Share Name Share Symbol Market Type Share ISIN Share Description
Ferrexpo Plc LSE:FXPO London Ordinary Share GB00B1XH2C03 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  2.40 0.73% 331.60 330.40 331.20 341.60 322.00 327.00 1,381,133 16:35:19
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Metals 1,136.1 346.5 51.7 6.7 2,036

Ferrexpo Share Discussion Threads

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The world's biggest mining group has reported rising profits on the back of stronger iron ore prices, but also has sounded a warning over the possible impact of the coronavirus.Net profit at BHP in the six months to December increased by 29 per cent to $4.9 billion, with iron ore prices having risen since the Brumadinho disaster in Brazil in January last year. The collapse of a waste dam at Vale's iron ore mine killed 270 people and led to several mines being taken out of operation.
A 15% increase in pellet output for January 2020. Https:// BB
Just an update on the actual Ukraine parliament vote on royalty payments for iron ore. This removed the proposal for royalty payments on the final product, so remains a payment based on the raw material only. Based on 2018 figures this would have meant an increase of $43 million in royalty payments instead of the actual payment of $7 million based on the raw material. So, good news in that respect. Apologies if this has already been discussed and I've missed it. Https:// BB
FXPO is printing cash...... says Most of FXPO's production is 65% and prices have risen strongly in February, as shown by
I realise this article could be considered as old news, but I copy the last section of the article which raises some concerns. I am not clear on what assets the authorities can legally seize to cover the sums of money owing? How will this directly affect Ferrexpo, if at all? I believe asset seizure has already begun but it's not clear yet what property or assets have been seized. The figure quoted as being siphoned off from the defunct Finance and Credit bank to companies belonging to the ex CEO amounts to about $100 million. Https:// "While Ferrexpo is listed in London with headquarters in Switzerland, its mining projects and pellet plant are in Ukraine, where domestic authorities could seize assets if they are unable to recover stolen funds, according to Voloshin. "The future of Ferrexpo is uncertain. The main problem is that Zhevago not only used to be the CEO from 2008 until resigning in October 2019 but also remains the majority shareholder," Voloshin told Market Intelligence. "If a convincing case is made that his investments into Ferrexpo are made up of tainted money, the company might need a painful turnaround." Ferrexpo's shares have lost around half their value since it emerged in April that Blooming Land Charitable Foundation, through which the company supports philanthropic projects, was under investigation for alleged money laundering and tax evasion. In addition, potential iron ore royalty increases in Ukraine pose a serious negative risk to Ferrexpo's earnings, according to a Dec. 4 note from BCS Global Markets. Expenses could rise to a range of about US$130 million to US$155 million, up from US$30 million, reducing EBITDA by about 20% to 25%, according to the report." BB
More than doubled my position in FXPO today. Below are some of my thoughts before doing so: > Dividend yield 13.3% if interim and final dividends are unchanged from last year (6.6c + 13.2c + 6.6c = 20p per share) > Special dividend paid in January was doubled from last year at 6.6c, increasing my confidence that interim + final will be at least as high as 2019's 13.2c and 6.6c > Swiss witholding tax 35% on dividends. 15% can be reclaimed under the double taxation treaty with UK. Please correct me if I'm wrong!! > Trading statement on 13th January confirmed the cash balance had increased from $62m in Dec-18 to $131m in Dec-19 > Net debt reduced from $340m in Dec-18, to $282m in Dec '19 > The above was achieved while paying dividends of 23.1c per share > H1 results showed EPS of 45.8c. Expecting H2 to be slightly lower (production was down about 3.5%, from 5353k tonnes to 5165k) > Let's take a conservative 30c EPS for H2. 75c for 2019 = 57.7p > FXPO at 150p therefore trading on a P/E of 2.6 There are some risks. Global economic slowdown, perhaps due to Coronavirus, hitting pellet prices. Zhevago becoming a forced seller. But, with a dividend yield of 13.3% and trading at 2.6 times annual earnings, I think there's more upside than down from 150p. FXPO paid big dividends in 2019 while still building up a pile of cash. Their production line has been working at full capacity since Q4 2019, for the first time since 2014 (as per trading update 13-1-20). All other things being unchanged, I'd expect a re-rating around FY 2019 results & dividend announcement in ~April/May
Hardly surprising...
napoleon 14th
BHP: Lengthy coronavirus outbreak to hurt 2020 iron ore demandMining giant says lengthy outbreak would be damaging for both real activity and market sentiment
Are his fxpo shares held in an escrow account pending the outcome of the court case, or are they being dumped on the market already?
