Ferrexpo is an iron ore pellet producer. Co. produces, develops and markets its product for sale to the metallurgical industry. Co. operate two mines and a processing plant near Kremenchug in Ukraine, and an interest in a port in Odessa. Co. also owns logistics assets in Austria which operate a fleet of vessels operating on the Rhine and Danube waterways and an ocean-going vessel. Co.'s operations are integrated from iron ore mining through to iron ore concentrate and pellet production and subsequent logistics. Co.'s mineral properties lie within the Kremenchug Magnetic Anomaly and are being extracted at the Gorishne-Plavninskoye and Lavrikovskoye and Yeristovskoye deposits.
  • TickerFXPO
  • ISINGB00B1XH2C03
  • ExchangeLondon Stock Exchange
  • SectorIndustrial Metals & Mining
  • CountryUnited Kingdom

Analysts

Philip Morrish

Value Indicator - UK Basic Resources 04112019

Currently '(TM)Value Indicator - UK basic resources' is a value analysis of the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 04112019

Currently '(TM) Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quuoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Research Department

IBERIAN DAILY 31 OCTOBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BANKINTER, CAIXABANK, CIE AUTOMOTIVE, DOMINION, ELECTRICITY SECTOR, ENCE, EUSKALTEL, FCC, MEDIASET ESPAÑA, NEINOR. MARKETS YESTERDAY AND TODAY The Fed agrees with the market European bourses saw drops after the earnings released at yesterday’s session. In the Euro STOXX, Personal Consumption and Pharma led gains vs. the worse performance of Banks and Chemicals. On the macroeconomic level, the Fed finally cut rates to 1.75%-1.50% (for the third time in a row in 2019), although Powell suggested that he will halt cuts, feeling comfortable at the current levels. Also he disclosed ...

Philip Morrish

Value Indicator - UK Basic Resources 21102019

Currently '(TM)Value Indicator - UK basic resources' is a value analysis of the Basic Resources super sector of quoted companies on the the London Stock Exchange's main market that provides the user with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 21102019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provides the reader with longer-term indicative target prices.

Roger Bade

Thermal Coal - Baby its cold outside!

For the time being, bearishness, coming from various institutional climate change pressures will have to wait, as the cold weather in the northern hemisphere is driving thermal coal prices. Firm oil & gas prices aren't doing any harm either.

Ferrexpo plc - December 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Ferrexpo plc: Ferrexpo’s B3 stable rating unchanged despite recent corporate governance challenges

Recent resignations of auditors and independent non-executive directors amid unresolved audit matters raise concerns over group's corporate governance

Ferrexpo plc: Update following upgrade to B3, outlook changed to stable

A detailed rationale for Ferrexpo’s B3 stable rating still constrained by Ukraine's country ceiling amid robust results, moderate financial leverage and improved liquidity profile

Kiti Pantskhava

Ukrainian corporates: Keeping pace with the sovereign

We initiate coverage on Ukrainian corporate bonds with Hold recommendations across the board as sovereign risk weighs on the issuers.

Ferrexpo Plc - June 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Research Department

IBERIAN DAILY 31 OCTOBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BANKINTER, CAIXABANK, CIE AUTOMOTIVE, DOMINION, ELECTRICITY SECTOR, ENCE, EUSKALTEL, FCC, MEDIASET ESPAÑA, NEINOR. MARKETS YESTERDAY AND TODAY The Fed agrees with the market European bourses saw drops after the earnings released at yesterday’s session. In the Euro STOXX, Personal Consumption and Pharma led gains vs. the worse performance of Banks and Chemicals. On the macroeconomic level, the Fed finally cut rates to 1.75%-1.50% (for the third time in a row in 2019), although Powell suggested that he will halt cuts, feeling comfortable at the current levels. Also he disclosed ...

BCS Equity Daily: Transneft, Steel, Ferrexpo

Fed-speak mixed; T-minus 1 on trade talks Ahead: No clear drivers, prudence at play. The rhetoric of US Fed Chair Powell yesterday offered markets a morsel of hope the Fed may be waxing dovish. Although maintaining course on rate policy (decisions will be data dependent), Powell said the Fed would soon start “growing its balance sheet again”, in part, to stimulate flagging overnight lending markets, underscoring the move is not QE. Against this, markets will look to the FOMC minutes, set for release today after market, for policy direction. Meanwhile, the US-China trade saga continues to baff...

