One-glance verdict
Undervalued
$226.26 our estimate vs market $79.79
Wall Street consensus: $113.06 (-50.0% lower than our fair-value estimate)
65% below our estimate, below the bear case
Fundamentals snapshot
AngloGold Ashanti plc
AU · NYQ · Basic Materials · Gold
Current price
$79.79
52-week range
$63.29 - $129.14
Market cap
$40.36B
Balance sheet
Healthy
19.86x Strong cushion
Net cash $991.00M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 70.8% last year.
- Reward Returns 44.7% on equity, ahead of 50% of its peers.
- Reward Free cash flow was positive in 3/10 years.
- Risk Insider ownership is only 0.1% (peer median: 0.1%).
What this company does
AngloGold Ashanti plc
AngloGold Ashanti plc digs gold out of the ground in places like Africa, Australia, and the Americas. The money they make mostly comes from selling this gold, which is important because it's their main source of income to keep their business running.
How the company got here
AngloGold Ashanti was formed in 2004 through the merger of two existing gold mining companies: AngloGold, which was founded in South Africa in 1998, and Ashanti Goldfields Corporation, which had a history dating back to 1897 in Ghana. This merger created a larger, globally diversified gold producer. Over the years, the company has strategically shifted its focus, notably exiting its South African mining operations in 2020 to concentrate on a multi-jurisdictional approach. AngloGold Ashanti has also undergone corporate restructuring, including re-domiciling to the United Kingdom and establishing a primary listing on the New York Stock Exchange. The company's journey reflects a continuous effort to optimize its asset portfolio and operational footprint.
What it actually does
AngloGold Ashanti is primarily a gold mining company. It explores for, mines, and processes gold ore to produce gold doré bars, which are unrefined gold bars. These bars are then sent to refineries to be purified. While gold is its main product, the company also extracts and sells by-products such as silver and sulphuric acid. The gold produced is sold to bullion banks and is used by financial institutions and manufacturing sectors for investment and industrial purposes. The company operates mines and exploration projects across Africa, Australia, and the Americas.
Africa
This segment represents AngloGold Ashanti's mining operations located on the African continent. Key assets include mines in Ghana (like Obuasi and Iduapriem), Tanzania (Geita), Guinea (Siguiri), and a joint venture interest in the Democratic Republic of Congo (Kibali). These operations involve exploring for gold deposits, extracting the ore through underground or open-pit mining, and processing it to produce gold doré. This segment is a significant contributor to the company's overall gold production.
Australia
This segment encompasses AngloGold Ashanti's gold mining operations in Australia. Major assets include the Sunrise Dam and Tropicana mines. Similar to its African operations, this segment focuses on the exploration, extraction, and processing of gold ore. The Australian operations contribute to the company's diversified production base, providing exposure to different geological and operating environments.
Americas
This segment includes AngloGold Ashanti's gold mining and development activities in North and South America. It comprises producing mines in Brazil (such as the Cuiabá complex and Serra Grande) and Argentina (Cerro Vanguardia), as well as development projects in the United States (Nevada) and Colombia. The company explores for new gold deposits, mines existing ones, and processes the ore. This segment also includes exploration activities aimed at discovering future mining opportunities.
What management is betting on now
AngloGold Ashanti's management is focused on several key strategic priorities to drive future value. A major focus is on stabilizing and improving its key producing assets, such as the Obuasi mine, to ensure efficient and profitable operations. The company is also heavily invested in brownfield exploration, which means exploring for new gold reserves near existing mines, as this is often a high-return way to grow the business. Additionally, management is working to build a pipeline of new projects for the future, improve the overall quality of its asset portfolio, and maintain financial flexibility to navigate the cyclical nature of the mining industry. They also prioritize safety, sustainability, and strong relationships with local communities and stakeholders.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $226.26 vs current price $79.79
Wall Street consensus is the average analyst price target: $113.06 (-50.0% lower than our fair-value estimate).
Our most-likely fair value is $226.26 a share — about 183.6% above today's price of $79.79, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $991.0M - more cash than debt. Interest coverage 19.9x.
Net debt
$-991.00M
Interest coverage
19.86x
AngloGold Ashanti plc's profit covers its interest bill about 19.9 times over. which is stronger than most peers shown here.
Healthy
Worse cushion
Baseline
Better cushion
AU
BASELINE
AngloGold Ashanti plc
Total debt $1.79B Interest coverage 19.86x This is the baseline the peer rows are being compared against.
Total debt $5.58B Interest coverage 48.14x +142% vs AU Carries about 2.4x more debt cushion than AU.
Total debt $901.68M Interest coverage 2.34x -88% vs AU Carries about 8.5x less debt cushion than AU.
Total debt $328.08M Interest coverage 189.22x +853% vs AU Carries about 9.5x more debt cushion than AU.
Total debt $2.63B Interest coverage 36.50x +84% vs AU Carries about 1.8x more debt cushion than AU.
Total debt $567.17M Interest coverage 14.49x -27% vs AU Carries about 1.4x less debt cushion than AU.
What you should know
The case for and against AU
3 Rewards
1 Risk
Rewards
-
Revenue grew 70.8% last year.
-
Returns 44.7% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 3/10 years.
Risks
-
Insider ownership is only 0.1% (peer median: 0.1%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
10.70x
Forward P/E
8.62x
P/B
4.55x
P/S
3.41x
EV/EBITDA
5.79x
PEG ratio
0.78x
Profitability
How much profit each dollar creates
Gross margin
54.8%
Operating margin
51.2%
Net margin
32.2%
ROE
44.7%
ROA
24.9%
Health
Liquidity and balance-sheet strength
Debt / equity
0.17x
Current ratio
2.71x
Quick ratio
2.00x
Total debt
$1.79B
Total cash
$2.78B
Growth
How the business has been compounding
Revenue TTM
$11.83B
Revenue 5Y CAGR
30.0%
EPS TTM
7.46
EPS 5Y CAGR
94.1%
Cash flow
How much cash the business throws off
Operating CF TTM
$4.78B
Free CF TTM
$3.33B
FCF margin
28.2%
Dividend
Shareholder payout
Yield
5.7%
Payout ratio
61.7%
Last ex-div date
2026-08-21