AngloGold Ashanti Ltd
NYSE:AU
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Intrinsic Value
The intrinsic value of one AU stock under the Base Case scenario is 29.56 USD. Compared to the current market price of 27.58 USD, AngloGold Ashanti Ltd is Undervalued by 7%.
The Intrinsic Value is calculated as the average of DCF and Relative values:
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AngloGold Ashanti Ltd
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Fundamental Analysis
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AngloGold Ashanti Ltd. is a prominent player in the global gold mining sector, with a rich history that traces back over a century. Headquartered in Johannesburg, South Africa, the company operates mines across several continents, including Africa, the Americas, and Australia. With a commitment to sustainable and responsible mining practices, AngloGold Ashanti has positioned itself as not just a gold producer, but also a steward of the communities and environments surrounding its operations. This strategic focus allows the company to navigate not only the fluctuations in gold prices but also the increasing expectations from stakeholders regarding social and environmental responsibility, maki...
AngloGold Ashanti Ltd. is a prominent player in the global gold mining sector, with a rich history that traces back over a century. Headquartered in Johannesburg, South Africa, the company operates mines across several continents, including Africa, the Americas, and Australia. With a commitment to sustainable and responsible mining practices, AngloGold Ashanti has positioned itself as not just a gold producer, but also a steward of the communities and environments surrounding its operations. This strategic focus allows the company to navigate not only the fluctuations in gold prices but also the increasing expectations from stakeholders regarding social and environmental responsibility, making it an appealing choice for the socially conscious investor.
As the world increasingly turns towards gold as a hedge against economic uncertainty, AngloGold Ashanti is poised to benefit from both the enduring demand for gold and its own innovative approaches to production and cost management. The company has invested significantly in technology and exploration to enhance its operational efficiency and extend the life of its mines, ensuring a steady output while mitigating production costs. Furthermore, its proactive approach to debt management and financial health leaves it well-positioned to adapt to market changes. For investors, AngloGold Ashanti represents an opportunity not just to participate in the traditional allure of gold, but to invest in a forward-thinking company that balances profitability with responsible governance.
AngloGold Ashanti Ltd. is one of the world's leading gold mining companies, with a diverse range of operations spread across different geographical regions. The company's core business segments typically include:
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Mining Operations: This is the primary segment of AngloGold Ashanti's business. It includes the exploration, extraction, and production of gold from various mining sites. The company operates several mines in regions such as South Africa, continental Africa (including Ghana, Guinea, and the Democratic Republic of the Congo), Australia, and South America.
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Gold Production: The company focuses on the production of gold in various forms, including doré bars and bullion. The gold produced is sold to various customers, including banks, trading firms, and jewelry manufacturers.
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Exploration and Development: AngloGold Ashanti invests in exploratory activities to identify new mineral resources. This segment focuses on discovering and developing new ore bodies to ensure a sustainable pipeline of future production. This includes feasibility studies and the development of new mines.
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Corporate Services: This segment supports the operational and strategic functions of the company, including human resources, finance, legal, and compliance services. Corporate services are essential for maintaining oversight and governance of the various operational segments.
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Sustainability and Environmental Management: With increasing emphasis on sustainable mining practices, this segment focuses on the company’s efforts regarding environmental stewardship, social responsibility, and governance practices. This includes efforts towards minimizing environmental impact, community engagement, and adhering to legal and ethical standards.
By maintaining a diversified portfolio of assets and integrating sustainability into its operations, AngloGold Ashanti strives to remain competitive in the global gold market while also focusing on responsible mining practices.
AngloGold Ashanti Ltd possesses several competitive advantages in the gold mining industry that help it stand out against its rivals:
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Diverse Geographic Presence: AngloGold Ashanti operates in multiple countries across different continents, which helps mitigate risks associated with political instability, regulatory changes, and operational disruptions. This geographic diversification can also provide access to different types of gold deposits and mining opportunities.
