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 ($)	0.650
Market Cap ($m)	383
Enterprise Value ($m)	277
Shares Outstanding	588,624,142
Code	FXPO LN

Recommendations

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

Indicator	2018	2019	2020	2021	2022
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	2022
P/E	1.14	0.95	***	***	***
P/Sales	0.30	0.25	***	***	***
EV/EBITDA	1.4	1.1	***	***	***
P/Book	0.44	0.28	***	***	***

Ferrexpo — 1Q23 production triples q-o-q to 2.1 Mt

Ferrexpo reported 1Q24 pellet production of 1.8 Mt (including 83 kt of pellets made from third-party iron ore), up 189% q-o-q and 101% y-o-y, with the entire output consisting of 65% Fe pellets, in line with prior reporting periods. Quarterly concentrate production totaled 241 kt, up 381% q-o-q and 345% y-o-y. Total quarterly production thus came in at 2.1 Mt, up 203% q-o-q and 148% y-o-y. Volume sales over the period totaled 2.0 Mt.

Apr 19, 2024

| Iron Ore

Ferrexpo — 2023 EBITDA down 83% to $130m

Ferrexpo reported 2023 net sales of $652m (-48% y-o-y), EBITDA of $130m (-83%) and net loss of $85m (vs. net income of $220m in 2022). The EBITDA margin slid by 41pp y-o-y to 20%. Factoring out F/X gains, EBITDA shrank by 77% y-o-y to $99m. Ferrexpo reported expensing $124m of provisions related to sureties provided by its subsidiary Ferrexpo Poltava Mining under loan agreements and being contested in courts.