Artem Bagdasaryan ...
  • Kirill Chuyko
  • Oleg Petropavlovskiy

BCS Update: Ferrexpo – TP cut on legal risks, Sell affirmed

We cut our 12MF TP 20% to GBP1.6 (-14% excess return), as the Blooming land and Zhevago legal cases imply valuation discounts. Sell call retained. - FXPO lost 40%+ of value since end-July due to: o Blooming Land case and investigation into majority owner, Zhevago o Iron ore prices have fallen more than 20% - Sell affirmed: 12MF TP cut 20% to GBP1.6/sh; Excess return -14% - Valuation: M2M P/E of 5.2x, 2020e P/E of 5.9x – high enough - Triggers: Investigations continue; Iron ore prices fall further - Risks (Upside): Investigations closed; Iron ore supply disruptions Oleg Petropavlovskiy...

Artem Bagdasaryan ...
  • Kirill Chuyko
  • Oleg Petropavlovskiy

BCS M&M Strategy: Metals & Mining – Less Buys, more Holds

Our outlook for M&M names has mostly worsened – we now have fewer Buys, while those remaining are mostly macro-driven. - Buys: No high-conviction ideas, only valuation calls this time o TMK with a strong trigger, IPSCO sale; ALRS on stronger market in 2020 - Holds: PLZL – No upside left; HGM, MNOD showed strong 1H19 - Sells: EVR and AKRN – the highest conviction; POLY looks overheated - M2M Valuations: RUAL, KAZ, TMKS – the most attractive Kirill Chuyko, Managing Director, Head of Research, Oleg Petropavlovskiy, Director, Senior Analyst, Artem Bagdasaryan, Associate, Analyst, For mor...

Research Team

The Rear-View Mirror – EME markets: Soft performance across markets and sectors in August

EME Equity Market – August 2019 Market performance – pressure on all markets, only the BET flattish. The MSCI EME contracted by 4.9% mom in August, while the ASE index fell by 3.5% and Moscow’s index dropped by 3.8%. Bucharest’s BET index was the only one to rise, if only marginally, by 0.4% mom. The worst performer was Turkey’s ISE30, losing 10.8% mom, while the WIG20 index was down 8.3% mom, the BUX index dropped by 4.1% mom, and Prague’s PX index fell by 2.8% mom.

1 director maiden bought

A director at Ferrexpo maiden bought 50,000 shares at 171p and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of b...

Alessio Chiesa ...
  • Pawel Wieprzowski, PhD
  • Research Team

EME Strategy: EME dividend stories – highest in the EM universe

Since 2Q19, investors have started acquiring treasury bonds massively, pushing 30% of the yields worldwide into negative territory. Moreover, we believe that there are good arguments (geopolitical tensions, central banks becoming even more dovish) to suggest that this situation may persist in the long term. Also, as the yield hunting may continue, we believe that selected high dividend yielding stocks could offer an interesting alternative to bonds, and we see the EME region as a great place for yield-hunting investors, as the top-three countries (Romania, Russia and the Czech Republic) have d...

Research Team

Focus: keeping our BUY on Ferrexpo, with higher GBp 344 PT; Alior Bank posts weak 2Q19 on very high provisioning; Richter’s 2Q19 results a small beat vs. consensus; Siauliu Bankas’ 2Q19 results review; Turkey macro – inflation update

HEADLINES: • Ferrexpo: good 1H19 results, estimates increased (stays BUY) • Alior Bank: posts weak 2Q19 on very high provisioning NEGATIVE • Richter: 2Q19 results a small beat vs. consensus NEUTRAL • Siauliu Bankas: 2Q19 results review • Turkey macro: inflation update • Ford Otosan: 2Q19 results call highlights NEUTRAL • Tauron: regulator approves in.ventus acquisition NEUTRAL • Rostelecom: acquires internet and pay-TV providers in Primorsky region NEUTRAL • Polish utilities: 2024 capacity auction wrap up • Play Communications: 2Q19E - strong quarter, +11% yoy adjusted EBITDA expected (du...

