We’ve recently updated our valuation analysis.

AngloGold Ashanti Valuation

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

Valuation Score

0/6

Valuation Score 0/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

ANG key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.4x
Enterprise Value/EBITDA7.4x
PEG Ratio2.2x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for ANG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average7.9x
GFI Gold Fields
11.9x14.2%R187.1b
KIO Kumba Iron Ore
7.9x-14.0%R170.3b
IMP Impala Platinum Holdings
5.4x-6.9%R173.0b
SSW Sibanye Stillwater
6.5x9.6%R131.4b
ANG AngloGold Ashanti
16.3x7.4%R156.9b

Price-To-Earnings vs Peers: ANG is expensive based on its Price-To-Earnings Ratio (16.3x) compared to the peer average (7.9x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a1.9%
n/an/an/a

Price-To-Earnings vs Industry: ANG is expensive based on its Price-To-Earnings Ratio (16.3x) compared to the African Metals and Mining industry average (7.5x)


Price to Earnings Ratio vs Fair Ratio

What is ANG'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.

ANG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio16.3x
Fair PE Ratio6.8x

Price-To-Earnings vs Fair Ratio: ANG is expensive based on its Price-To-Earnings Ratio (16.3x) compared to the estimated Fair Price-To-Earnings Ratio (6.8x).


Share Price vs Fair Value

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

Below Fair Value: ANG (ZAR374.93) is trading above our estimate of fair value (ZAR109.22)

Significantly Below Fair Value: ANG is trading above our estimate of fair value.


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 ANG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentR374.93
R369.34
-1.5%
17.1%R454.35R261.59n/a9
Jan ’24R329.23
R337.76
+2.6%
19.7%R459.44R216.64n/a10
Dec ’23R331.34
R316.21
-4.6%
15.5%R364.98R212.50n/a10
Nov ’23R239.44
R315.51
+31.8%
15.8%R385.54R226.77n/a10
Oct ’23R249.67
R336.39
+34.7%
17.8%R424.20R226.03n/a10
Sep ’23R222.45
R320.44
+44.1%
13.8%R391.36R274.81n/a10
Aug ’23R240.60
R353.23
+46.8%
12.3%R428.38R284.97n/a10
Jul ’23R242.04
R376.97
+55.7%
7.1%R403.79R314.60n/a10
Jun ’23R266.40
R377.17
+41.6%
6.8%R405.50R305.87n/a10
May ’23R329.13
R380.29
+15.5%
10.2%R422.01R286.75n/a10
Apr ’23R350.02
R376.17
+7.5%
11.0%R444.42R286.54n/a10
Mar ’23R378.22
R351.51
-7.1%
8.9%R388.90R298.61n/a9
Feb ’23R292.05
R322.41
+10.4%
13.5%R383.72R230.42n/a9
Jan ’23R328.70
R329.09
+0.1%
15.1%R410.42R224.65R329.239
Dec ’22R354.90
R326.12
-8.1%
16.3%R414.50R226.88R331.349
Nov ’22R285.28
R299.34
+4.9%
16.3%R376.28R205.96R239.449
Oct ’22R237.49
R321.50
+35.4%
19.5%R404.87R207.81R249.679
Sep ’22R245.48
R322.72
+31.5%
15.0%R387.60R259.38R222.459
Aug ’22R293.22
R378.36
+29.0%
14.1%R464.59R304.57R240.6010
Jul ’22R271.10
R390.69
+44.1%
14.6%R490.42R315.06R242.0410
Jun ’22R329.66
R374.51
+13.6%
13.8%R472.44R303.51R266.4011
May ’22R300.20
R377.88
+25.9%
15.6%R473.53R313.87R329.1311
Apr ’22R333.82
R394.37
+18.1%
16.5%R494.89R295.92R350.0211
Mar ’22R299.61
R415.38
+38.6%
16.5%R516.83R301.74R378.2211
Feb ’22R353.34
R454.60
+28.7%
23.6%R684.89R304.43R292.0511
Jan ’22R342.52
R459.84
+34.3%
23.1%R659.25R287.29R328.7011

Analyst Forecast: Target price is lower than the current share price.


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