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AngloGold Ashanti

DB:AODC
Snowflake Description

Adequate balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AODC
DB
ZAR75B
Market Cap
  1. Home
  2. DE
  3. Materials
Company description

AngloGold Ashanti Limited operates as a gold mining company. The last earnings update was 26 days ago. More info.


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AODC Share Price and Events
7 Day Returns
-3.5%
DB:AODC
0%
DE Metals and Mining
1%
DE Market
1 Year Returns
63.9%
DB:AODC
-38.3%
DE Metals and Mining
-5.6%
DE Market
AODC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
AngloGold Ashanti (AODC) -3.5% -11.4% 1.4% 63.9% -14.1% -13%
DE Metals and Mining 0% 7.1% -6.8% -38.3% -24.5% -23.4%
DE Market 1% 6.1% 8.4% -5.6% 10.9% 13.8%
1 Year Return vs Industry and Market
  • AODC outperformed the Metals and Mining industry which returned -38.3% over the past year.
  • AODC outperformed the Market in Germany which returned -5.6% over the past year.
Price Volatility
AODC
Industry
5yr Volatility vs Market

Value

 Is AngloGold Ashanti undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of AngloGold Ashanti to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for AngloGold Ashanti.

DB:AODC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:AODC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Metals and Mining Unlevered Beta Simply Wall St/ S&P Global 1.13
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.132 (1 + (1- 28%) (39.55%))
1.304
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.3
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.304 * 5.96%)
8%

Discounted Cash Flow Calculation for DB:AODC using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for AngloGold Ashanti is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:AODC DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8%)
2019 331.86 Analyst x1 307.27
2020 264.30 Analyst x4 226.58
2021 551.00 Analyst x1 437.38
2022 675.37 Est @ 22.57% 496.38
2023 782.54 Est @ 15.87% 532.53
2024 870.00 Est @ 11.18% 548.18
2025 938.65 Est @ 7.89% 547.62
2026 991.15 Est @ 5.59% 535.40
2027 1,030.63 Est @ 3.98% 515.48
2028 1,060.07 Est @ 2.86% 490.92
Present value of next 10 years cash flows $4,637.74
DB:AODC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $1,060.07 × (1 + 0.23%) ÷ (8% – 0.23%)
$13,666.96
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $13,666.96 ÷ (1 + 8%)10
$6,329.20
DB:AODC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $4,637.74 + $6,329.20
$10,966.94
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $10,966.94 / 414.11
$2192.78
DB:AODC Discount to Share Price
Calculation Result
Exchange Rate USD/ZAR
(Reporting currency to currency of JSE:ANG)
14.42
Value per Share
(ZAR)
= Value per Share in USD x Exchange Rate (USD/ZAR)
= $26.48 x 14.42
ZAR381.89
Non-primary Listing Adjustment Factor 1 share in DB:AODC represents 0.01208x of JSE:ANG
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.01208x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (ZAR) x Listing Adjustment Factor
= ZAR 381.89 x 0.01208
€4.61
Value per share (EUR) From above. €4.61
Current discount Discount to share price of €2.18
= -1 x (€2.18 - €4.61) / €4.61
52.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price AngloGold Ashanti is available for.
Intrinsic value
>50%
Share price is €2.18 vs Future cash flow value of €4.61
Current Discount Checks
For AngloGold Ashanti to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • AngloGold Ashanti's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • AngloGold Ashanti's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for AngloGold Ashanti's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are AngloGold Ashanti's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:AODC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $0.32
JSE:ANG Share Price ** JSE (2019-04-24) in ZAR ZAR180.5
JSE:ANG Share Price converted to USD reporting currency Exchange rate (ZAR/ USD) 0.069 $12.52
Germany Metals and Mining Industry PE Ratio Median Figure of 5 Publicly-Listed Metals and Mining Companies 14.98x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.72x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of AngloGold Ashanti.

