Dragon Capital Research

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4C8A GF bid 840,000.00 ask 866,400.00 -
4C8A GR bid 10.20 ask 10.40 -
4K1A GF bid 219.04 ask 229.12 -
5CHA GF bid 18,000.00 ask 20,000.00 -
A2TA GR bid 7.23 ask 7.95 -
ALKZ bid 0.11 ask 0.19 -
ALMK bid 0.06 ask 0.06 -
AVDK bid 3.54 ask 3.61 -
AZOT bid 1.12 ask 1.12 -
AZST bid 0.95 ask 0.98 -
BAVL bid 0.10 ask 0.11 -
CDL LN bid 0.56 ask 0.56 -
CEEN bid 6.14 ask 6.17 -
CGOK bid 6.55 ask 7.00 -
CHIM bid 0.80 ask 0.88 -
DMKD bid 0.10 ask 0.12 -
DNAZ bid 0.03 ask 0.05 -
DNON bid 138.00 ask 198.00 -
DOEN bid 20.80 ask 21.18 -
ENMZ bid 43.25 ask 43.70 -
FLOT bid 9.60 ask 14.88 -
FORM bid 1.05 ask 1.17 -
GSKZ bid 0.05 ask 0.25 -
HANZ bid 0.24 ask 0.40 -
HOEN bid 0.41 ask 1.70 -
HRTR bid 1.24 ask 1.28 -
IVFC bid 378.48 ask 378.48 -
KIEN bid 4.50 ask 7.90 -
KREN bid 0.98 ask 1.30 -
KVBZ bid 16.55 ask 17.00 -
LA008 AV bid 3,000.00 ask 4,000.00 -
LAZA bid 0.008 ask 1.04 -
LINS bid 0.16 ask 0.56 -
LTPL bid 2.02 ask 2.19 -
MMKI bid 0.20 ask 0.21 -
MSICH bid 2,510.00 ask 2,512.00 -
MTBD bid 50.40 ask 53.00 -
MYGZ bid 0.16 ask 0.48 -
MZVM bid 0.11 ask 0.11 -
NVTR bid 0.28 ask 0.34 -
OCAB bid 0.16 ask 7.60 -
PGOK bid 14.66 ask 14.94 -
ROGA bid 240.00 ask 400.00 -
SAB08 AV bid 13,000.00 ask 15,000.00 -
SGOK bid 11.91 ask 12.00 -
SHCHZ bid 1.20 ask 1.27 -
STIR bid 19.62 ask 20.40 -
SUNI bid 0.13 ask 0.20 -
SVGZ bid 3.33 ask 3.40 -
UNAF bid 200.00 ask 203.00 -
USCB bid 0.19 ask 0.19 -
UTLM bid 0.31 ask 0.35 -
VKDV bid 2.48 ask 3.04 -
XXIC LN bid 0.06 ask 0.07 -
YASK bid 1.02 ask 1.05 -
ZAEN bid 136.20 ask 148.70 -
ZATR bid 0.96 ask 0.96 -
ZAZA bid 0.08 ask 1.76 -
ZCPK bid 0.40 ask 0.40 -
ZHEN bid 0.80 ask 0.82 -

Companies

Summary

Market Price ($)	3.70
Market Cap ($m)	2,180.16
Enterprise Value ($m)	2,227.53
Shares Outstanding	588,624,142
Bloomberg code	FXPO LN
Code	FXPO LN

Recommendations

PT ($)	****
Upside (%)	****
Recommendations	****
Ranking	****

Shareholder Structure

Ferrexpo (FXPO LN)

Business Profile

Ferrexpo is an LSE-listed producer and exporter of iron ore pellets. Its principal production facility is Ukrainian iron ore mining company Poltavskiy GOK. The company owns significant iron ore reserves, making it one of the world’s largest producers.

Financial Summary

Indicator	2009	2010	2011E	2012E	2013F
Sales ($m)	649	1,295	****	****	****
EBITDA ($m)	138	585	****	****	****
Net Income ($m)	71	425	****	****	****
Net Debt ($m)	258	104	****	****	****

Valuation Summary

Indicator	2009	2010	2011E	2012E	2013F
P/E	30.7	5.1	****	****	****
P/Sales	3.36	1.68	****	****	****
EV/EBITDA	17.6	3.9	****	****	****
P/Book	4.62	2.53	****	****	****

Prices are quoted in UAH.

*Data available to Dragon Capital's institutional clients only.

Corporates

Ferrexpo (FXPO LN)

Issuer Profile

Bond Information

Year	2016
Market Price* ($)	92.50
Market YTM*	10.26%
Spread over UST*	954
Issue Volume ($m)	500
Coupon Rate (% p.a.)	7.88%
Coupon Frequency	-
Maturity Date	4/7/2016
Ratings: Moody's/S&P/Fitch	-

Memorandum Terms

Covenants
Max. consolidated Debt/Ebitda	2.5:1
Events of Default:
Failure to pay	30 days
Cross default	$25m
Expiry of licanse, illegality, insolvency etc.
Judgments	$25m/30 days

Issuer Financials

Year	2009	2010	2011E
Net Sales ($m)	649.00	1,295.00	1,788.00
EBITDA ($m)	138.00	585.00	801.00
Net Income ($m)	71.00	425.00	575.00
EBIT Coverage Ratio (x)	4.39	12.66	12.66
Net Debt/Equity (%)	57.17%	49.20%	49.20%

YTM

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Analyst: Alexander Makarov

E-mail:

Company Events

AGM 26.05.2012
FXPO AGM 26.05.2012
FXPO Publication of 1H12 results 09.08.2012