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Strong Operational Expertise: With a long history in gold mining, AngloGold Ashanti has developed significant operational expertise and technologies that can enhance efficiency, improve safety, and reduce costs. Their investment in R&D can lead to better extraction methods and lower production costs.
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Robust Resource Base: The company has a substantial and diverse resource base, including several high-grade deposits. This can yield a higher return on investment and allows the company to maintain production levels even in fluctuating market conditions.
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Sustainability and Environmental Practices: AngloGold Ashanti is increasingly focusing on sustainability, recognizing the importance of responsible mining practices. Their commitment to environmental stewardship and community engagement can enhance their reputation and reduce operational risks.
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Efficient Cost Management: The company has been implementing cost control measures and operational efficiencies to streamline production. This allows them to maintain profitability even when gold prices fluctuate, giving them an edge over higher-cost producers.
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Strategic Partnerships and Joint Ventures: AngloGold Ashanti has formed strategic alliances and joint ventures that can provide access to new technologies, shared resources, and reduced capital expenditure on new projects.
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Strong Balance Sheet: Maintaining a solid financial position with lower debt levels can give AngloGold Ashanti greater flexibility to invest in growth opportunities, weather economic downturns, and adapt to market changes.
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Experienced Management Team: The leadership team's expertise and experience in mining can contribute to better strategic decision-making, operational efficiency, and adaptability to market changes.
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Commitment to Innovation: The company actively seeks innovative solutions to enhance mining efficiency and sustainability, which can position it favorably in a competitive industry.
These competitive advantages enable AngloGold Ashanti to navigate the complexities of the gold mining sector effectively and can contribute to long-term profitability and market positioning.
AngloGold Ashanti Ltd, like many companies in the mining sector, faces several risks and challenges that could impact its operations and financial performance in the near future:
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Commodity Price Volatility: The prices of gold and other precious metals can be highly volatile. Fluctuations can significantly impact revenue and profitability, potentially leading to decreased investment returns.
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Regulatory Environment: Mining companies are subject to stringent regulations in the countries where they operate. Changes in laws, environmental regulations, or tax policies can affect operational costs and project viability.
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Operational Risks: Mining is inherently risky. Challenges such as geological uncertainties, infrastructure inadequacies, and equipment failures can affect production levels and operational efficiency.
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Geopolitical Risks: Many of AngloGold Ashanti's operations are based in politically unstable regions. Changes in government, civil unrest, or conflict can affect operational continuity and safety.
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Environmental and Social Governance (ESG) Pressures: There is increasing scrutiny on mining firms regarding their environmental impact and social responsibility. Failure to address these concerns can lead to reputational damage and regulatory sanctions.
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COVID-19 Impact: The pandemic has disrupted supply chains and labor availability. Although recovery is underway, potential future outbreaks or variants may strain operations and impact workforce availability.
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Exchange Rate Fluctuations: As a company operating internationally, fluctuations in currency exchange rates can impact operational costs and profitability, especially since sales may be in different currencies than those of operating expenses.
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Exploration and Reserve Replacement: Continuous exploration is necessary to maintain or grow production levels. Failure to discover or replace reserves can lead to declining output and increased operational costs.
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Sustainability Challenges: The increasing focus on sustainability may require higher investments to implement environmentally friendly mining practices, which could impact profitability in the short term.
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Technological Changes: The mining industry is evolving with technology, and failure to adopt new technologies can lead to inefficiencies and cost disadvantages compared to competitors.
AngloGold Ashanti will need to strategically navigate these risks to maintain its competitive edge and ensure long-term growth and sustainability in the mining sector.