DB:AODC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= JSE:ANG Share Price ÷ EPS (both in USD)

= 12.52 ÷ 0.32

39.26x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AngloGold Ashanti is overvalued based on earnings compared to the DE Metals and Mining industry average.
  • AngloGold Ashanti is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does AngloGold Ashanti's expected growth come at a high price?
Raw Data
DB:AODC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 39.26x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
29.2%per year
Europe Metals and Mining Industry PEG Ratio Median Figure of 62 Publicly-Listed Metals and Mining Companies 0.7x
Germany Market PEG Ratio Median Figure of 269 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

DB:AODC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 39.26x ÷ 29.2%

1.34x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AngloGold Ashanti is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on AngloGold Ashanti's assets?
Raw Data
DB:AODC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $6.42
JSE:ANG Share Price * JSE (2019-04-24) in ZAR ZAR180.5
JSE:ANG Share Price converted to USD reporting currency Exchange rate (ZAR/ USD) 0.069 $12.52
Germany Metals and Mining Industry PB Ratio Median Figure of 8 Publicly-Listed Metals and Mining Companies 1.85x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.87x
DB:AODC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= JSE:ANG Share Price ÷ Book Value per Share (both in USD)

= 12.52 ÷ 6.42

1.95x

* Primary Listing of AngloGold Ashanti.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AngloGold Ashanti is overvalued based on assets compared to the DE Metals and Mining industry average.
X
Value checks
We assess AngloGold Ashanti's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Metals and Mining industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Metals and Mining industry average (and greater than 0)? (1 check)
  5. AngloGold Ashanti has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is AngloGold Ashanti expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
29.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is AngloGold Ashanti expected to grow at an attractive rate?
  • AngloGold Ashanti's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • AngloGold Ashanti's earnings growth is expected to exceed the Germany market average.
  • AngloGold Ashanti's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:AODC Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:AODC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 29.2%
DB:AODC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 4.5%
Germany Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average 31.2%
Europe Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 0.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:AODC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:AODC Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 4,438 1,202 526 5
2020-12-31 4,410 1,130 369 4
2019-12-31 3,978 1,029 448 6
DB:AODC Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 3,943 857 133
2018-09-30 4,171 927 76
2018-06-30 4,245 997 18
2018-03-31 4,301 997 -87
2017-12-31 4,510 997 -191
2017-09-30 4,512 1,014 -178
2017-06-30 4,238 1,031 -165
2017-03-31 4,162 1,109 -51
2016-12-31 4,223 1,186 63
2016-09-30 4,046 1,214 188
2016-06-30 3,929 1,102 106
2016-03-31 3,963 1,187 63

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • AngloGold Ashanti's earnings are expected to grow significantly at over 20% yearly.
  • AngloGold Ashanti's revenue is expected to grow by 4.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:AODC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from AngloGold Ashanti Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AODC Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.27 2.02 0.75 5.00
2020-12-31 1.17 1.38 0.87 5.00
2019-12-31 1.04 1.29 0.75 5.00
DB:AODC Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 0.32
2018-09-30 0.18
2018-06-30 0.04
2018-03-31 -0.21
2017-12-31 -0.46
2017-09-30 -0.43
2017-06-30 -0.40
2017-03-31 -0.12
2016-12-31 0.15
2016-09-30 0.45
2016-06-30 0.26
2016-03-31 0.15

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • AngloGold Ashanti is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess AngloGold Ashanti's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
AngloGold Ashanti has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has AngloGold Ashanti performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare AngloGold Ashanti's growth in the last year to its industry (Metals and Mining).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • AngloGold Ashanti has delivered over 20% year on year earnings growth in the past 5 years.
  • AngloGold Ashanti has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • AngloGold Ashanti has become profitable in the last year making it difficult to compare the DE Metals and Mining industry average.
Earnings and Revenue History
AngloGold Ashanti's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from AngloGold Ashanti Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AODC Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 3,943.00 133.00 188.00
2018-09-30 4,171.00 75.50 180.50
2018-06-30 4,245.00 18.00 164.00
2018-03-31 4,300.50 -86.50 171.00
2017-12-31 4,510.00 -191.00 187.00
2017-09-30 4,512.00 -178.00 219.00
2017-06-30 4,238.00 -165.00 201.00
2017-03-31 4,161.50 -51.00 197.50
2016-12-31 4,223.00 63.00 219.00
2016-09-30 4,045.50 187.50 201.00
2016-06-30 3,929.00 106.00 195.00
2016-03-31 3,963.00 63.00 205.00
2015-12-31 4,015.00 31.00 210.00
2015-09-30 4,204.00 -139.00 219.00
2015-06-30 4,483.00 -35.00 232.00
2015-03-31 4,987.00 -91.00 231.00
2014-12-31 4,952.00 -74.00 234.00
2014-09-30 5,158.00 -339.00 243.00
2014-06-30 5,307.00 -366.00 282.00
2014-03-31 5,297.00 -2,442.00 367.00
2013-12-31 5,172.00 -1,985.00 451.00
2013-09-30 5,477.00 -2,099.00 584.00
2013-06-30 5,733.00 -1,913.00 663.00
2013-03-31 6,110.00 555.00 684.00
2012-12-31 6,353.00 897.00 683.00
2012-09-30 6,734.00 1,456.00 638.00
2012-06-30 6,897.00 1,725.00 606.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • AngloGold Ashanti has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • AngloGold Ashanti used its assets more efficiently than the DE Metals and Mining industry average last year based on Return on Assets.
  • AngloGold Ashanti has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess AngloGold Ashanti's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Metals and Mining industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
AngloGold Ashanti has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is AngloGold Ashanti's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up AngloGold Ashanti's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • AngloGold Ashanti is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • AngloGold Ashanti's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of AngloGold Ashanti's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from AngloGold Ashanti Company Filings, last reported 3 months ago.

DB:AODC Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 2,694.00 2,050.00 335.00
2018-09-30 2,694.00 2,050.00 335.00
2018-06-30 2,641.00 2,051.00 221.00
2018-03-31 2,641.00 2,051.00 221.00
2017-12-31 2,704.00 2,268.00 212.00
2017-09-30 2,704.00 2,268.00 212.00
2017-06-30 2,633.00 2,366.00 171.00
2017-03-31 2,633.00 2,366.00 171.00
2016-12-31 2,754.00 2,178.00 220.00
2016-09-30 2,754.00 2,178.00 220.00
2016-06-30 2,670.00 2,654.00 473.00
2016-03-31 2,670.00 2,654.00 473.00
2015-12-31 2,467.00 2,737.00 485.00
2015-09-30 2,410.00 2,762.00 394.00
2015-06-30 2,661.00 3,730.00 461.00
2015-03-31 2,797.00 3,670.00 364.00
2014-12-31 2,871.00 3,721.00 468.00
2014-09-30 3,010.00 3,693.00 557.00
2014-06-30 3,101.00 3,810.00 604.00
2014-03-31 3,175.00 3,826.00 526.00
2013-12-31 3,107.00 3,911.00 649.00
2013-09-30 3,411.00 3,934.00 786.00
2013-06-30 3,192.00 3,524.00 415.00
2013-03-31 5,569.00 3,506.00 680.00
2012-12-31 5,494.00 3,583.00 892.00
2012-09-30 5,742.00 3,421.00 1,123.00
2012-06-30 5,637.00 2,524.00 987.00
  • AngloGold Ashanti's level of debt (76.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (125.8% vs 76.1% today).
  • Debt is well covered by operating cash flow (41.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.2x coverage).
X
Financial health checks
We assess AngloGold Ashanti's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. AngloGold Ashanti has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is AngloGold Ashanti's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.56%
Current annual income from AngloGold Ashanti dividends. Estimated to be 1% next year.
If you bought €2,000 of AngloGold Ashanti shares you are expected to receive €11 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • AngloGold Ashanti's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
  • AngloGold Ashanti's dividend is below the markets top 25% of dividend payers in Germany (3.7%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:AODC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Germany Metals and Mining Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 2%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:AODC Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.13 7.00
2020-12-31 0.13 9.00
2019-12-31 0.12 10.00
DB:AODC Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-29 0.070 0.533
2019-02-19 0.070 0.507
2018-03-29 0.060 0.639
2018-03-08 0.058 0.632
2018-02-20 0.060 0.627
2017-03-31 0.100 0.975
2017-02-21 0.100 0.921
2015-05-11 0.000 0.000
2015-04-02 0.000 0.000
2015-02-23 0.000 0.000
2014-11-03 0.000 0.000
2014-10-15 0.000 0.000
2014-08-11 0.000 0.000
2014-07-15 0.000 0.000
2014-05-19 0.000 0.000
2014-04-14 0.000 0.000
2014-02-19 0.000 0.000
2013-11-04 0.000 0.000
2013-08-07 0.000 0.000
2013-07-15 0.000 0.000
2013-04-11 0.293 1.898
2013-02-20 0.322 1.381
2012-11-08 0.219 0.764
2012-08-14 0.450 1.399
2012-05-10 0.465 1.408
2012-02-15 0.997 2.791
2011-11-09 0.421 1.001
2011-08-04 0.193 0.478
2011-02-22 0.203 0.468
2010-08-10 0.156 0.355
2010-02-17 0.176 0.462

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AngloGold Ashanti is not paying a notable dividend for Germany, therefore no need to check if the payments are stable.
  • AngloGold Ashanti is not paying a notable dividend for Germany, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of AngloGold Ashanti's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of AngloGold Ashanti's dividends as it is not paying a notable one for Germany.
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (8.9x coverage).
X
Income/ dividend checks
We assess AngloGold Ashanti's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can AngloGold Ashanti afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. AngloGold Ashanti has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of AngloGold Ashanti's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kelvin P. Dushnisky
COMPENSATION $29,712,000
AGE 54
TENURE AS CEO 0.6 years
CEO Bio

Mr. Kelvin P. M. Dushnisky, B.Sc. (Hon.), M.Sc., LL.B., J.D. has been Chief Executive Officer and Executive Director at AngloGold Ashanti Ltd. since September 1, 2018. Mr. Dushnisky had been the President of Barrick Gold Corporation from August 17, 2015 to August 31, 2018 and shared overall responsibility for execution of its strategic priorities and operating plans. He has 30 years of international mining industry experience. Mr. Dushnisky has extensive international experience in project approvals, development agreements and public affairs. He has executive experience associated with a number of private and public companies. He served as a Co-President of Barrick Gold Corporation from July 2014 to August 2015. Mr. Dushnisky served as Senior Executive Vice President of Barrick Gold Corporation since August 7, 2012 with global responsibility for Government Relations, Permitting, Corporate Responsibility and Communications. He served as an Executive Vice President of Corporate and Legal Affairs at Barrick Gold Corporation from June 2010 to September 25, 2012. He served as an Executive Vice President of Corporate Affairs at Barrick Gold Corporation since 2007. He served as a Vice President of Regulatory Affairs at Barrick Gold Corporation from May 2003 to September 2005 and its Senior Vice President of Corporate Affairs from 2005 to December 2007. He served as a Director of Regulatory Affairs of Barrick Gold from 2002 to May 2003. Prior to joining Barrick in April 2002, he served as a Managing Director of Altara Securities Inc. He served as a General Counsel of EuroZInc Mining Corp., until August 15, 2001. He served as a Vice President of Regulator Affairs of Sutton Resources Ltd., from 1996 to 1999 and also served as its Senior Vice President of RedCorp. Ventures Inc. He served as the President and Chief Executive Officer of EuroZInc. Mining's predecessor companies, International Vestor Resources Ltd., from 1997 to 1999. He served as Vice President of Rescan Consultants Inc. He was the Chairman of Acacia Mining plc. since February 25, 2013 until August 31, 2018 and was its Non Executive Director since June 2012 until until August 31, 2018. Mr. Dushnisky represents Barrick at the World Gold Council and the International Council on Mining and