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Ferrexpo Share Discussion Threads
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|Well certainly popped well today, tomorrow is the real acid test, to see if we can hold and build on the gains. We need to break into the 170s to sustain our current short term trend, otherwise, technically, we could be bouncing between 170 / 150s until something fundamental news wise pushes us up or indeed down. Money is still set for a northward progression, let's see how we go.|
|production update 6 april 17
AGM 25 May 17
production report 6 july 17
interims 3 aug 17
production update 5 oct 17|
|The quarterly production updates historically have contained nothing but the production figures/quantities and product mix. I suppose it is possible that they may add some financial info but personally I feel that is highly unlikely.
I think that the next time we will get any trading information will be when the AGM statement is released which is in the second half of May. Last year that did include some information on trading including market conditions. Again however it did not include any detailed financial P&L information - the next time we get that will probably be the half year report. This comes out at the start of August - which seems like a long time away!
Something that might be different this year would be if there is a change in the debt structure of the company - possibly a replacement of the Bonds (in whole or in part) by a PXF facility. In that case there may be the release of information on financial performance. Personally, I am assuming we will have to wait till August.|
|April 6th 1Q report isn't it?|
|JJ....are these guys normally quick to report end of qtr results? We will get a huge kick up the share price once they are out for sure.|
|Just a quick follow up on the results presentation & the subject of pellet premiums.
For 2016 the pellet premiums appear to have averaged $26. This is based on the $ price per ton achieved by Fxpo less the Iron Ore price for the year. (For 2015 the same calculation shows a premium of $29 - which just goes to show how low premiums were at the start of 2016).
Turning to 2017, if you listen to the results presentation you will hear the CFO say (at approaching the 7 minute mark)that this year "premiums are $18 higher" than last year.
That implies a premium well in excess of $40 per ton. And if Q&A comments on premium methodology are correct, this premium will apply to 100% of production for the first quarter and to 30% for the whole of 2017.
I have no idea if the current year figures are actually correct but the CFO is a very "correct" individual who I do not believe would mislead us/the market. If the figures are correct we are looking at a stonking half year - subject to production being in line with last year (I still can't believe that no one asked about current year production guidance!).|
|Sprinting from the start today|
|Triple top today at 163. This should absolutely fly once it breaks that resistance point.|
|Yo-yo comes to mind..;-)|
|DB.....they know when the value is their, just reasons for it to be kept where the share price is, be they political/fundamental valuations or other Shananagans. Happy to wait, as value will always out, especially when we have Q1 figures maybe next week.Then they will lay the path for this year's real earnings at current prices and cost base. If it still runs sideways then their are other fundamental reasons the market is holding it back which we will have to bow down to.|
|Genuinely look at the EPS and extrapolate a forward EPS for 2017 at $65 . In single digit P/E ratio this should already be over 200p . Market takes time to digest info . It's not as efficient as many think|
|Hl are pretty useless indeed. Too much work for them to service their clients correctly.......lol, #timetomove|
|BB I had exactly the same response from AJ Bell|
|Old fool......That's for banks only|
|Just think if they go bust you will only get £75,000 back|
|...unclaimed billions - dodgy indeed. Time go out into the sunshine and think about more positive things I can influence to release the frustration...|
All sounds generally very dodgy. It needs further research I expect. But I did think there were to be reforms made to the system to make it more transparent and easier for claims to be made.
As I understand there are billions unclaimed over the years and that should not be acceptable.
Who's pockets are all the unclaimed billions going into? Get shafted at every turn in the stock market! Who'd be a PI?!
My main pension as well - a SIPP with HL.|
|BB - My main pension is a SIPP with HL. I am alarmed to read from you that HL own the SIPP, not me. Nothing I can do, but I don't like that news|
|For further clarity on the Swiss Withholding Tax - an email response from HL.
"Thank you for your message and for contacting us regarding the forthcoming Ferrexpo dividends.
You were speaking with my colleague (name removed) who has escalated your query to myself, a senior member of the Dividends Department.
