Analyst Research Report Snapshot

Title:

FERREXPO - IRON ORE PRICES RECOVER

Price:

$10.00

Provider:

Edison Investment Research

Date:

13 Aug 2009

Pages:

4

Type:

AcrobatPDF

Companies referenced:

FXPO.L

Available for Immediate Download
Summary:

Ferrexpo’s recent interim results highlight the resilience of its business model. Having remained profitable during a difficult first half, we expect further improvements in H209 as the company benefits from a recovery in central and eastern European steel production. In these markets, Ferrexpo enjoys a natural logistical advantage over its competitors and better margins on its pellet sales. Nevertheless, due to a weaker than expected H1 we have revised our EPS estimate for FY09 from 19.9c to 11.3c. The shares trade at an 8% discount to our valuation of 182p/share. FOR MORE INFORMATION ON THE ATTACHED RESEARCH PLEASE CALL 020 3077 5700, EMAIL RESEARCH@EDISONINVESTMENTRESEARCH.CO.UK OR VISIT WWW.EDISONINVESTMENTRESEARCH.CO.UK

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