Metals (ICMM). Mr. Dushnisky served as a Vice Chairman of EuroZInc Mining Corp., until June 21, 2001. He had been a Non Independent Executive Director of Barrick Gold Corporation from February 17, 2016 to August 31, 2018. He has been a Director of Equinox Minerals Ltd. since June 3, 2011. He has been an Independent Director of CanWel Building Materials Group Ltd., since March 29, 2004. He served as a Director of BQE Water Inc. from April 10, 2001 to May 10, 2012. Mr. Dushnisky was a Founding Director of EuroZInc Mining Corp., until June 21, 2001. He served as a Director of International Vestor Resources Ltd. from 1997 to 1999. He served as a Director of Blackstone Ventures Inc. from 2000 to September 2010. He served as a Director of RedCorp Ventures Inc. He serves on the boards of directors for a number of publicly listed companies. He is Vice-Chair of the Canadian Council of the Americas. He is a Member of the Law Society of British Columbia, the Institute of the Americas, the Canadian Council of the Americas and the Canadian Chamber of Commerce, the IAB (International Advisory Board) of the Shanghai Gold Exchange, and the Board of Trustees of the University Health Network (Toronto). He has written for a variety of publications and is a Conference Speaker, University Guest Lecturer, Expert Witness and Adviser on regulatory matters to foreign governments. Mr. Dushnisky has been a Lawyer since 1998. He is a former Vice- President of Sutton Resources Ltd. (acquired by Barrick in 1999), and has held directorships with a number of public companies in the mining, oil and gas and hospitality sectors. Mr. Dushnisky holds a B.Sc. (Hon.) degree from the University of Manitoba and M.Sc. and J.D. degrees from the University of British Columbia. He is a member of the Canadian Bar Association and the Business Council of Canada. He is a member of the International Advisory Board of Accenture Global Mining Executive Council.

CEO Compensation
  • Insufficient data for Kelvin P. to compare compensation growth.
  • Kelvin P.'s remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the AngloGold Ashanti management team in years:

3.9
Average Tenure
51.5
Average Age
  • The tenure for the AngloGold Ashanti management team is about average.
Management Team

Kelvin P. Dushnisky

TITLE
CEO & Executive Director
COMPENSATION
$30M
AGE
54
TENURE
0.6 yrs

Kandimathie Christine Ramon

TITLE
CFO & Executive Director
COMPENSATION
$19M
AGE
51
TENURE
4.5 yrs

Ria Perez

TITLE
Executive VP of Legal
COMPENSATION
$14M
AGE
52
TENURE
5.9 yrs

Tirelo Sibisi

TITLE
Executive Vice President of Group Human Resources
COMPENSATION
$13M
AGE
49
TENURE
2.3 yrs

Graham Ehm

TITLE
Executive Vice President of Group Planning & Technical
COMPENSATION
$31M
AGE
61
TENURE
11.3 yrs

Ludwig Eybers

TITLE
Chief Operating Officer of International
COMPENSATION
$16M
AGE
51
TENURE
3.3 yrs

John Staples

TITLE
Chief Accounting Officer

Vaughan Chamberlain

TITLE
Senior Vice President of Strategic Technical Group
AGE
55

Gerry Arnat

TITLE
Managing Director of Navachab Gold Mine - Karibib
TENURE
12.6 yrs

Stewart Bailey

TITLE
Executive Vice President of Corporate Affairs
AGE
44
TENURE
0.2 yrs
Board of Directors Tenure

