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Anglogold Ashanti PLC
(NYSE:AU)
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Rating:78Outperform
Price Target:
$107.00
▼(-13.28% Downside)
Action:Reiterated
Date:08/21/26
AU scores 78 driven primarily by strong financial performance (high margins, robust free cash flow, and improving leverage) and a constructive earnings outlook with reaffirmed guidance and significant planned shareholder returns. The score is tempered by stretched technical conditions (overbought RSI/Stoch) and ongoing operating/cost risks highlighted on the call (higher cash costs and the Obuasi disruption), while valuation remains supportive with a reasonable P/E and ~4% dividend yield.
Positive Factors
Revenue and Profitability Growth
The sharp expansion in revenue and margins shows substantial earnings improvement across the operating base. Strong operating leverage can support continued reinvestment, debt reduction, and shareholder returns, although future results remain linked to gold-market conditions.
Negative Factors
Higher Operating Costs
Higher cash costs directly compress margins and make earnings more sensitive to changes in realized gold prices. Inflation, royalties, currency movements, and energy costs can remain embedded in the cost base, limiting the durability of current profitability even with efficiency programs.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profitability Growth
The sharp expansion in revenue and margins shows substantial earnings improvement across the operating base. Strong operating leverage can support continued reinvestment, debt reduction, and shareholder returns, although future results remain linked to gold-market conditions.
Read all positive factors
Anglogold Ashanti PLC (AU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$47.19B
Dividend Yield4.84%
Average Volume (3M)2.24M
Price to Earnings (P/E)12.4
Beta (1Y)1.12
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees38,000
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)7.51
Shares Outstanding505,007,480
10 Day Avg. Volume2,119,607
30 Day Avg. Volume2,242,631
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)5.35
Price to Sales (P/S)4.38
P/FCF Ratio13.95
Enterprise Value/Market Cap0.88
Enterprise Value/Revenue3.52
Enterprise Value/Gross Profit6.57
Enterprise Value/Ebitda5.19
Forecast
1Y Price Target
$120.17Price Target Upside-2.61% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)8.93
Revenue Forecast (FY)$12.73B
Anglogold Ashanti PLC Business Overview & Revenue Model
Company Description
AngloGold Ashanti plc operates as a gold mining company in Africa, Australia, and the Americas. It explores for gold, as well as by-products, including silver and sulphuric acid. The company’s flagship property includes 100% owned the Geita mine l...
How the Company Makes Money
AngloGold Ashanti primarily makes money by producing and selling gold from its mining operations. Revenue is generated when the company extracts gold-bearing ore, processes it through milling and recovery circuits to produce gold (often as doré ba...
Anglogold Ashanti PLC Earnings Call Summary
Earnings Call Date:Jul 31, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call communicated a strong financial and operational performance with material YoY improvements in EBITDA, earnings, EPS, cash generation and a transformed balance sheet (net cash and ample liquidity). Management highlighted disciplined cost control via Full Asset Potential programs and significant shareholder returns (dividends, buybacks). Key challenges include a fatal safety incident at Obuasi with short‑term production impacts, elevated industry‑wide cost pressures (inflation, fuel, royalties) that increased cash costs by ~21%, and a lumpy, elevated tax payment in Q2. Management reiterated guidance, detailed a credible low‑capex organic growth pipeline and expects tax seasonality to improve cash conversion in H2. Overall the positives (strong earnings/cash, balance sheet improvement, growth optionality, shareholder returns) substantially outweigh the operational and macro headwinds, which management considers manageable.Positive Updates
Strong EBITDA Growth
EBITDA rose 46% year‑on‑year to $2.0 billion, driven by higher realized gold prices and disciplined cost execution.
Negative Updates
Fatal Safety Incident and Operational Suspension at Obuasi
A fatality at Obuasi on April 24 led to a 2‑week suspension and investigation; ore‑pass equipment and KMS shaft damaged, requiring rebuild and temporary operating constraints, causing short‑term production impact and higher per‑ounce costs (Obuasi suspension added ~$38/oz).
