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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Ferrexpo Plc | FXPO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.80 | -1.54% | 51.10 | 12:51:13 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 52.60 | 51.10 | 53.50 | 51.90 |
| Industry Sector |
|---|
| INDUSTRIAL METALS |
| Top Posts |
|---|
Posted at 19/4/2024 11:31 by loganair Ferrexpo's full-year results were a mixed bag, according to Liberum analysts, as revenue beat estimates but pre-tax earnings missed.Ukraine-based, the iron ore pellet producer recorded a US$85 million pre-tax loss for the year to December on Thursday, against a US$220 million profit last year. This was largely due to Ferrexpo’s US$131 million provision to cover “any possible negative outcome” from two ongoing legal cases. “Ferrexpo continues to believe that these cases are without merit,” Liberum highlighted in a note, where it reiterated a ‘buy’ rating and 220p share price target. “We do believe that it would be very politically sensitive if punitive fines were made against Ferrexpo, impacting institutional investors, when the actual target of the actions is the major shareholder,” Liberum said. Revenue came in 48% lower at US$652 million, due to logistical constraints and reduced iron ore prices, though Liberum said the figure was ahead of expectations. According to the bank, news that Ferrexpo had restarted the third of its four pelletiser operations in February was the highlight of the update, reflecting improving European demand. Logistical challenges seem to be easing while access to export markets improves, Liberum said. “ |
Posted at 03/4/2024 15:57 by 1knocker The great thing about the ESG nonsense is that it has depressed the prices of the shares of companies to which the 'virtuous' will neither invest in or lend to, creating investment opportunities yielding good returns for the PI who could not give a toss about diversity, greenery or any of the rest of the fashionable nonsense.Just look at the knots which BP tied itself into, and is now trying to row back from. Shell too, to a lesser extent. The smaller players do not attract the 'activist' investors or government or press scrutiny, happily. Political hot air and press comment are valuable though. I always arrange to have some cash on hand to invest during COPP conferences. The wild promises and dire predictions create a buying opportunity in fossil fuel investments. Just remember, never in the history of the world was more coal being mined and burned than now. I have made a packet on coal stocks, bought when the politicos were promising to end coal mining and burning within a few years ..... It was reassuring to have a ton or so of the stuff in a bunker in the garden when gas prices were at their peak too. No energy source will supplant fossil fuels unless it can compete with fossil fuels on safety, price, reliability and availability. And 'price' needs to include storage and /or backup, and distribution costs, which the solar and wind lobby conveniently omit to mention. And think of all the diesel which is going to need to burned to extract and process the ore for the copper required for the great electrification. Except that developing the necessary copper minescannot be achieved by 2030, probably not 2050, and not then without enormous environmental damage. The future is nuclear, and fossil fuels. |
Posted at 26/3/2024 13:19 by loganair Moody's Investors Service has affirmed the long-term corporate family rating (CFR) of Ferrexpo plc, a producer of iron ore pellets with operations in Ukraine, at "Caa3" with a negative outlook.The company's probability of default rating (PDR) has also been affirmed at "Caa3," Ukrainian media reported, citing a press release from the rating agency. The negative outlook reflects various legal actions involving the company and its largest shareholder, Konstantin Zhevago, that might have a negative impact on its business and liquidity, as well as significant problems due to the conflict between Russia and Ukraine, the agency said. Although the freeze on the shares is not having any impact on the company's operations, Moody's said it will watch whether the prosecutor takes further actions that could ultimately hinder the successful implementation of the company's business model. The "Caa3" CFR also reflects operational and logistical risks related to the ongoing conflict in Ukraine. The company has shown resilience so far, increasing production at two of its four pellet lines in 2023, but its ability to ship its product to its main markets remains uncertain, the agency said. The closure of Ukraine's Black Sea ports halted Ferrexpo exports through the Yuzhny port, which affected its revenue and its ability to maintain sales to customers beyond Europe, Moody's added. The company's CFR also continues to be determined by the level of Ukraine's sovereign