Average tenure and age of the AngloGold Ashanti board of directors in years:

5.1
Average Tenure
63
Average Age
  • The tenure for the AngloGold Ashanti board of directors is about average.
Board of Directors

Sipho Pityana

TITLE
Chairman of the Board
COMPENSATION
$441K
AGE
59
TENURE
5.2 yrs

Kelvin P. Dushnisky

TITLE
CEO & Executive Director
COMPENSATION
$30M
AGE
54
TENURE
0.6 yrs

Kandimathie Christine Ramon

TITLE
CFO & Executive Director
COMPENSATION
$19M
AGE
51
TENURE
4.5 yrs

Rhidwaan Gasant

TITLE
Independent Non-Executive Director
COMPENSATION
$230K
AGE
58
TENURE
8.7 yrs

Nozipho January-Bardill

TITLE
Independent Non-Executive Director
COMPENSATION
$198K
AGE
67
TENURE
7.5 yrs

Rod Ruston

TITLE
Independent Non-Executive Director
COMPENSATION
$261K
AGE
67
TENURE
7.3 yrs

Michael Kirkwood

TITLE
Independent Non-Executive Director
COMPENSATION
$247K
AGE
71
TENURE
6.8 yrs

Dave Hodgson

TITLE
Independent Non-Executive Director
COMPENSATION
$190K
AGE
70
TENURE
5 yrs

Al Garner

TITLE
Independent Non-Executive Director
COMPENSATION
$200K
AGE
62
TENURE
4.3 yrs

Maria Del Richter

TITLE
Independent Non-Executive Director
COMPENSATION
$235K
AGE
64
TENURE
4.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess AngloGold Ashanti's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. AngloGold Ashanti has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

AngloGold Ashanti Limited operates as a gold mining company. It also produces silver, uranium, and sulphuric acid; and dóre bars. The company operates 14 mines and 3 projects in 10 countries in South Africa, Continental Africa, the Americas, and Australasia. AngloGold Ashanti Limited was incorporated in 1944 and is headquartered in Johannesburg, South Africa.

Details
Name: AngloGold Ashanti Limited
AODC
Exchange: DB
Founded: 1944
ZAR4,631,420,357
414,105,224
Website: http://www.anglogoldashanti.com
Address: AngloGold Ashanti Limited
76 Rahima Moosa Street,
Newtown,
Johannesburg,
Gauteng, 2001,
South Africa
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
JSE ANG Ordinary Shares The Johannesburg Securities Exchange ZA ZAR 02. Jan 1992
OTCPK AULG.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB AOD1 Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
GHSE AGA Ordinary Shares Ghana Stock Exchange GH GHS 02. Jan 1992
NYSE AU LVL1 ADR EACH REP 1COM ZAR0.25(BNY) New York Stock Exchange US USD 14. Dec 1972
ASX AGG SHS CHESS UTS Australian Securities Exchange AU AUD 16. Nov 1999
GHSE AADS GDR (100 REPR 1 ORD SHS) Ghana Stock Exchange GH GHS 27. Dec 2006
DB AODC SHS CHESS UTS Deutsche Boerse AG DE EUR 16. Nov 1999
DB AOD LVL1 ADR EACH REP 1COM ZAR0.25(BNY) Deutsche Boerse AG DE EUR 14. Dec 1972
SWX AU LVL1 ADR EACH REP 1COM ZAR0.25(BNY) SIX Swiss Exchange CH CHF 14. Dec 1972
CHIA AGG SHS CHESS UTS Chi-X Australia AU AUD 16. Nov 1999
Number of employees
Current staff
Staff numbers
44,000
AngloGold Ashanti employees.
Industry
Gold
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/24 20:32
End of day share price update: 2019/04/24 00:00
Last estimates confirmation: 2019/04/22
Last earnings filing: 2019/03/29
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.