|Bid||262.80 x 1000000|
|Ask||263.40 x 20000|
|Day's range||259.90 - 272.60|
|52-week range||138.00 - 305.60|
|Beta (3Y monthly)||0.84|
|PE ratio (TTM)||4.63|
|Earnings date||2 Aug 2019|
|Forward dividend & yield||0.10 (4.42%)|
|1y target est||2.99|
Today we'll take a closer look at Ferrexpo Plc (LON:FXPO) from a dividend investor's perspective. Owning a strong...
Expectations of an interest rate cut after disappointing U.S. jobs data fuelled a rally in UK shares, helping London's FTSE 100 rise for the fifth straight session on Friday, while Millennium & Copthorne Hotels gained one-third in value after a takeover bid. The FTSE 100 index rose 1% and the FTSE 250 midcap index advanced 0.9%, with gains across all sectors.
Iron ore miner Ferrexpo on Friday forecast higher first-half core earnings and said a review into the possible misuse of funds it donated to a charity had not yet found any evidence of wrongdoing, sending its shares 8% higher. Ferrexpo, which has been looking at possible misuse of funds it donated to a charity in Ukraine, named Ernst and Young veteran Graeme Dacomb as a member of an independent committee reviewing the matter. Switzerland-based Ferrexpo said in April that some of the funds it donated to a charity in Ukraine - Blooming Land - could have been misappropriated.
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Conor Coyle discusses whether FTSE 250 (INDEXFTSE:MCX) iron ore miner Ferrexpo (LON:FXPO) can recover from a sharp decline in its share price.
Ferrexpo operates iron mines in Ukraine. Photograph: Maxim Shemetov/ReutersThe chief financial officer of scandal-hit mining company Ferrexpo sold shares worth more than £400,000 the day before the FTSE 250 mining company lost almost a third of its market value.Chris Mawe sold 150,000 shares worth a total of £402,045 on Thursday, hours before accounting firm Deloitte resigned as auditor following a scandal surrounding potential misappropriation of money paid by Ferrexpo to a charity called Blooming Land, which supports local social and health projects in Ukraine.Deloitte’s resignation triggered a 28% fall in Ferrexpo’s share price on Friday. At the time of writing Ferrexpo’s share price was £2.07, about 23% below the £2.6803 price at which Mawe sold.In a statement to the stock market, Ferrexpo said Mawe had sold the shares “to settle tax and social security liabilities” which arose when he received the shares under his long-term incentive plan after the company’s 2018 annual results. Mawe joined the board of the company, which mines iron ore in Ukraine, in 2008.Ferrexpo said: “At the time of the decision and execution of the share sale, neither Mr Mawe nor the company had received Deloitte’s letter of resignation.”However, in a separate statement published by Ferrexpo on Monday, Deloitte said it had threatened to resign in January after Ferrexpo delayed an investigation into discrepancies in the charity’s bank statements.Deloitte, one of the big four accountants, warned Ferrexpo in October and again in November that it expected an independent forensic review into the discrepancies if Blooming Land did not provide the requested evidence.Ferrexpo, which is headquartered in Switzerland, appeared to agree that an investigation was necessary, Deloitte said, but the board voted in January not to start an inquiry. Instead, Ferrexpo wrote a letter to Blooming Land requesting further clarification.Ferrexpo only agreed to carry out a review after Deloitte’s threat to resign in January. The law firm Herbert Smith Freehills and BDO, another accounting firm, have been appointed to carry out the review, alongside Ukrainian lawyers.The scandal has wiped almost £300m from Ferrexpo’s market value after Deloitte raised concerns over $33.5m (£26m) in payments to Blooming Land, which carried out the mining company’s corporate social responsibility programme. The charity is linked to Kostyantin Zhevago, Ferrexpo’s founder, chief executive and largest shareholder.Deloitte had on Tuesday issued a qualified opinion alongside Ferrexpo’s twice-delayed annual report, saying it could not determine whether the charitable donations had been used for legitimate activities. Deloitte also had concerns that the charity was controlled by Zhevago.Ferrexpo paid Blooming Land $24m in 2017 and $9.5m in 2018. In total since 2013 the company has paid $110m to the charity, which was meant to be used to support diabetes prevention, eyesight care and care for the elderly.Ferrexpo said it stopped payments to the charity in May 2018, but three months later Deloitte found “a number of irregularities” which included “inconsistencies in copy bank statements provided by the charity”. Blooming Land partly blamed the inconsistencies on the June 2017 cyber-attacks on Ukrainian financial institutions, but Deloitte said it had concerns over the credibility of that claim.Ferrexpo said Zhevago did not have significant influence over Blooming Land “as defined under applicable accounting standards” or listing rules.Two non-executive directors of Ferrexpo resigned on Friday, piling extra pressure on the company. Mary Reilly and Bert Nacken previously chaired the company’s audit and remuneration committees, and both served on the four-member committee which was eventually tasked with overseeing an investigation into the discrepancies.Ferrexpo said it could not guarantee that no money had been taken for illegitimate purposes. Steve Lucas, its chairman, said: “At this stage we cannot conclude as to the ultimate use of all of the funds by the charity.Sign up to the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk“While there are indications that some funds could have been misappropriated, further work is required before any final conclusions can be drawn and the board would like to make clear that to date no conclusive evidence of misappropriation of funds has come to light.”Ferrexpo shares have traded on the London Stock Exchange since 2007. It was a member of the FTSE 100, but the company was demoted from the blue-chip index as iron ore prices fell.Deloitte declined to comment further.