rating and the rating for senior unsecured foreign currency debt, and factors in the net cash position, which is characterized by minimal lease liabilities and the absence of financial debt. Moody's expects Ferrexpo's EBITDA to gradually recover in 2024 after falling in 2023, especially if the company manages to successfully operate with at least two pellet lines for the whole year amid relatively stable iron ore prices. The agency expects production to improve this year after dropping to 4.2 million tonnes in 2023 from 6.2 million tonnes in 2022. Ferrexpo's liquidity is adequate, based on net cash in the amount of about $108 million at the end of 2023, most of which is held in offshore accounts, the agency said. Despite the drop in production and profit, Moody's expects Ferrexpo to generate low to moderately positive free cash flow in 2023-2024 thanks to the significant reduction of capital expenditures to a maintaining level of $100 million or less, limited tax payments and a balanced approach to working capital. Furthermore, the agency expects nonexistent or limited dividend payments. Ferrexpo does not have significant maturity periods or significant debt in the structure of its capital that require regular interest or principal payments. |
Posted at 20/3/2024 12:24 by loganair WEDNESDAY, MARCH 20, 2024, 12:41 PM 3033Ferrexpo drew attention to the incorrect information that was spread by some Ukrainian mass media: Ferrexpo plc draws attention to the incorrect information that was spread by some Ukrainian mass media about the reasons for the change in the value of Ferrexpo's shares. According to the comments of analysts and institutional investors in the international investment centers of London and New York, the recent decline in the share price of the parent company Ferrexpo plc on the London Stock Exchange is a consequence of the general increase in pressure on Ferrexpo from the law enforcement authorities of Ukraine over the last year and questionable court orders, in particular, by the latest decision of the Eastern Commercial Court of Appeal (Kharkiv city) in favor of Maxi Capital Group LLC regarding Poltava GZK, which is part of the Ferrexpo Group. Ferrexpo is in ongoing discussions with its major institutional shareholders and has not yet been notified of any changes in their holdings. Regarding the situation with the alleged debt in the amount of 4.7 billion hryvnias, the company called it "non-existent". "They are trying to collect an imaginary debt of 4.7 billion hryvnias (125 million US dollars) from Poltava GZK, using falsified documents. This debt, which allegedly arose more than 15 years ago, according to the decision of the Ukrainian Supreme Court from June 2022, was repaid back in 2015," Ferrexpo plc explains. However, as indicated in the notice, the Deposit Guarantee Fund of Individuals (FGVFO) sold the actually absent right of claim to the Poltava GZK to the unknown company "Maxi Kapital Group" LLC, which led to the Eastern Court of Appeal (Kharkiv city) issuing a decision on the repeated collection of funds from Poltava GZK. According to the lawyers of the Poltava GZK side, the trial process had signs of an ordered and dubious nature, because the case with the volume of almost 4,000 pages was considered by the board, which was formed an hour before the start of the trial. And the decision itself was made in a single appeal session, which lasted one and a half hours and was announced after 5 minutes of discussion of the case by the judges in the conference room. That is, judges spent an average of 1 second on studying each page of the case. Currently, the company has filed a cassation appeal and hopes that this decision of the Eastern Commercial Court of Appeal of the city of Kharkiv will be overturned in the Supreme Court. "We hope that the said court decision will be overturned by the higher courts, which will protect Western investments in Ukraine and the rights of Ukrainian investors, and we hope that the investments made by investors during the last 17 years in the amount of more than 3.5 billion US dollars will be protected," - says the message Ferrexpo would like to use this opportunity to once again confirm that as a company listed on the main floor of the London Stock Exchange, it operates according to the highest standards of corporate governance and complies with all requirements of international and Ukrainian legislation. |
Posted at 20/3/2024 08:54 by bellbottom What this all means, indirectly, for Ferrexpo I have no idea but I err on the side of being positive, assuming that the war can be ended in the next year or two. |
Posted at 20/3/2024 08:30 by bellbottom ".....The Ministry of Economy clarified that state support will be available to investors who plan to implement a project worth €12M or more in Ukraine with a duration of up to five years for projects in the processing industry, extraction of minerals...." |