Just a reminder of the quite frankly atrocious situation that was the scale of the losses in the banking sector in Ukraine and the huge amounts of money 'defrauded,' and moved offshore, if indeed that be the case. In the case of the ex CEO's defunct Bank of Finance and Credit, the amount owing is quoted in The Kyiv Post as being $440 million. Https:// There is a three year statute of limitations in prosecuting criminal bank fraud. I suspect proceedings were legally started in the case of most of those banks, if not all of them, within that three year period. This could run on for many more years. If recent news stories be correct then the ex CEO has already had property seized within Ukraine. At least the fxpo share price is holding up reasonably well despite all the recent sh*t that has hit the proverbial fan. BB
I see more grief for K. Zhevago as the Norwegian courts order him to pay out $12 million to Boa Offshore. A trifling amount for him, easily paid out from his bumper dividends payments. Https:// Noryards Shipyard, owned by Calexco, which is registered in Luzembourg and owned by Zhevago, went bankrupt in 2016 after Zhevago bought it from Bergen Group in 2014. Https:// You may also remember that the Russians took over Zhevago's shipyard in Crimea, when they annexed Crimea from Ukraine. Thankfully the Yuzhny port in Odessa, on the other side of the Crimean peninsula has expanded its operations for Ferrexpo. I look forward to one day having no such news to darken the share price Just in the last year we have had the Blooming Land Charity issues, the resignation of the auditors, the resignation of directors, the stepping down of the CEO as there is an international warrant out for his arrest due to issues with the closure of his 'oligarch' bank, the loss of his 'immunity' due to losing his MP's seat in Poltava after 18 years. Whatever next I ask myself? Let's just have some boring production news and debt reduction news and increased dividend news. BB
It seems a bargain here with current yield and debt well under control. Should be well over 200p.
its the oxman
Mick1909 I'm hoping for even more than that. The first dividend of 2020 was doubled from 2019's level (6.6c vs 3.3c) Even if the remaining dividends are unchanged, we're looking at: January already paid 6.6c ~May 13.2c ~September 6.6c 20.3p per share at $1.30:£1 One of the little buys below 140p was mine.
If a cow had balls, it would be a bull.
They paid 19p dividends in 2019 if they pay the same this year at 140p a share that's 13.6% yield that's a nice return
More news and further details of the ongoing battle between the NBU and the ex CEO of Ferrexpo. The last thing we need is a lengthy legal battle and any threat to the business of Ferrexpo. Https:// BB
And not to mention the low debt ..
The share price here is ridiculously low on just about any metric you choose to compare it with ..its extremely low PE ratio has already been commented on lots of times , but take a look at its current market value which is £818 million, whereas it's net equity value on the balance sheet is £840 million...that is absolutely amazing . Compare this with Evraz who have a current market value of £5.1 billion but a Balance Sheet net worth of only £.7 billion...this much lower balance sheet value is due largely to massive debts on the Evraz Balance Sheet.. I know where I would rather have my money invested..
candid investor
Missed this news item about changes in law within Ukraine. Whistleblowers get financial incentive to blow the whistle on corruption and if previously fired get reinstated with financial compensation. This is going to bring a lot of people out of the woodwork ready to make a few Hryvnia. Maybe those who would be exposed will offer a better financial deal for those wouldbe whistleblowers to keep quiet? There will also be a few people looking to settle a score that may take advantage and also the usual chancers looking to make easy money on a false claim. Sounds possibly a good scheme as long as its managed properly. But my feeling is that it is another tactic to get the oligarchs to come forward, admit their guilt and to fork out a few millions or billions to clear their names. Either way, the government wins. Https:// BB
foxy22, chartwise it looks quite ominous but so do most mining stocks . brexit day might be another reason shares hammered today although the weak Dow is not helping . well done with your FMG which had a good result recently and I trade it occasionally .
Today’s news was already priced in - it might explain the fall in recent days and the reason why the share price seems incapable of surpassing 160 despite the ridiculous P/E here. The sooner Mr Z sorts his Ukrainian issues out the sooner Ferrexpo can rerate.
Corona virus could also affect chinese steel output....... WJ.
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