Read all updates
Q2-2026 Updates
Positive
Negative
Strong EBITDA Growth
EBITDA rose 46% year‑on‑year to $2.0 billion, driven by higher realized gold prices and disciplined cost execution.
Read all positive updates
Company Guidance
Management reaffirmed full‑year guidance and expects a second‑half weighted production profile (about a 6% H2 increase with a particularly strong Q4), with H1 production ~1.5Moz; Q2 total cash cost $1,480/oz (H1 cash cost ~$1,436/oz), Q2 free cash flow $727m (+36% YoY) and cash from operations $1.4bn in Q2 (H1 cash generated $1.8bn, +49% YoY); EBITDA rose 46% to $2.0bn and headline earnings ~+58% to $1.0bn (basic EPS $1.97 vs $1.32); Q2 cash taxes were a seasonal $542m (expected to fall to ~$230–$250m in each of Q3 and Q4), liquidity is $4.2bn with net cash ~$991m (vs net debt $311m a year ago), dividends of $0.125/share quarterly (H1 declarations $949m, including $364m in Q2) with an annual true‑up to 50% of FCF, a $2bn open‑market buyback approved (pending SARB) and $666m of bonds already repurchased, while management expects to sustain margins, target low‑CapEx brownfield growth that could add ~10–15% to production over 3 years (roughly 300–450k oz above a 2025 baseline) and to see lower H2 cash costs from higher volumes.Anglogold Ashanti PLC Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
82
Very Positive
Cash Flow
85
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.82B | 9.89B | 5.79B | 4.58B | 4.50B | 4.03B |
| Gross Profit | 6.33B | 4.60B | 2.07B | 1.03B | 1.13B | 1.17B |
| EBITDA | 8.01B | 5.51B | 2.58B | 872.00M | 1.25B | 1.29B |
| Net Income | 3.81B | 2.64B | 1.00B | -235.00M | 233.00M | 614.00M |
Balance Sheet | ||||||
| Total Assets | 15.55B | 15.08B | 13.16B | 8.18B | 8.01B | 8.01B |
| Cash, Cash Equivalents and Short-Term Investments | 2.78B | 2.93B | 1.43B | 964.00M | 1.11B | 1.15B |
| Total Debt | 1.79B | 2.44B | 2.15B | 2.42B | 2.17B | 2.09B |
| Total Liabilities | 4.81B | 5.16B | 4.64B | 4.43B | 3.94B | 3.91B |
| Stockholders Equity | 8.96B | 8.09B | 6.63B | 3.71B | 4.04B | 4.05B |
Cash Flow | ||||||
| Free Cash Flow | 4.23B | 3.10B | 878.00M | -61.00M | 257.00M | 196.00M |
| Operating Cash Flow | 6.09B | 4.71B | 1.97B | 981.00M | 1.80B | 1.22B |
| Investing Cash Flow | -1.63B | -1.27B | -762.00M | -1.02B | -1.56B | -1.01B |
| Financing Cash Flow | -3.71B | -1.94B | -727.00M | 24.00M | -224.00M | -345.00M |
Anglogold Ashanti PLC Technical Analysis
Negative
123.39
Price Trends
101.14
Negative
92.51
Positive
95.46
Negative
Market Momentum
-2.74
Positive
42.28
Neutral
57.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU, the sentiment is Negative. The current price of 123.39 is above the 20-day moving average (MA) of 96.79, above the 50-day MA of 101.14, and above the 200-day MA of 95.46, indicating a bearish trend. The MACD of -2.74 indicates Positive momentum. The RSI at 42.28 is Neutral, neither overbought nor oversold. The STOCH value of 57.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU.
