Antofagasta Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • 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 ANTO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ANTO (£16.65) is trading below our estimate of fair value (£77.99)

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


Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for ANTO. This is calculated by dividing ANTO's market cap by their current earnings.
What is ANTO's PE Ratio?
PE Ratio26.9x
EarningsUS$764.30m
Market CapUS$20.56b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for ANTO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16.3x
ATYM Atalaya Mining
22.9x40.0%UK£491.2m
CAML Central Asia Metals
8.6x15.0%UK£278.4m
FRES Fresnillo
24.3x33.0%UK£4.8b
RIO Rio Tinto Group
9.4x0.7%UK£84.4b
ANTO Antofagasta
26.9x18.3%UK£16.4b

Price-To-Earnings vs Peers: ANTO is expensive based on its Price-To-Earnings Ratio (26.9x) compared to the peer average (16.3x).


Price to Earnings Ratio vs Industry

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

9 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ENPL En+ Group International
2.2x8.0%US$4.67b
NLMK Novolipetsk Steel
0.8xn/aUS$4.08b
EVR EVRAZ
0.4xn/aUS$1.42b
MTL Metals Exploration
0.9x-60.3%US$124.52m
ANTO 26.9xIndustry Avg. 10.3xNo. of Companies9PE01020304050+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ANTO is expensive based on its Price-To-Earnings Ratio (26.9x) compared to the UK Metals and Mining industry average (10.3x).


Price to Earnings Ratio vs Fair Ratio

What is ANTO'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.

ANTO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio26.9x
Fair PE Ratio23.6x

Price-To-Earnings vs Fair Ratio: ANTO is expensive based on its Price-To-Earnings Ratio (26.9x) compared to the estimated Fair Price-To-Earnings Ratio (23.6x).


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 ANTO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£16.65
UK£19.61
+17.8%
16.7%UK£24.98UK£13.31n/a19
Nov ’25UK£17.63
UK£19.00
+7.8%
17.3%UK£24.55UK£13.01n/a19
Oct ’25UK£19.93
UK£18.78
-5.8%
16.3%UK£24.53UK£13.61n/a18
Sep ’25UK£18.53
UK£19.11
+3.1%
15.4%UK£24.75UK£13.73n/a17
Aug ’25UK£19.25
UK£19.94
+3.6%
17.6%UK£25.97UK£14.09n/a17
Jul ’25UK£21.13
UK£19.62
-7.2%
20.1%UK£26.27UK£11.07n/a17
Jun ’25UK£22.03
UK£18.59
-15.6%
24.0%UK£26.02UK£10.97n/a17
May ’25UK£21.68
UK£18.38
-15.2%
24.0%UK£25.87UK£10.12n/a17
Apr ’25UK£20.39
UK£16.47
-19.2%
23.4%UK£22.43UK£10.00n/a17
Mar ’25UK£18.17
UK£15.35
-15.5%
19.7%UK£21.10UK£10.05n/a17
Feb ’25UK£17.49
UK£15.34
-12.3%
20.4%UK£21.07UK£10.04n/a17
Jan ’25UK£16.80
UK£14.27
-15.0%
18.0%UK£19.00UK£9.65n/a17
Dec ’24UK£14.96
UK£13.87
-7.3%
18.8%UK£18.68UK£9.65n/a17
Nov ’24UK£13.13
UK£14.42
+9.8%
18.5%UK£18.96UK£10.77UK£17.6317
Oct ’24UK£14.29
UK£14.89
+4.2%
19.6%UK£19.93UK£10.80UK£19.9317
Sep ’24UK£14.71
UK£14.49
-1.5%
17.9%UK£19.10UK£10.80UK£18.5317
Aug ’24UK£16.52
UK£14.82
-10.3%
15.5%UK£19.16UK£10.72UK£19.2517
Jul ’24UK£14.61
UK£15.02
+2.8%
16.6%UK£19.65UK£9.51UK£21.1317
Jun ’24UK£13.80
UK£15.34
+11.1%
18.1%UK£22.01UK£9.71UK£22.0317
May ’24UK£14.61
UK£15.00
+2.7%
17.9%UK£21.91UK£9.67UK£21.6816
Apr ’24UK£15.81
UK£14.79
-6.4%
19.4%UK£22.50UK£9.71UK£20.3916
Mar ’24UK£16.36
UK£14.95
-8.6%
19.9%UK£23.18UK£9.33UK£18.1716
Feb ’24UK£17.31
UK£14.49
-16.3%
22.6%UK£23.05UK£9.29UK£17.4916
Jan ’24UK£15.46
UK£12.31
-20.3%
14.3%UK£16.21UK£9.51UK£16.8017
Dec ’23UK£14.06
UK£11.48
-18.4%
16.4%UK£16.33UK£8.86UK£14.9617
Nov ’23UK£12.31
UK£11.37
-7.6%
11.8%UK£14.22UK£9.32UK£13.1317

Analyst Forecast: Target price is less than 20% higher than the current share price.


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