Antofagasta (GB:70GD)
LSE:70GD
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Antofagasta
(LSE:70GD)
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Rating:61Neutral
Price Target:
74.00 p
▲(4.96% Upside)
Action:Reiterated
Date:06/19/26
The score is driven primarily by solid operating performance and positive, well-funded growth guidance, but is held back by weak recent free cash flow and increased leverage. Technicals add caution due to extremely overextended RSI, and valuation is a notable drag given the high P/E and unreliable-looking dividend yield input.
Positive Factors
Low-cost production & byproduct credits
Sustained low unit costs and meaningful byproduct credits create a durable margin cushion versus copper price volatility. This competitive cost position supports higher EBITDA margins, funds reinvestment and dividends, and improves resilience through commodity cycles over the next several years.
Negative Factors
Rising leverage and reduced balance-sheet flexibility
Material increase in leverage reduces financial flexibility and raises sensitivity to weaker copper prices or cost shocks. Higher debt levels can limit discretionary investment and shareholder returns, and increase refinancing and covenant risk if commodity conditions deteriorate.
Read all positive and negative factors
Positive Factors
Negative Factors
Low-cost production & byproduct credits
Sustained low unit costs and meaningful byproduct credits create a durable margin cushion versus copper price volatility. This competitive cost position supports higher EBITDA margins, funds reinvestment and dividends, and improves resilience through commodity cycles over the next several years.
Read all positive factors
Antofagasta (70GD) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£37.39B
Dividend Yield709.22%
Average Volume (3M)0.00
Price to Earnings (P/E)46.3
Beta (1Y)N/A
Revenue GrowthN/A
EPS GrowthN/A
CountryUK
Employees8,095
SectorGeneral
Sector StrengthN/A
IndustryCopper
Share Statistics
EPS (TTM)1.08
Shares OutstandingN/A
10 Day Avg. Volume0
30 Day Avg. Volume0
Financial Highlights & Ratios
PEG Ratio0.51
Price to Book (P/B)4.19
Price to Sales (P/S)4.94
P/FCF Ratio-113.21
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Antofagasta Business Overview & Revenue Model
Company Description
As a Chilean enterprise, Antofagasta PLC fundamentally specializes in copper extraction. The company manages four distinct copper operations across Chile, with two of these sites notably yielding significant by-products in addition to their main o...
How the Company Makes Money
Antofagasta makes money mainly by producing and selling copper from its mining operations. Its primary revenue stream comes from sales of copper products to customers (generally industrial and commodity-market buyers), with realized revenue driven...
Antofagasta Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial picture: record EBITDA, double-digit revenue and cash-flow growth, robust margins (60%), low net costs, and a fully funded growth pipeline that is on time and on budget. Safety and sustainability metrics were highlighted as strengths. The main negatives are operational and timing risks — production was flat year-on-year, working capital and tax payments rose, meaningful cash is earmarked to fund projects (limiting immediate scope for much larger buybacks), and growth beyond the current construction cycle faces typical permitting, sequencing and labor uncertainties. On balance, the positive financial results, low-cost position, funded brownfield growth and strong safety/sustainability progress materially outweigh the noted challenges.Positive Updates
Record Financial Performance
Revenue rose 30% year-on-year to $8.6 billion; EBITDA increased 52% to a record $5.2 billion; EBITDA margin expanded to 60%; operating cash flow up ~30% to $4.3 billion. Net debt-to-EBITDA broadly flat despite peak group-level CapEx in 2025.
Negative Updates
Production Flat Year-on-Year
Copper production was broadly in line year-on-year; lower throughputs offset by grades and recoveries. This means 2025 did not deliver production growth despite strong financials, and throughput variability remains a near-term operational challenge.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Financial Performance
Revenue rose 30% year-on-year to $8.6 billion; EBITDA increased 52% to a record $5.2 billion; EBITDA margin expanded to 60%; operating cash flow up ~30% to $4.3 billion. Net debt-to-EBITDA broadly flat despite peak group-level CapEx in 2025.
Read all positive updates
Company Guidance
The company guided that its fully financed growth pipeline will deliver ~30% higher copper production (projects on time/on budget), with the Centinela second concentrator completing construction in 2027, ramping in 2028–29 and first full year at design capacity in 2029, Los Pelambres grades recovering to ~0.6% Cu, and commissioning of major projects targeted for 2027; financially 2025 results were highlighted as revenue $8.6bn (+30%), record EBITDA $5.2bn (+52%) and EBITDA margin ~60%, operating cash flow $4.3bn (+30%), net debt/EBITDA broadly flat, cash >$4bn on the balance sheet, peak group CapEx was passed in 2025 and remaining near‑term project spend cited at roughly $600m (Los Pelambres enablers) and ~$1.5–1.6bn (Centinela second concentrator + Encuentro sulphides), dividend policy maintained with total 2025 dividend = 50% of earnings (dividends paid $760m vs $557m in 2024; proposed $0.646/share if approved), unit cost strengths with Los Pelambres and Centinela net costs ~$0.82/lb and ~$0.75/lb (group net cash cost referenced at ~$1.19/lb, ~27% y/y reduction), marketing/TC&RCs ~ $0.15/lb, and operational/sustainability metrics including fatality‑free >4 years, ~18,000 temporary contractors on major projects, 30% female representation, a 120 km concentrate pipeline and desal expansion, plus longer‑term optionality (e.g., Twin Metals ~2.5bn t resource, Cachorro DIA approved).Antofagasta Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 8.80B | 6.61B | 6.32B | 5.86B | 7.47B |
| Gross Profit | 4.31B | 2.50B | 2.66B | 2.43B | 4.35B |
| EBITDA | 5.36B | 3.81B | 3.30B | 2.76B | 4.63B |
| Net Income | 1.36B | 829.40M | 835.10M | 1.53B | 1.29B |
Balance Sheet | |||||
| Total Assets | 26.43B | 22.63B | 19.65B | 18.24B | 17.28B |
| Cash, Cash Equivalents and Short-Term Investments | 4.91B | 4.32B | 3.38B | 2.39B | 3.71B |
| Total Debt | 7.73B | 5.35B | 4.08B | 3.27B | 3.17B |
| Total Liabilities | 11.99B | 9.68B | 7.60B | 6.59B | 6.25B |
| Stockholders Equity | 10.37B | 9.46B | 8.95B | 8.63B | 8.35B |
Cash Flow | |||||
| Free Cash Flow | -384.19M | -129.30M | 203.80M | -2.30M | 1.89B |
| Operating Cash Flow | 3.38B | 2.29B | 2.33B | 1.88B | 3.67B |
| Investing Cash Flow | -3.57B | -2.08B | -2.09B | -477.50M | -2.20B |
| Financing Cash Flow | 741.13M | 1.35B | -402.00M | -1.33B | -1.95B |
Antofagasta Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | £21.90B | 21.84 | 32.98% | 2.05% | 24.81% | 844.36% | |
73 Outperform | £1.21B | 15.82 | 13.33% | 0.74% | 19.96% | 39.65% | |
65 Neutral | £2.44B | 15.63 | 29.48% | 0.31% | 16.33% | 101.90% | |
63 Neutral | £39.95B | -38.76 | -20.10% | 0.80% | -34.37% | -23.82% | |
61 Neutral | £37.39B | 46.33 | 10.67% | 709.22% | ― | ― | |
60 Neutral | £60.96B | 222.52 | 0.96% | 1.89% | 3.75% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
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Antofagasta
70.50
0.00
0.00%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.