Anglogold Ashanti PLC Risk Analysis
Anglogold Ashanti PLC disclosed 1 risk factors in its most recent earnings report. Anglogold Ashanti PLC reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Anglogold Ashanti PLC Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $10.44B | 5.81 | 46.23% | 4.67% | 49.72% | 120.32% | |
81 Outperform | $17.23B | 13.30 | 12.49% | 0.12% | 116.79% | 211.59% | |
81 Outperform | $32.66B | 7.29 | 51.87% | 6.42% | 71.19% | 133.85% | |
78 Outperform | $47.19B | 12.44 | 45.77% | 4.84% | ― | ― | |
78 Outperform | $123.44B | 14.74 | 25.02% | 0.88% | 23.61% | 42.29% | |
74 Outperform | $7.23B | 26.85 | 10.25% | 0.08% | 48.40% | 42.80% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
AU
Anglogold Ashanti PLC
93.44
23.25
33.12%
CDE
Coeur Mining
16.76
-4.21
-20.06%
GFI
Gold Fields
36.76
-3.76
-9.29%
HMY
Harmony Gold Mining
16.68
-2.13
-11.31%
NEM
Newmont Mining
117.15
27.45
30.60%
SSRM
SSR Mining
35.44
11.86
50.32%
Anglogold Ashanti PLC Corporate Events
AngloGold Ashanti Showcases Nevada Beatty Gold District in Investor Site Visit
Sep 25, 2026
AngloGold Ashanti plc, a global gold producer with listings on the NYSE, JSE and GSE, is expanding its presence in Nevada, leveraging the state’s reputation as a leading mining jurisdiction to develop back-to-back gold projects near Beatty. ...
AngloGold Ashanti Appoints Paul Graves as Independent Non-Executive Director
Sep 25, 2026
AngloGold Ashanti plc announced on 25 September 2026 the appointment of Paul Graves as an independent non-executive director, effective 1 October 2026. He will serve on the Audit and Risk Committee and the Social, Ethics and Sustainability Committ...
AngloGold Ashanti Showcases Progress at Nevada Beatty Gold District in Investor Site Visit
Sep 25, 2026
AngloGold Ashanti plc, a global gold producer with listings on the NYSE and JSE, is expanding its footprint in North America through the development of the Beatty Mining District in southern Nevada. Its strategy centers on building large, long-lif...
AngloGold Ashanti Posts Strong H1 2026 Profits and Cash Flow as Gold Prices Surge
Jul 31, 2026
For the six months ended 30 June 2026, AngloGold Ashanti reported a slight decline in group gold production but a sharp rise in gold income to $6.19 billion, driven by significantly higher realised gold prices. Profit for the period more than doub...
AngloGold Ashanti Boosts Cash, Dividends and Buybacks on Strong Q2 2026 Earnings
Jul 31, 2026
AngloGold Ashanti plc reported strong financial results for the three and six months ended 30 June 2026, with Q2 2026 EBITDA rising 46% year-on-year to $2.0bn and free cash flow up 36% to $727m, despite more than doubling cash tax payments. Headli...
AngloGold Ashanti Posts Lower Gold Output in First Half of 2026
Jul 31, 2026
AngloGold Ashanti reported operating statistics for the three and six months ended 30 June 2026, showing that group gold production declined year on year. Total production fell to 744,000 ounces in the second quarter of 2026 from 804,000 ounces in...
AngloGold Ashanti Files Form 6-K With Q1 2026 Earnings Presentation
Jul 31, 2026
On 31 July 2026, AngloGold Ashanti plc, a global gold miner with listings on the NYSE, JSE and GSE, filed a Form 6-K with the U.S. Securities and Exchange Commission for the month of May 2026. The filing underscores the company’s status as a...
AngloGold Ashanti Shareholders Approve Off-Market Buyback Authority at July General Meeting
Jul 24, 2026
AngloGold Ashanti plc reported the outcome of its general meeting of shareholders held on 23 July 2026, where investors voted on a single ordinary resolution. The meeting covered the authority for the company to purchase its own shares off-market,...
AngloGold Ashanti Seeks Shareholder Backing for $2 Billion Buyback Authority
Jul 13, 2026
On 13 July 2026, AngloGold Ashanti plc sent a letter to shareholders ahead of its general meeting on 23 July, seeking approval for contracts underpinning a share repurchase program for ordinary shares of up to $2.0 billion. The board portrays the ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.