Posted at 29/2/2024 10:15 by bellbottom Just re-read the Forbes article and the last section on the Ukrainian authorities and their 'relationship' with Ferrexpo and western investors is the best article I have read on the subject. Post war is going to be interesting. Western investment being vital and trust in the rule of law will have huge implications if Zelensky or whoever is in power, doesn't create the right environment for that investment to continue. |
Posted at 23/2/2024 19:46 by masergt O.T.I don't know if any on here were invested in Tintra (TNT) which recently delisted but they have now, as a private company, published an update. Please excuse me using this thread as a platform but all other TNT chat sites seem dead. Tintra: The Next Steps 05/02/2024 Tintra: The Future "Next Steps Having finally managed to complete the privatization the company is now focused on continuing with the building out of its strategy. Firstly its recapitalization, secondly a soon-to-be-announced (during February) merger and restructuring, and finally being able to settle down into the work of delivering the banking infrastructure solutions that we are deeply involved in building. Over the past year we have been developing relationships with major funding partners in the Middle East. We realized that the nature of our business meant that we would be able to move faster and with more substance with a state-backed anchor investor rather than running the funding-round strategy. To that end we are pleased that we have secured three new sources of funding, two that are closed and one that we anticipate closing during Q1, along with sourcing a funding partner to allow for retail investors to exit the company should they wish to – although of course we hope everyone stays on this journey with us. Having developed the technology and the fundamental strategy ahead of any other players we have been able to progress to the advanced stages of an anticipated merger with a state supported banking platform. This merger, which we expect to complete soon, brings the mission forwards three to four years and will allow Tintra to be a full service banking platform from launch, rather than to be a payment infrastructure for the first few years until certain milestones were reached. This meaningful transaction will be a world-first and has the potential to impact hundreds of millions of lives. Go Forward Structure Tintra Limited (ex-Tintra plc) will continue to remain the main holding company of Tintra going forward. New private equity and state equity will fund the business as it goes forward and this entity will form the basis of the merger should it complete. Shareholders wishing to continue with us for the journey need do nothing. We are putting together a communications strategy to keep all retail shareholders informed and have a direct line to be able to ask questions and seek feedback by a much more active social media presence. This will be much easier as a private company where we can be more open and discussive as we go forward. For those shareholders wishing to leave, the JP Jenkins facility will be live from today. We have shortened the usual 90-day period and the initial period will be for 60 Days for all orders to be gathered. There is an obligation for all shareholders to be treated equally so at the closing of that period there will be an equal split of shares at the 150p price. However, there will be a second closing 90 Days after that for any shareholders that decide to take a ‘wait and see’ approach or only sell down part of their shareholding at this first opportunity." |
Posted at 02/2/2024 16:34 by bellbottom Excellent read/interview with Nick Bias, Group Head of Investor Relations and Corporate Communications at Ferrexpo. |
Posted at 11/1/2024 15:23 by bellbottom Just in cased you missed this interview with Lucio Genovese (FXPO Exec Chair) from the Kyiv Post in December 2023. Worth reading again.I copy some key quotations: "There is no escaping the fact that Ukraine will rely on Western funding for its reconstruction. This finance will only flow if there is confidence that the business environment is aligned with Western investment principles, including respect for the expectation of a return on money invested, and the need for reliable courts where investors can uphold their rights... ...However, beyond the disruption of the war, we are experiencing a campaign of interference in our operations by Ukrainian law enforcement agencies." This hints at one of the key worries of many private investors in FXPO and apart from the ongoing war keeps me from re-investing until there is more certainty on the longer terms future. Given that FXPO has around 50 years of mine life left in and around Poltava region, this is vital that we can be confident in Ferrexpo's future. www.kyivpost.com/opi |
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