Research Team

Focus: Ford Otosan’s 2Q19 results – miss on bottom line, but guidance reaffirmed; Rostelecom’s 2Q19 results – strong numbers with 13% yoy OIBDA growth, 5% above consensus, and key takeaways from the 2Q19 earnings call

HEADLINES: • Ford Otosan: 2Q19 results - miss on bottom line, but guidance reaffirmed NEUTRAL • Rostelecom: 2Q19 results - strong numbers with 13% yoy OIBDA growth, 5% above consensus POSITIVE • Rostelecom: key takeaways from the 2Q19 earnings call NEUTRAL • Ferrexpo: 1H19 financial results - strong growth in EBITDA, no update on the governance review NEUTRAL • Vestel Beyaz: 2Q19 results - 18% beat on net profit from export market growth • O2 Czech Republic: key takeaways from the 2Q19 earnings call NEUTRAL • Moscow Exchange: July trading update - good volumes in high-margin products POSITIVE...

Research Team

Focus: keeping our BUY on Surgutneftegas’ preferred shares and our HOLD on the GDRs; Georgian banks – margin blues – sub-20% ROEs in sight already; Erste Bank – solid 2Q19 delivery, a notch above expectations

HEADLINES: • Surgutneftegas: piggy bank getting bigger... for now (preferred shares stay BUY, GDRs stay HOLD) • Georgian banks: margin blues - sub-20% ROEs in sight already • Erste Bank: solid 2Q19 delivery, a notch above expectations, well on track to deliver on promises • Garanti Bank: 2Q19 results review POSITIVE • OMV: 2Q19 results - strong net income • OMV Petrom: 2Q19 results - net income slightly below expectations • Atrium: 2Q19 - no surprises NEUTRAL • PKP Cargo: 2Q19 preliminary EBITDA misses consensus by 6% NEGATIVE • Pfleiderer: preliminary 1H19 results • EME Macro/Strategy...

Research Team

Focus: keeping our BUY on Ferrexpo, with higher GBp 303 PT; Alpha Bank – softer 1Q19, due to lower NII; Eurobank – weak first quarter, outlook remains unchanged; Wizz Air’s 4Q FY19 results; Gazprom’s 1Q19 results and conference call

HEADLINES: • Ferrexpo: dividends and growth (stays BUY) • Alpha Bank: softer 1Q19, due to lower NII • Eurobank: weak first quarter, outlook remains unchanged • Wizz Air: 4Q FY19 results NEUTRAL • Gazprom: 1Q19 results and conference call highlights • Famur: 1Q19 EBIT 15% above consensus, new contract won POSITIVE • Famur: first signs of market slowdown may appear in 2H20E NEUTRAL • Sarantis: 4M19 trading update - strong growth, driven by foreign operations POSITIVE • Nostrum Oil & Gas: announces start of hot commissioning at GTU3 POSITIVE • Kety: shareholders approve DPS of PLN 24.0 (6.9...

Research Team

WOOD Morning (5 February)

HEADLINES: • CD Projekt: good, better, Cyber (stays HOLD) • Bank Millennium: posts solid 4Q18, but merger and FX mortgage saga in focus POSITIVE • Ferrexpo: down 8% on audit concerns NEGATIVE • Russia macro: upward revisions to 2018 GDP • Turkey macro: disinflation path on hold temporarily • Severstal: 4Q18 DPS at RUB 32.08 - 3% quarterly yield, 16% in 2018; reiterates 2019E capex budget NEUTRAL • Kofola: announces sale of Polish subsidiary POSITIVE • Wizz Air: traffic growth down to 9.5% in January, load factor at 88.1% NEUTRAL • Turkish automotive: January sales down 59% yoy; Ford Otosan...

Philip Morrish

Value Indicator - UK Basic Resources 04112019

Currently '(TM)Value Indicator - UK basic resources' is a value analysis of the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 04112019

Currently '(TM) Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quuoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Basic Resources 21102019

Currently '(TM)Value Indicator - UK basic resources' is a value analysis of the Basic Resources super sector of quoted companies on the the London Stock Exchange's main market that provides the user with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 21102019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provides the reader with longer-term indicative target prices.

Philip Morrish

Value Indicator - UK Basic Resources 14102019

Currently '(TM)Value Indicator - UK basic resources' is a value analysis of the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

MarketLine Department

Evraz Plc - Strategy, SWOT and Corporate Finance Report

Summary Evraz Plc - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Evraz Plc (Evraz) is a vertically integrated steel company that carries out the production of steel, coal and vanadium products. Its portfolio of products include semi-finished steel products, pipes, raw materials, coking coal concentrate, raw coking coal, tubular products and vanadium. The compan...

MarketLine Department

Evraz Plc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Evraz Plc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Evraz Plc since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights Thi...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch