AngloGold Ashanti plc

DB:HT3 Stock Report

Market Cap: €10.4b

AngloGold Ashanti Valuation

Is HT3 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of HT3 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: HT3 (€24.06) is trading below our estimate of fair value (€70.83)

Significantly Below Fair Value: HT3 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for HT3?

Key metric: As HT3 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for HT3. This is calculated by dividing HT3's market cap by their current earnings.
What is HT3's PE Ratio?
PE Ratio18.9x
EarningsUS$562.00m
Market CapUS$10.92b

Price to Earnings Ratio vs Peers

How does HT3's PE Ratio compare to its peers?

The above table shows the PE ratio for HT3 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average25x
EVK Evonik Industries
35.2x33.1%€8.2b
SY1 Symrise
37.3x13.2%€14.6b
NDA Aurubis
8.9x-6.2%€3.3b
FPE3 Fuchs
18.7x8.7%€5.0b
HT3 AngloGold Ashanti
18.9x36.5%€10.9b

Price-To-Earnings vs Peers: HT3 is good value based on its Price-To-Earnings Ratio (18.9x) compared to the peer average (25.3x).

Price to Earnings Ratio vs Industry

How does HT3's PE Ratio compare vs other companies in the European Metals and Mining Industry?

14 CompaniesPrice / EarningsEstimated GrowthMarket Cap
HT3 18.9xIndustry Avg. 11.8xNo. of Companies14PE0816243240+
14 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: HT3 is expensive based on its Price-To-Earnings Ratio (18.9x) compared to the European Metals and Mining industry average (12.1x).

Price to Earnings Ratio vs Fair Ratio

What is HT3's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

HT3 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.9x
Fair PE Ratio31.3x

Price-To-Earnings vs Fair Ratio: HT3 is good value based on its Price-To-Earnings Ratio (18.9x) compared to the estimated Fair Price-To-Earnings Ratio (31.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst HT3 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€24.06
€31.96
+32.8%
10.4%€35.30€28.62n/a2
Nov ’25€25.35
€30.98
+22.2%
10.4%€34.21€27.74n/a2
Oct ’25€24.39
€27.77
+13.9%
2.6%€28.67€26.88n/a3
Sep ’25€27.34
€25.62
-6.3%
17.5%€30.67€18.04n/a5
Aug ’25€26.24
€24.57
-6.4%
14.7%€29.78€18.61n/a5
Jul ’25€23.64
€24.91
+5.4%
15.7%€30.90€18.73n/a5
Jun ’25€22.30
€24.26
+8.8%
15.7%€30.55€18.52n/a5
May ’25€21.57
€21.84
+1.3%
21.0%€29.19€16.01n/a5
Apr ’25€20.20
€19.95
-1.2%
13.9%€24.02€15.70n/a5
Mar ’25€17.75
€19.27
+8.6%
13.1%€23.05€15.67n/a6
Feb ’25€16.25
€19.66
+21.0%
11.6%€22.97€16.91n/a6
Jan ’25€16.95
€19.76
+16.5%
15.0%€22.90€15.57n/a6
Dec ’24€18.00
€19.19
+6.6%
14.0%€22.85€15.53n/a6
Nov ’24€16.80
€20.61
+22.7%
14.3%€25.49€16.05€25.356
Oct ’24€15.30
€20.63
+34.8%
13.8%€25.32€16.88€24.395
Sep ’24€16.40
€19.99
+21.9%
14.9%€25.44€17.27€27.345
Aug ’24€18.40
€20.40
+10.8%
15.6%€25.49€17.30€26.245
Jul ’24€19.40
€22.08
+13.8%
18.5%€27.60€17.48€23.646
Jun ’24€23.20
€21.61
-6.9%
17.3%€27.58€18.39€22.306
May ’24€23.90
€21.81
-8.7%
16.4%€26.31€18.14€21.577
Apr ’24€22.10
€19.77
-10.6%
6.4%€21.68€18.45€20.207
Mar ’24€16.10
€19.50
+21.1%
11.2%€22.28€15.17€17.757
Feb ’24€19.10
€19.95
+4.5%
13.5%€23.05€14.75€16.257
Jan ’24€18.10
€18.76
+3.7%
12.8%€22.11€15.05€16.957
Dec ’23€17.55
€18.68
+6.4%
10.9%€22.09€15.37€18.007
Nov ’23€13.30
€18.95
+42.4%
13.7%€23.30€16.14€16.807

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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