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Anglo American
(LSE:AAL)
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Rating:54Neutral
Price Target:
4,354.00 p
▲(3.59% Upside)
Action:Reiterated
Date:08/29/26
The score is held back primarily by weakened financial performance, with shrinking revenue and ongoing net losses despite still-positive cash generation. Technicals provide meaningful support due to strong price trend and positive momentum indicators, while valuation is constrained by the negative P/E and only modestly helped by the dividend yield.
Positive Factors
Positive Cash Generation
Positive operating and free cash flow provide internal funding for sustaining capital, debt service and operational needs. This offers resilience through commodity cycles, although the reduced cushion means cash generation must remain closely managed.
Negative Factors
Revenue Decline and Net Losses
Multi-year revenue contraction and consecutive net losses indicate weaker earnings quality, elevated commodity cyclicality and reduced operating scale. Persistent losses can constrain reinvestment, weaken financial flexibility and make recovery more dependent on external market conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Positive Cash Generation
Positive operating and free cash flow provide internal funding for sustaining capital, debt service and operational needs. This offers resilience through commodity cycles, although the reduced cushion means cash generation must remain closely managed.
Read all positive factors
Anglo American (AAL) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£44.96B
Dividend Yield0.69%
Average Volume (3M)7.33M
Price to Earnings (P/E)―
Beta (1Y)1.74
Revenue Growth-13.95%
EPS Growth40.97%
CountryUK
Employees26,400
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-2.38
Shares Outstanding1,178,050,300
10 Day Avg. Volume8,241,071
30 Day Avg. Volume7,328,429
Financial Highlights & Ratios
PEG Ratio-0.23
Price to Book (P/B)2.61
Price to Sales (P/S)2.48
P/FCF Ratio27.08
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£4,441.67Price Target Upside5.68% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)1.55
Revenue Forecast (FY)£20.95B
Anglo American Business Overview & Revenue Model
Company Description
Operating on a global scale, Anglo American plc is a prominent mining company. Its extensive activities involve the discovery and extraction of a diverse range of commodities. These include both rough and finished diamonds, copper, platinum group ...
How the Company Makes Money
Anglo American primarily makes money by producing and selling mined commodities and receiving revenue based on market-linked prices and contracted sales volumes. Its key revenue streams come from (1) Copper: mining and processing copper ore into s...
Anglo American Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Feb 25, 2027
Earnings Call Sentiment Positive
The call presents a broadly constructive and transformational picture driven by strong operational delivery in the go‑forward copper and premium iron ore portfolio, successful portfolio restructuring steps, clear cost savings and meaningful deleveraging. Material challenges remain—most notably two workplace fatalities, a significant De Beers impairment and continued regulatory processes for major transactions—but the core simplified business performance, cash generation and merger progress outweigh these negatives in the near term.Positive Updates
Strong simplified-portfolio financial performance
Simplified (go‑forward) portfolio delivered $6.9 billion EBITDA, a 44% EBITDA margin (up 2ppt), underlying earnings of $1.6 billion and return on capital of 17%. Copper and premium iron ore contributed ~$4.0 billion and ~$2.9 billion of EBITDA respectively.
Negative Updates
Workplace fatalities
Despite safety improvements, the company reported two separate workplace fatalities in the first half (a contractor fall at Minas‑Rio in Brazil and an LHD accident at Unki, Zimbabwe); management emphasized commitment to zero harm.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong simplified-portfolio financial performance
Simplified (go‑forward) portfolio delivered $6.9 billion EBITDA, a 44% EBITDA margin (up 2ppt), underlying earnings of $1.6 billion and return on capital of 17%. Copper and premium iron ore contributed ~$4.0 billion and ~$2.9 billion of EBITDA respectively.
