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Anglo American
(LSE:AAL)
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Rating:54Neutral
Price Target:
3,915.00 p
▼(-6.85% Downside)
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 capacity despite the downturn. This supports essential investment and financial obligations through the cycle, giving Anglo American resilience while commodity conditions and earnings remain under pressure.
Negative Factors
Multi-year revenue decline
A multi-year contraction in revenue signals weaker scale and reduced earnings leverage across the portfolio. Lower sales also make fixed operating and corporate costs more difficult to absorb, increasing sensitivity to commodity prices and production performance.
Read all positive and negative factors
Positive Factors
Negative Factors
Positive cash generation
Positive operating and free cash flow provide internal funding capacity despite the downturn. This supports essential investment and financial obligations through the cycle, giving Anglo American resilience while commodity conditions and earnings remain under pressure.
Read all positive factors
Anglo American (AAL) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£41.71B
Dividend Yield0.75%
Average Volume (3M)3.52M
Price to Earnings (P/E)―
Beta (1Y)1.61
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. Volume5,141,979
30 Day Avg. Volume3,515,160
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
£4,354.29Price Target Upside3.60% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)1.68
Revenue Forecast (FY)£20.70B
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 to industrial customers and commodity traders under a mix of long-term supply contracts and spot/market-linked sales. Revenue is generated when the company extracts or...
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 | 6.11B | 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 Technical Analysis
Neutral
4203.00
Price Trends
4031.44
Negative
3890.06
Negative
3710.41
Positive
Market Momentum
-69.12
Positive
46.14
Neutral
42.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:AAL, the sentiment is Neutral. The current price of 4203 is above the 20-day moving average (MA) of 3968.30, above the 50-day MA of 4031.44, and above the 200-day MA of 3710.41, indicating a neutral trend. The MACD of -69.12 indicates Positive momentum. The RSI at 46.14 is Neutral, neither overbought nor oversold. The STOCH value of 42.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:AAL.
Anglo American Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | £388.00M | 10.20 | 10.46% | 0.96% | 167.53% | ― | |
67 Neutral | £107.15B | 11.18 | 18.86% | 5.61% | 10.86% | 13.41% | |
66 Neutral | £549.32M | 21.92 | 11.90% | ― | 28.80% | 286.76% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | £62.55B | 15.70 | 13.34% | 2.49% | 26.71% | ― | |
54 Neutral | £41.71B | -21.73 | -15.45% | 0.75% | -13.95% | 40.97% | |
53 Neutral | £205.17M | -1.04 | -33.21% | 11.04% | -28.42% | -411.33% |
* Basic Materials Sector Average
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Anglo American Corporate Events
Business Operations and StrategyExecutive/Board Changes
Anglo American Names Anne Wade Senior Independent Director Amid Strategic Reshaping
Positive
Oct 22, 2026
Anglo American has appointed Anne Wade as Senior Independent Director with immediate effect, expanding her responsibilities beyond her existing roles on the Audit, Remuneration and Sustainability committees and adding membership of the Nomination ...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Anglo American Q3 output resilient as copper‑focused reshaping gathers pace
Positive
Oct 20, 2026
Anglo American reported a resilient third-quarter operational performance, with overall production broadly in line with the prior year despite extreme winter weather in Chile. Copper output fell 5% to 174,900 tonnes, and premium iron ore productio...
Business Operations and StrategyRegulatory Filings and Compliance
Anglo American Executives Acquire Shares Under All-Employee Incentive Plan
Positive
Oct 16, 2026
Anglo American has disclosed a series of small share acquisitions by its chief executive, chief financial officer and several senior executives under its UK HMRC-approved Share Incentive Plan. The plan allows employees to buy partnership shares vi...
Stock BuybackDividends
Anglo American Reports Uptake of 2026 Interim Dividend Reinvestment Plan
Neutral
Oct 14, 2026
Anglo American has reported the results of its Dividend Reinvestment Plan for the 2026 interim dividend, giving shareholders the option to receive shares instead of a cash payout. UK register shareholders representing 1.32% of issued share capital...
DividendsRegulatory Filings and Compliance
Anglo American Executives Reinvest Interim Dividend in Company Shares
Neutral
Oct 1, 2026
Anglo American has disclosed a series of small share purchases by senior executives and other persons discharging managerial responsibilities through the reinvestment of the 2026 interim dividend. Chief executive Duncan Wanblad, chief financial of...
Stock BuybackRegulatory Filings and Compliance
Anglo American Confirms Share Capital and Voting Rights Structure
Neutral
Oct 1, 2026
Anglo American has confirmed that, as of 30 September 2026, its issued share capital stands at 1,178,050,272 ordinary shares, with no shares held in treasury, resulting in an equal number of total voting rights. This figure serves as the reference...
Other
Anglo American Directors and Executives Increase Equity Exposure Through Share Purchases and Options
Positive
Sep 30, 2026
Anglo American has disclosed a series of share-related transactions by its board members and senior executives, including the chair and several non-executive directors, who acquired ordinary shares on the London Stock Exchange using after-tax fees...
Regulatory Filings and Compliance
Anglo American Executives Add Shares Under Incentive Plan
Neutral
Sep 16, 2026
Anglo American has reported a series of routine share purchases by senior executives under its UK HMRC-approved Share Incentive Plan. Chief executive Duncan Wanblad, chief financial officer John Heasley and several other members of the executive t...
Business Operations and StrategyDividends
Anglo American Sets Local Currency Rates for Interim Dividend
Positive
Sep 14, 2026
Anglo American has confirmed the currency equivalents of its previously announced interim dividend of 23 U.S. cents per ordinary share, setting the payment at 16.987 pence in sterling and 19.775 euro cents in euros based on forward exchange rates....
DividendsM&A TransactionsRegulatory Filings and Compliance
Anglo American details special merger dividend and fast-tracks timetable for Teck tie-up
Positive
Sep 1, 2026
Anglo American has confirmed that, as of 31 August 2026, its issued share capital stands at 1,178,050,272 ordinary shares, all carrying voting rights, a key reference point for investors calculating disclosure thresholds under UK transparency rule...
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...
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.