Deloitte quit as Ferrexpo's auditor on Friday, days after saying it was unable to conclude whether the miner's chief executive - Ukrainian billionaire Kostyantin Zhevago - controlled a charity that is being investigated over its use of company donations. Zhevago is also Ferrexpo's majority owner. Switzerland-based Ferrexpo acknowledged last week that some funds it donated to its charity partner in Ukraine, Blooming Land, could have been "misappropriated" as previously indicated by findings of an ongoing independent investigation.
Accounting giant Deloitte today revealed that it had resigned as auditor to Ferrexpo because the London-listed miner delayed an investigation into the propriety of its charitable donations. Ferrexpo is embroiled in a row over allegedly improper links between its chief executive and a charity, Blooming Land, being probed over potential misappropriation of funds. Deloitte — which resigned last Friday, sending shares spinning 28% lower — said it had called for an independent review back in October after it found discrepancies in Blooming Land’s bank statements.
Both the FTSE 100 and the FTSE 250 ended 0.1 percent lower, although the blue-chips trimmed losses after data showed U.S. economic growth accelerated in the first quarter. Mining company Glencore fell 3.3 percent after saying that the U.S. Commodity Futures Trading Commission was investigating possible "corrupt practices" that may have broke some rules. Royal Bank of Scotland skidded 4 percent, its biggest fall in nearly five months, as it reported lower first-quarter profit that was hurt by intensifying competition and Brexit uncertainty.
Blooming Land, which coordinates Ferrexpo's Corporate Social Responsibility (CSR) programme, came under scrutiny after auditors found holes in the charity's statements. Ferrexpo on Tuesday said findings of an ongoing independent investigation launched in February indicated some Blooming Land funds could have been "misappropriated". Shares in Ferrexpo, the third largest exporter of pellets to the global steel industry, were 23.4 percent lower at 206.1 pence at 1022 GMT following news of Deloitte's resignation.
Shares in Ferrexpo nosedived today after the company’s auditor Deloitte resigned over the investigation into payments the firm made to a Ukrainian charity. Relations between the two have soured after Deloitte concluded this week that the funds to the charity called Blooming Land could have been “misappropriated”.
The FTSE 100 edged lower on Friday as Glencore fell on a U.S. CFTC investigation, RBS and Just Eat tumbled after quarterly reports and oil majors weighed, while Ferrexpo slumped after its auditor quit amid an accounting probe. The FTSE 100 was 0.5 percent lower and the FTSE 250 was down 0.2 percent by 0726 GMT.
Ferrexpo’s management was feeling the heat today as the embattled iron ore company admitted funds it gave to a charity in Ukraine could have been “misappropriated”. The findings were made by its auditors Deloitte, which in February launched an investigation into charity Blooming Land’s use of Ferrexpo’s funds. The London-listed Ukraine-focused company said: “The independent review committee cannot yet conclude the ultimate use of the funds by the charity.
The Ukraine-focussed company said although the Independent Review Committee's investigation - launched in February - into Blooming Land's use of Ferrexpo's funds was continuing, new evidence pointed to potential discrepancies. The charity, which coordinates Ferrexpo's Corporate Social Responsibility (CSR) programme, came under the scanner in 2018 after auditors found holes in the charity's statements that showed how it uses the funds its receives.
Ukraine-focused Iron ore pellet producer Ferrexpo Plc on Tuesday said that some funds of a charity it donates to could have been "misappropriated" as indicated by findings of an independent investigation. ...
Today we'll evaluate Ferrexpo Plc (LON:FXPO) to determine whether it could have potential as an investment idea. Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the...
** JP Morgan downgrades Ukraine-focused iron ore pellet producer Ferrexpo to "neutral" from "overweight" ** Co announced second delay to its FY results, as independent review committee ...