AngloGold Ashanti plc

JSE:ANG Stock Report

Market Cap: R197.6b

AngloGold Ashanti Valuation

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

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: ANG (ZAR459.59) is trading below our estimate of fair value (ZAR1026.95)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for ANG. This is calculated by dividing ANG's market cap by their current earnings.
What is ANG's PE Ratio?
PE Ratio19.4x
EarningsUS$562.00m
Market CapUS$10.92b

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.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average12.7x
GFI Gold Fields
19.8x39.5%R239.9b
HAR Harmony Gold Mining
12.1x30.5%R103.8b
AMS Anglo American Platinum
13.5x16.3%R156.5b
KIO Kumba Iron Ore
5.3x-9.4%R107.4b
ANG AngloGold Ashanti
19.4x36.5%R10.9b

Price-To-Earnings vs Peers: ANG is expensive based on its Price-To-Earnings Ratio (19.4x) compared to the peer average (15.9x).

Price to Earnings Ratio vs Industry

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

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ANG 19.4xIndustry Avg. 12.2xNo. of Companies4PE01224364860+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ANG is expensive based on its Price-To-Earnings Ratio (19.4x) compared to the African Metals and Mining industry average (12.2x).

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 Ratio19.4x
Fair PE Ratio19.9x

Price-To-Earnings vs Fair Ratio: ANG is good value based on its Price-To-Earnings Ratio (19.4x) compared to the estimated Fair Price-To-Earnings Ratio (19.9x).

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
CurrentR459.59
R606.64
+32.0%
10.4%R670.02R543.26n/a2
Nov ’25R490.36
R590.03
+20.3%
10.4%R651.67R528.38n/a2
Oct ’25R472.80
R543.19
+14.9%
2.6%R560.71R525.66n/a3
Sep ’25R528.91
R502.56
-5.0%
17.5%R601.66R353.92n/a5
Aug ’25R509.48
R491.61
-3.5%
14.7%R595.89R372.43n/a5
Jul ’25R458.40
R483.09
+5.4%
15.7%R599.33R363.23n/a5
Jun ’25R447.40
R482.05
+7.7%
15.7%R607.17R367.98n/a5
May ’25R436.61
R441.63
+1.1%
21.0%R590.11R323.61n/a5
Apr ’25R422.69
R408.28
-3.4%
13.9%R491.45R321.33n/a5
Mar ’25R360.27
R398.97
+10.7%
13.1%R477.23R324.52n/a6
Feb ’25R342.93
R411.02
+19.9%
11.6%R480.17R353.40n/a6
Jan ’25R353.41
R401.15
+13.5%
15.0%R465.01R316.21n/a6
Dec ’24R363.86
R385.03
+5.8%
14.0%R458.37R311.69n/a6
Nov ’24R319.12
R415.21
+30.1%
14.3%R513.47R323.29R490.366
Oct ’24R304.72
R416.77
+36.8%
13.8%R511.49R340.99R472.805
Sep ’24R322.13
R410.85
+27.5%
14.9%R522.90R354.82R528.915
Aug ’24R365.52
R409.85
+12.1%
15.6%R512.31R347.64R509.485
Jul ’24R397.78
R450.81
+13.3%
18.5%R563.51R356.89R458.406
Jun ’24R489.94
R447.15
-8.7%
17.3%R570.83R380.55R447.406
May ’24R489.41
R439.64
-10.2%
16.4%R530.28R365.71R436.617
Apr ’24R431.40
R388.11
-10.0%
6.4%R425.63R362.24R422.697
Mar ’24R311.49
R379.01
+21.7%
11.2%R432.97R294.79R360.277
Feb ’24R360.98
R376.77
+4.4%
13.5%R435.21R278.53R342.937
Jan ’24R329.23
R344.55
+4.7%
12.8%R405.96R276.40R353.417
Dec ’23R331.34
R330.87
-0.1%
10.9%R391.36R272.25R363.867
Nov ’23R239.44
R344.39
+43.8%
13.7%R423.49R293.31R319.127

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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