Ferrexpo (FXPO)

Company name:	Ferrexpo Plc
EPIC:	FXPO	Trading Currency:	GBX
Market Sector:	F25F	ISIN:	GB00B1XH2C03
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.ferrexpo.com/	Description:	ORD 10P
Industry Sector:	INDUSTRIAL METALS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
131.60	1.3 [1.00]	130.00	130.50	130.00	133.10	130.00	790,650
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
807.98	613.97	0.08	121.86	63.45	1.08	48.21	512.50 - 105.50

Ferrexpo Key Figures

(at previous day's close)
Market Cap.	807.98	m
Shares In Issue	613.97	m
Prev. Close	130.30
PE Ratio	1.08
Dividend Yield	48.21	%
EPS - basic	121.86	p
Dividend PS	63.45	p
Dividend Cover	-
Cash Flow PS	131.74	p
Return On Equity (ROE)	47.56	%
Operating Margin	42.53	%
PEG Factor	0.03
EPS Growth Rate	37.10	%
Dividends PS Growth Rate	18.18	%
Net Debt	68.81	m
Gross Gearing	12.45	%
Quick Assets	376.72	m
Net Working Capital	363.92	m
Intangibles / Fixed Assets	3.18	%
Turnover PS	303.30	p
Pre-Tax Profit PS	128.99	p
Retained Profit PS	30.30	p
Cash PS	20.15	p
Net Cash PS	-7.33	p
Net Tangible Asset Value PS *	215.33	p
Net Asset Value PS	220.59	p
Spread	0.50 (0.38%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Ferrexpo Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	149.20	127.10
4 weeks	195.00	127.10
12 weeks	196.70	127.10
1 year	512.50	105.50

Share Price Chart (5 years)

Ferrexpo Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	143.60	-12.00	-8.36	127.10	1.45		137.61
4 weeks	186.90	-55.30	-29.59	127.10	1.86		158.16
12 weeks	172.00	-40.40	-23.49	127.10	2.10		166.32
26 weeks	307.00	-175.40	-57.13	105.50	2.67		183.95
1 year	434.00	-302.40	-69.68	105.50	1.98		243.04
3 years	282.30	-150.70	-53.38	94.88	2.03		225.87
5 years	205.70	-74.10	-36.02	94.88	2.55		229.88
† periods calculated are whole weeks rather than calendar months

Ferrexpo Key Management Ratios

Ferrexpo Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	0.13
PE Ratio	1.08
Tobin's Q Ratio	0.40
Tobin's Q Ratio (excl. intangibles)	0.41
Dividend Yield	48.21	%
Market-to-Book Ratio	0.60
Price-to-Pre-Tax Profit PS	1.02
Price-to-Retained Profit PS	4.34
Price-to-Cash Flow PS	1.00
Price-to-Sales PS	0.43
Price-to-Net Tangible Asset Value PS	0.61
Price-to-Cash PS	6.53
Net Working Capital PS	59.27
Price Pct to Working Capital PS	2.22	%
Earnings Yield	92.60	%
Average PE	2.95
Years in average	5
PE to PE average	36.63	%

Ferrexpo Financial Ratios

(Leverage Ratios)
Debt Ratio	1.73	%
Debt-to-Equity Ratio	0.02
Debt-to-Equity Ratio (excl. Intgbl)	0.02
Debt-to-Equity Market Value	0.03
Net Gearing	4.45	%
Net Gearing (excl. Intangibles)	4.54	%
Gross Gearing	12.45	%
Gross Gearing (excl. Intangibles)	12.71	%
Gearing Under 1 Year	10.91	%
Gearing Under 1 Year (excl. Intgbl)	11.14	%
Assets/Equity	1.14
Cash/Equity	9.13
(Liquidity Ratios)
Net Working Capital to Total Assets	23.53	%
Current Ratio	3.16
Quick Ratio (Acid Test)	2.23
Liquidity Ratio	0.73
Cash & Equiv/Current Assets	23.23	%
(Solvency Ratios)
Enterprise Value	708.16	m
CFO/Sales	0.43
CFO/Attributable Profit	1.26
CFO/Assets	0.52
CFO/Debt	4.20
Total Debt/Equity Market Value	0.24
Total Debt/Sales	0.10
Total Debt/Pre-Tax Profit	0.24
Total Debt	192.52	m
Total Debt/Net Current Assets	0.53	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	29.27	%
5 yr Compound Earnings Growth	17.18	%
10 yr Compound Earnings Growth	15.00	%
Earn drops > 5% in 10yrs	5