Read all positive updates
Company Guidance
The company’s 2026 guidance included copper unit costs of around $1.72/lb (up from $1.50/lb in 2025) assuming CLP 860/USD and PEN 3.2/USD, premium iron ore unit costs of ~ $41/t assuming ZAR16/USD and BRL5.3/USD, a continuing‑operations underlying tax rate of 44–48% (long‑term simplified portfolio 38–42%), continuing depreciation of $2.4–2.6bn, ~ $0.2bn of restructuring/merger cash costs and a one‑off non‑cash $0.5bn lease‑liability recognition (Los Bronces water project); CapEx for the simplified portfolio of $2.6–3.1bn over the next three years (sustaining ~ $2bn pa), De Beers CapEx ~ $0.5bn and Woodsmith ~$250m in 2026–27 (+ $50m OpEx); the group has realized $1.6bn of cost savings toward a $1.8bn target (with ~ $0.2bn to come in 2026), reported FY25 sustaining attributable free cash flow of $1.4bn, reduced net debt by $2bn to $8.6bn (net debt/EBITDA 1.3x; excl. shareholder loans $6.8bn), and reiterated merger timing of ~12–18 months (best estimate Sept–Mar) with a $4.5bn special dividend payable on completion.Anglo American Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
55
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.49B | 18.92B | 27.29B | 30.65B | 35.12B | 41.55B |
| Gross Profit | 8.36B | 7.41B | 27.29B | 15.04B | 21.82B | 28.30B |
| EBITDA | 6.91B | 6.16B | 3.32B | 7.27B | 12.44B | 19.73B |
| Net Income | -2.72B | -4.22B | -3.07B | 283.00M | 4.51B | 8.56B |
Balance Sheet | ||||||
| Total Assets | 57.96B | 56.01B | 64.87B | 66.54B | 67.41B | 65.98B |
| Cash, Cash Equivalents and Short-Term Investments | 8.91B | 6.44B | 8.20B | 5.60B | 8.46B | 9.12B |
| Total Debt | 17.35B | 15.48B | 18.21B | 16.91B | 14.37B | 12.86B |
| Total Liabilities | 34.43B | 31.89B | 36.33B | 34.93B | 33.38B | 31.21B |
| Stockholders Equity | 17.25B | 17.98B | 20.76B | 25.06B | 27.36B | 27.82B |
Cash Flow | ||||||
| Free Cash Flow | 2.08B | 1.73B | 2.49B | 484.00M | 3.57B | 10.99B |
| Operating Cash Flow | 5.27B | 5.14B | 8.10B | 6.50B | 9.77B | 16.72B |
| Investing Cash Flow | -1.09B | -2.28B | -5.13B | -5.56B | -5.82B | -5.56B |
| Financing Cash Flow | -1.17B | -4.79B | -840.00M | -3.22B | -4.37B | -9.36B |
Anglo American Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | £429.94M | 11.42 | 10.46% | 0.88% | 167.53% | ― | |
70 Outperform | £130.72B | 13.90 | 18.86% | 4.55% | 10.86% | 13.41% | |
66 Neutral | £489.54M | 29.55 | 8.42% | ― | -1.71% | 94.27% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | £70.39B | 17.87 | 13.34% | 2.20% | 26.71% | ― | |
54 Neutral | £44.96B | -23.66 | -15.45% | 0.69% | -13.95% | 40.97% | |
54 Neutral | £167.14M | -0.85 | -33.21% | 8.65% | -28.42% | -411.33% |
* Basic Materials Sector Average
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Anglo American Corporate Events
Regulatory Filings and Compliance
Anglo American Executives Add Shares Through All-Employee Incentive Plan
Neutral
Aug 17, 2026
Anglo American has disclosed a series of routine share transactions by senior executives under its HMRC-approved Share Incentive Plan, an all-employee scheme that allows staff to buy partnership shares via monthly salary deductions and receive mat...
Executive/Board ChangesRegulatory Filings and Compliance
Anglo American Reports Executive Share Award Vesting and Tax-Related Sale
Neutral
Aug 4, 2026
Anglo American has disclosed a share transaction by Chief People Organisation Officer Monique Carter under the company’s Non-Cyclical Share Award Plan. The final tranche of an award granted in June 2023 vested on 3 August 2026, with 206 ord...
Regulatory Filings and Compliance
Anglo American Confirms Total Voting Rights After July Share Capital Update
Neutral
Aug 3, 2026
Anglo American has reported that, as of 31 July 2026, its issued share capital comprises 1,178,050,272 ordinary shares, with no shares held in treasury, setting the total number of voting rights at the same figure. The company notes that this figu...
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
Anglo American and Teck Set Leadership and Synergy Targets for Anglo Teck Merger
Positive
Jul 30, 2026
Anglo American and Teck Resources have detailed the future executive and regional leadership structure for their merged entity, Anglo Teck plc, which will take effect upon completion of their cross-border mining merger expected between late 2026 a...
