Recent listing produces iron ore in the Ukraine and has recently stepped up production recent gains suggests this one has further to go dyor..

Barclays comment today:
"Ferrexpo released a robust set of results this morning, with EBITDA coming in exactly in line with our forecast and +1% vs. consensus. EPS of 34c however was 10% light of our estimate due to higher tax rate of 18% vs. our assumed 13%. FY revenue was 1% ahead of our estimate on slightly better H2 realized price of $93/t vs. our estimated $86.4/t. C1 cost performance was decent, coming in at $29.7/t in H2, up 16% HoH and 2% below our estimate of $30.4/t. Unit costs were under upward pressure due to higher oil prices, lower production, flat FX and rising domestic inflation. As a result EBITDA rose 37% HoH in H2.
Cashflow performance strong: it had pre-reported a cash balance of $145m at Dec-16 vs. $44m at Jun-16 (+$101m) net of c.$75m of debt maturities. This was confirmed by the release with $166m FCF in 2H16 vs. $118m in 1H16, benefiting from $24m tax refunds into working capital. As a result net debt declined from $753m at June to $589m as of December, well below our forecast of $639m (consensus $632m). ND/EBITDA fell to 1.6x vs. 2.4x at June 2016 (1H annualized). The balance sheet is much improved with $201m of maturities due in 2017, to be met from cash balances of $145m and our forecast 2017 FCF of $204m. This should leave the company in a position to potentially refinance its bonds over the course of 2017 to address the $263m of maturities falling due in 1H18.
Surprise dividend reinstatement: on the back of strong cashflow generation FXPO has reinstated dividends at 3.3USc/sh (c.$19m) plus a special dividend of 3.3c/sh equivalent to a total yield of 6.7%. The dividend policy going forward is to pay a base divi of c.$40m (6.6c/sh) per year split equally between an interim and final dividend. This is in-line with dividends paid through 2008-11 (2012-14 was doubled to 13.2c/h including special). On top of the base level, if appropriate, special dividends will be paid from excess cash flows with management targeting a figure around c.$40m per year (6.6c/sh). The prospects for special dividends look demanding relative to our forecast $204m FCF (using $62.5/t CFR 62%) given $201m maturities and $145m cash, but more feasible on spot ($485m FCF).
Other guidance: cashflow generation in early 2017 is described as “strong”, pellet premiums in 1Q17 have recovered strongly, and development capex spend is expected to increase. Ferrexpo currently has one approved project to increase concentrate output by approximately 1.5mtpa for $50m, which will be incurred in 2017 and 2018. This compares to 2016 capex of $48m (all sustaining).

JP Morgan Cazenove today reaffirms its overweight investment rating on Ferrexpo PLC (LON:FXPO) and raised its price target to 220p (from 215p).