As (name removed) explained to you, in the majority of cases our clients are able to reclaim any withholding taxes above the double taxation agreement between the UK and the country in question, typically this entitles you to claim anything above 15%. However, due to the legal structure of the SIPP (with Hargreaves Lansdown being the legal owner) any reclaims would have to be carried out by Hargreaves Lansdown.
Hargreaves Lansdown does not reclaim withholding tax on behalf of clients due to a variety of reasons. Firstly, the administration behind this would be extensive, on certain days we have hundreds of individual foreign Company's making payments all with different tax rates, authorities and processes to make a reclaim. Secondly, we cannot guarantee that all clients are able to benefit from the reduced rates of tax (i.e. we can't take responsibility for confirming each client is a UK resident and therefore able to benefit from reduced rates. Thirdly, we are an execution only business and are not tax experts. Therefore the onus falls on the client to make any reclaims as and when necessary.
I appreciate this isn't the answer or response you were hoping for. We are more than happy to provide any documentation to help support a reclaim, and although we don't expect a claim from a SIPP holding to be successful we can still provide documentation should you wish to enquire this with the Swiss authorities. Following the receipt of any dividend that you wish to reclaim any withholding tax please do not hesitate to contact us.
In the meantime if you have any questions or if I can be of any further assistance please do not hesitate to reply to this message.
|Reference the Swiss Witholding Tax.
I decided to phone up the Hargreaves Lansdown Pensions (SIPP) dept and ask about claiming for a refund on tax.
The Sipp is a a registered pension scheme under Part 4 of the Finance Act 2004 and therefore you are entitled to a full refund of tax (35%)
I was told by HL that 'it is not their policy' to make claim on this tax.
I suspect this is due to the administrative nightmare and associated costs but they would not admit this over the phone. But basically you can kiss goodbye to any claim or refund if you hold your FXPO shares in an HL SIPP.
I thought that there was reforms to the system of SWT as there are billions going unclaimed and I believe you have a maximum of three years to make a claim from when the dividend was paid.|
|Getting your withholding tax refund
Most foreign dividend withholding tax reclaims need two key pieces of evidence. The first is confirmation from your tax office that you are entitled to the payment at the reduced treaty rate.
For countries that have forms for WHT reclaims, they usually want the original forms stamped by your tax office. Those that don’t have official forms may may require a letter.
The second is proof that the dividend you received had a higher rate of withholding tax applied to it than is set out in the relevant tax treaty. This is sometimes more awkward, since your stocks are usually held in a nominee account and you may not have received the original dividend tax voucher.
You will need to approach your broker – or possibly their custodian or the original dividend paying agent – for some paperwork to confirm what rate of tax was withheld. Begin with your broker and see what they say. Unfortunately, it’s possible that some firms charge for this, which may mean that getting the evidence to secure a refund costs too much to be worthwhile.
For Switzerland, UK residents need to complete a Form 86. There are different forms for other nationalities. The standard Swiss withholding tax is 35% (versus 15% in the treaty with the UK), so this one is particularly worth reclaiming, but unfortunately the process has become more bureaucratic in recent years.
Form 86 can be downloaded here, but you will need free software SNAPFORM VIEWER to open.
Not heard a sniff from Hargreaves Lansdown.
Am I right in saying that for a £5000 dividend you would be paying £1750 in tax but if you reclaim SWT you would reclaim £750 of that figure?
If so, seems worth the hassle - that's at least a couple of nights on the tiles!
All those years of receiving divis from FXPO and I never bothered with a claim - maybe time to change tack.|
|giles, bellbottom, semi snap ! I am on about 70,000 shares long at the moment (140,000 in Jan).
As dust settles on results I think we will see sustained alpha in FXPO in the next few weeks as the share is basically too cheap for cash flow and overall risks are diminishing over time. In background. iron ore has a lot further up to run in the current cycle|
|Maybe weekend press will cover/tip here...fingers x|