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
Anglo American posts strong H1 2026 results as portfolio reshaping and Teck merger advance
Positive
Jul 30, 2026
Anglo American reported a strong first half of 2026 from its continuing operations, with revenue up 11% to $9.9 billion and underlying EBITDA rising 35% to $4.0 billion, driven largely by copper, which delivered $2.9 billion of EBITDA at a 60% mar...
Business Operations and Strategy
Anglo American’s Peru and Chile Copper Assets Earn Copper Mark for Responsible Production
Positive
Jul 28, 2026
Anglo American’s Quellaveco copper mine in Peru and its Los Bronces, El Soldado and Chagres operations in Chile have been awarded The Copper Mark, with Quellaveco and Los Bronces also securing The Molybdenum Mark, recognising responsible pro...
Financial Disclosures
Anglo American Highlights Release of Kumba Iron Ore’s 2026 Interim Results
Neutral
Jul 28, 2026
Anglo American said that its listed subsidiary Kumba Iron Ore has published interim results for the half year to 30 June 2026 on the Johannesburg Stock Exchange. The disclosure highlights ongoing transparency around Kumba’s performance, whic...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Anglo American trims copper costs and advances portfolio overhaul in Q2
Positive
Jul 23, 2026
Anglo American reported a solid second quarter, with copper output steady at 173,200 tonnes and premium iron ore production only slightly lower despite planned maintenance at Kumba and grade issues at Minas-Rio. The group cut 2026 unit cost guidan...
Business Operations and Strategy
Anglo American executives acquire shares under UK incentive plan
Positive
Jul 16, 2026
Anglo American reported that several senior executives, including CEO Duncan Wanblad and CFO John Heasley, acquired small numbers of ordinary shares under the company’s UK Share Incentive Plan. The purchases, made on 14 July on the London St...
Stock BuybackRegulatory Filings and Compliance
Anglo American Confirms Total Voting Rights After Share Capital Update
Neutral
Jul 1, 2026
Anglo American has confirmed that as of 30 June 2026 its issued share capital stands at 1,178,050,272 ordinary shares, all of which carry voting rights, with no shares held in treasury. The company notes that approximately 98.9 million of these sh...
Business Operations and StrategyRegulatory Filings and Compliance
Anglo American Files 2025 Government Payments Report and Expands Tax Transparency
Positive
Jun 29, 2026
Anglo American plc has filed its Report on Payments to Governments for the year ended 31 December 2025 at Companies House, meeting the UK’s regulatory requirements that implement Chapter 10 of the EU Accounting Directive. The report also com...
Executive/Board ChangesRegulatory Filings and Compliance
Anglo American Board Members Take Fees in Shares Under Remuneration Scheme
Positive
Jun 25, 2026
Anglo American disclosed that its chair Stuart Chambers and non-executive directors Magali Anderson and Nonkululeko Nyembezi have acquired ordinary shares in the company under a scheme that takes their fees in shares instead of cash. The purchases...
Business Operations and Strategy
Anglo American and Codelco seal Los Bronces–Andina pact to unlock major Chilean copper upside
Positive
Jun 24, 2026
Anglo American and Chilean state miner Codelco have finalised a definitive agreement to integrate the mine plans for their adjacent Los Bronces and Andina copper operations, after securing competition and regulatory clearances. The long-term colla...
Business Operations and StrategyRegulatory Filings and Compliance
Anglo American Executives Acquire Shares Under All-Employee Incentive Plan
Neutral
Jun 17, 2026
Anglo American has disclosed routine share transactions by its top executives under the company’s UK-approved Share Incentive Plan, in line with market abuse regulations. Chief executive Duncan Wanblad, chief financial officer John Heasley a...
Executive/Board ChangesRegulatory Filings and Compliance
Anglo American Director Marcelo Bastos Takes Additional Board Role at Astron Limited
Neutral
Jun 1, 2026
Anglo American has announced that independent non-executive director Marcelo Bastos will join the board of Astron Limited as an independent non-executive director from 1 July 2026. The additional role at the ASX-listed company underscores the cros...
Stock BuybackRegulatory Filings and Compliance
Anglo American Confirms Updated Share Capital and Voting Rights
Neutral
Jun 1, 2026
Anglo American has confirmed that, as of 31 May 2026, its issued share capital stands at 1,178,050,272 ordinary shares, with no shares held in treasury, resulting in an equal total of 1,178,050,272 voting rights. This updated share and voting-righ...
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.