Beta (60-Mnth)	Beta (36-Mnth)
0.0831	0.1002

Ferrexpo Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	57.46	%
Return On Assets (ROA)	31.83	%
Net Profit Margin	34.59	%
Assets Turnover	0.92
Return On Equity (ROE)	47.56	%
Return On Investment (ROI)	36.57	%
Dividend Payout Ratio	57.89	%
Plowback Ratio	42.11	%
Growth from Plowback Ratio	16.32	%
Net Income Of Revenues	9.99	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	1.12
Fixed Assets Turnover	1.52
Current Assets Turnover	2.34
Net Working Capital Turnover
Inventory Turnover	10.48
(Other Operating Ratios)
Total Assets-to-Sales	1.09
Debtors-to-Sales	21.42	%
Debt Collection Period	78.18	Days

Ferrexpo Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
22 Dec 2021	Interim	USX	46.20	31/12/2020	31/12/2021	06/01/2022	07/01/2022	28/01/2022	85.80
04 Aug 2021	Interim	USX	39.60	31/12/2020	31/12/2021	12/08/2021	13/08/2021	26/08/2021	-
17 Mar 2021	Final	USX	39.60	31/12/2019	31/12/2020	25/03/2021	26/03/2021	15/04/2021	72.60
05 Jan 2021	Special	USX	13.20	31/12/2019	31/12/2020	14/01/2021	15/01/2021	28/01/2021	-
15 Sep 2020	Interim	USX	6.60	30/12/2019	30/06/2020	24/09/2020	25/09/2020	08/10/2020	-
05 Aug 2020	Interim	USX	6.60	30/12/2019	30/06/2020	13/08/2020	14/08/2020	26/08/2020	-
21 Apr 2020	Final	USX	3.30	31/12/2018	31/12/2019	04/06/2020	05/06/2020	02/07/2020	19.80
21 Apr 2020	Special	USX	3.30	31/12/2018	31/12/2019	30/04/2020	01/05/2020	14/05/2020	-
02 Jan 2020	Special	USX	6.60	31/12/2018	31/12/2019	09/01/2020	10/01/2020	17/01/2020	-
02 Aug 2019	Interim	USX	6.60	30/12/2018	30/06/2019	15/08/2019	16/08/2019	03/09/2019	-
23 Apr 2019	Special	USX	6.60	31/12/2017	31/12/2018	02/05/2019	03/05/2019	14/05/2019	-
23 Apr 2019	Final	USX	6.60	31/12/2017	31/12/2018	13/06/2019	14/06/2019	01/07/2019	23.10
06 Dec 2018	Special	USX	6.60	31/12/2017	31/12/2018	13/12/2018	14/12/2018	14/01/2019	-
02 Aug 2018	Interim	USX	3.30	30/12/2017	30/06/2018	23/08/2018	24/08/2018	26/09/2018	-
21 Mar 2018	Final	USX	3.30	31/12/2016	31/12/2017	31/05/2018	01/06/2018	27/06/2018	16.50
21 Mar 2018	Special	USX	6.60	31/12/2016	31/12/2017	02/04/2018	03/04/2018	16/04/2018	-
07 Dec 2017	Special	USX	3.30	31/12/2016	31/12/2017	14/12/2017	15/12/2017	15/01/2018	-
03 Aug 2017	Interim	USX	3.30	30/12/2016	30/06/2017	10/08/2017	11/08/2017	08/09/2017	-
22 Mar 2017	Final	USX	3.30	31/12/2015	31/12/2016	30/03/2017	31/03/2017	11/04/2017	3.30
22 Mar 2017	Special	USX	3.30	31/12/2015	31/12/2016	30/03/2017	31/03/2017	11/04/2017	-
05 Aug 2015	Interim	USX	3.30	30/12/2014	30/06/2015	13/08/2015	14/08/2015	18/09/2015	3.30
11 Mar 2015	Special	USX	6.60	31/12/2013	31/12/2014	19/03/2015	20/03/2015	27/03/2015	-
11 Mar 2015	Final	USX	3.30	31/12/2013	31/12/2014	30/04/2015	01/05/2015	29/05/2015	6.60
06 Aug 2014	Interim	USX	3.30	30/12/2013	30/06/2014	13/08/2014	15/08/2014	19/09/2014	-
12 Mar 2014	Special	USX	6.60	31/12/2012	31/12/2013	19/03/2014	21/03/2014	28/03/2014	-
12 Mar 2014	Final	USX	3.30	31/12/2012	31/12/2013	30/04/2014	02/05/2014	30/05/2014	6.60
07 Aug 2013	Interim	USX	3.30	30/12/2012	30/06/2013	14/08/2013	16/08/2013	20/09/2013	-
13 Mar 2013	Final	USX	3.30	30/12/2011	30/12/2012	01/05/2013	03/05/2013	31/05/2013	6.60
13 Mar 2013	Special	USX	6.60	30/12/2011	30/12/2012	22/03/2013	24/03/2013	28/03/2013	-
21 Aug 2012	Interim	USX	3.30	30/12/2011	30/06/2012	29/08/2012	31/08/2012	21/09/2012	-
14 Mar 2012	Final	USX	3.30	30/12/2010	30/12/2011	02/05/2012	04/05/2012	01/06/2012	6.60
08 Aug 2011	Interim	USX	3.30	30/12/2010	30/06/2011	10/08/2011	12/08/2011	16/09/2011	-
23 Mar 2011	Final	USX	3.30	30/12/2009	30/12/2010	01/05/2011	03/05/2011	03/06/2011	6.60
05 Aug 2010	Interim	USX	3.30	30/12/2009	30/06/2010	11/08/2010	13/08/2010	17/09/2010	-
23 Mar 2010	Final	USX	3.30	30/12/2008	30/12/2009	28/04/2010	30/04/2010	04/06/2010	6.60
30 Oct 2009	Interim	USX	3.30	30/12/2008	30/06/2009	11/11/2009	13/11/2009	13/12/2009	-
24 Mar 2009	Final	USX	3.30	30/12/2007	30/12/2008	15/04/2009	17/04/2009	22/05/2009	6.50
28 Aug 2008	Interim	USX	3.20	01/01/2008	01/07/2008	03/09/2008	05/09/2008	17/10/2008	-
24 Mar 2008	Final	USX	3.20	31/12/2006	31/12/2007	16/04/2008	18/04/2008	19/05/2008	6.50

