>>22936060
what the fuck is this?

>It operates two mines and a processing plant near Kremenchug in Ukraine, and an interest in a port in Odessa
one yike. Could be an interesting post-war recovery idea though I guess.

Let's look at the financials a bit
>operating income in 2023: ($60.36M)
>operating income in 2024: $19.93M
>cash from operating activities in 2023: $101.17M
>cash from operating activities in 2024: $91.9M
>likely underinvesting capital expenditures to keep the balance sheet safe
>dividend cut out entirely since 2022
>total equity trending down, accumulated earnings over the past five years flat
yikes.

What about the operations?
>$84/t C1 costs per dry tonne (rose by 10% YoY despite the devaluation of the Ukrainian hryvnia), average realized price $114/t in 2024
Compare the above to the big four. They sport C1 costs around $20/t per wet tonne (adjust 8-10% for moisture content) and realized around $100/t in 2024. The majors still enjoy 80% operating margins while Ferrexpo struggles with their 30% margin. That's just the C1 costs. Iron ore market is also about to be flooded with iron ore coming from the Simandou project so Ferrexpo's lower margin assets are at a disadvantage from a supply/demand perspective.

>"The future performance of the Group is largely
dependent on the ongoing war in Ukraine and
the levels of achievable sales due to logistics
restrictions"
I guess if you're bullish on the end of the Ukraine war and you want a lot of retard leverage on iron ore prices, that's an option. Much safer option to just buy the better iron ore producers with margin though.