Local court arrests shares in Ferrexpo’s subsidiaries

Kyiv Commercial Court has placed a restriction on a 50.3% stake in companies Ferrexpo Poltava Mining, Ferrexpo Yeristovo Mining and Ferrexpo Belanovo Mining, which are fully owned by Ferrexpo. The restriction does not affect ownership of the shares but prohibits them from being transferred.