WOOD Flash – Ferrexpo: analyst dinner
Last night, we attended the Ferrexpo analyst dinner with Konstantin Zhevago, 50% owner of the company, as well as the company chairman, CFO, IR, and Jason Keys, Chief Marketing Officer. Little of the information was new to us or likely to move the share price. However, some of the key takeaways are highlighted below. We remain buyers of Ferrexpo, based on its cheap valuation, reasonable dividend (c.6% p.a. in the near term), growth optionality and our belief in the strength of the pellet market.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.
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