Revenue & Expenses Breakdown
AngloGold Ashanti Ltd
Balance Sheet Decomposition
AngloGold Ashanti Ltd
Current Assets | 2.2B |
Cash & Short-Term Investments | 998m |
Receivables | 425m |
Other Current Assets | 790m |
Non-Current Assets | 6.2B |
Long-Term Investments | 688m |
PP&E | 4.7B |
Intangibles | 105m |
Other Non-Current Assets | 626m |
Current Liabilities | 1.2B |
Accounts Payable | 720m |
Short-Term Debt | 15m |
Other Current Liabilities | 475m |
Non-Current Liabilities | 3.2B |
Long-Term Debt | 2B |
Other Non-Current Liabilities | 1.2B |
Earnings Waterfall
AngloGold Ashanti Ltd
Revenue
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4.9B
USD
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Cost of Revenue
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-3.6B
USD
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Gross Profit
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1.3B
USD
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Operating Expenses
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-481m
USD
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Operating Income
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864m
USD
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Other Expenses
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-828m
USD
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Net Income
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36m
USD
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Free Cash Flow Analysis
AngloGold Ashanti Ltd
USD | |
Free Cash Flow | USD |
The company reported strong financial performance in the first half of 2024, with adjusted EBITDA rising 65% to $1.12 billion driven by a 14% increase in gold prices and higher ounces sold. Free cash flow turned positive to $206 million from a $205 million outflow last year. Production rose by 2%, and significant improvements in cost management were achieved despite inflationary pressures. Looking ahead, the company expects a stronger second half with free cash flow potentially doubling, and has declared an interim dividend of $0.22 per share. Production guidance remains unchanged, anticipating a 4% growth.
What is Earnings Call?
AU Profitability Score
Profitability Due Diligence
AngloGold Ashanti Ltd's profitability score is 40/100. The higher the profitability score, the more profitable the company is.
Score
AngloGold Ashanti Ltd's profitability score is 40/100. The higher the profitability score, the more profitable the company is.
AU Solvency Score
Solvency Due Diligence
AngloGold Ashanti Ltd's solvency score is 59/100. The higher the solvency score, the more solvent the company is.
Score
AngloGold Ashanti Ltd's solvency score is 59/100. The higher the solvency score, the more solvent the company is.
Wall St
Price Targets
AU Price Targets Summary
AngloGold Ashanti Ltd
According to Wall Street analysts, the average 1-year price target for AU is 30.6 USD with a low forecast of 26.26 USD and a high forecast of 35.7 USD.
Shareholder Yield
Current shareholder yield for AU is .
Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?
AU Price
AngloGold Ashanti Ltd
Average Annual Return | 2.25% |
Standard Deviation of Annual Returns | 15.04% |
Max Drawdown | -66% |
Market Capitalization | 11.6B USD |
Shares Outstanding | 420 089 984 |
Percentage of Shares Shorted | 1.37% |
Profile
Country
Industry
Market Cap
Dividend Yield
Description
AngloGold Ashanti Ltd. engages in the exploration, mining, and production of gold. The company is headquartered in Johannesburg, Gauteng and currently employs 30,561 full-time employees. The firm's principal product is gold. The company also produces silver in Argentina and sulfuric acid in Brazil as by-products. The firm operates through three segments: Africa, Australia and Americas. The company has operations in Africa in locations, including Democratic Republic of the Congo, Ghana, Guinea and Tanzania. The Americas segment includes the operations in Argentina, Brazil and Colombia. Its portfolio consists of Cerro Vanguardia SA, AGA Mineracao, Serra Grande, Greenfields projects, Iduapriem, Siguiri, Geita, Kibali, Obuasi and Sunrise Dam. Geita, is located in north-western Tanzania, in the Lake Victoria goldfields of the Mwanza region, about 120 kilometers (km) from Mwanza and four km west of the town of Geita. Kibali is situated adjacent to the town of Doko.
Contact
IPO
Employees
Officers
The intrinsic value of one AU stock under the Base Case scenario is 29.56 USD.
Compared to the current market price of 27.58 USD, AngloGold Ashanti Ltd is Undervalued by 7%.