Ferrexpo Fundamentals

	31 Dec 2018 (USD)		31 Dec 2019 (USD)		31 Dec 2020 (USD)		31 Dec 2021 (USD)
turnover	1,274.03	100.00%	1,506.72	100.00%	1,700.32	100.00%	2,518.23	100.00%	m
pre tax profit	392.02	30.77%	459.58	30.50%	747.86	43.98%	1,070.97	42.53%	m
attributable profit	333.62	26.19%	402.37	26.70%	635.29	37.36%	870.99	34.59%	m
retained profit	333.62	26.19%	402.37	26.70%	439.85	25.87%	251.61	9.99%	m
eps - basic	56.90		68.60		108.10		148.20
eps - diluted	56.70		68.40		107.90		147.90
dividends per share	23.10		19.80		72.60		85.80

Ferrexpo Balance Sheet

	31 Dec 2018 (USD)		31 Dec 2019 (USD)		31 Dec 2020 (USD)		31 Dec 2021 (USD)


	31 Dec 2018 (USD)		31 Dec 2019 (USD)		31 Dec 2020 (USD)		31 Dec 2021 (USD)
ASSETS
fixed assets	701.38	50.40%	1,044.43	53.85%	1,004.39	51.38%	1,224.47	58.54%	m
intangibles	39.61	2.85%	58.53	3.02%	49.05	2.51%	43.59	2.08%	m
fixed investments	39.14	2.81%	32.16	1.66%	31.35	1.60%	103.52	4.95%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	362.61	26.06%	454.74	23.45%	144.60	7.40%	210.81	10.08%	m
debtors	185.88	13.36%	218.69	11.28%	455.57	23.30%	342.15	16.36%	m
cash & securities	63.00	4.53%	131.02	6.76%	270.01	13.81%	167.29	8.00%	m

TOTAL	1,391.61	100%	1,939.56	100%	1,954.96	100%	2,091.82	100%	m

LIABILITIES
creditors - short	303.72	21.83%	276.13	14.24%	295.94	15.14%	228.12	10.91%	m
creditors - long	220.99	15.88%	310.80	16.02%	167.55	8.57%	32.23	1.54%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	524.71	37.71%	586.92	30.26%	463.49	23.71%	260.35	12.45%	m

EQUITY
ord cap, reserves	864.85	62.15%	1,352.55	69.74%	1,491.38	76.29%	1,831.40	87.55%	m
prefs, minorities	2.05	0.15%	0.08	0.00%	0.10	0.00%	0.08	0.00%	m

TOTAL	866.90	62.29%	1,352.63	69.74%	1,491.47	76.29%	1,831.48	87.55%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Ferrexpo Cash Flow Statement

	31 Dec 2018 (USD)	31 Dec 2019 (USD)	31 Dec 2020 (USD)	31 Dec 2021 (USD)
Operating CF	291.72	473.38	687.22	1,093.83	m
Pre-Financing CF	162.38	229.74	481.74	738.54	m
Retained CF	-34.50	70.79	138.31	-101.64	m

Ferrexpo Brokers

Name	Activity	Type	Mnemonic	Code
J.P. Morgan Cazenove Limited	Market Maker(MME)	Broker/Dealer	CAZR	CAZEGB2L
Deutsche Bank AG London Branch	Market Maker(MME)	Broker/Dealer	DEUT	DEUTGB2L
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Canaccord Genuity Limited	Market Maker(MME)	Broker/Dealer	CANA	HOARGB21001
BMO Capital Markets Limited	Market Maker(MME)	Broker/Dealer	BMCM	NETHGB21
Citigrp Global Mkt UK Equities	Market Maker(MME)	Broker/Dealer	CITI	SBUKGB21
Troika Dialog (UK) Ltd	Market Maker(MME)	Broker/Dealer	TROI	TRDIGB21
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC