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Anglo American
(LSE:AAL)
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Rating:63Neutral
Price Target:
3,601.00 p
â–Ľ(-2.96% Downside)
Action:Reiterated
Date:05/12/26
The score is held back primarily by weakened financial performance (revenue contraction and consecutive net losses), partially offset by continued positive free cash flow. Technicals are a major support given strong price trend versus key moving averages and positive momentum. Earnings-call commentary adds moderate support via cost savings, deleveraging, and transaction progress, while valuation is mixed due to a negative P/E despite a high dividend yield.
Positive Factors
Cash generation & FCF
Sustained positive operating cash flow (~$5.1bn) and positive free cash flow (~$1.7bn) provide durable internal funding for sustaining capex, deleveraging and special distributions. This cash-generation cushion supports capital allocation through commodity cycles and reduces reliance on external financing.
Negative Factors
Revenue contraction & recurring losses
Multi‑year revenue decline and substantial statutory losses weaken earnings quality and reduce retained earnings, constraining long‑term reinvestment and dividend sustainability. Recurring losses amplify volatility in reported results and can erode investor confidence absent sustained commodity recovery or structural margin gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & FCF
Sustained positive operating cash flow (~$5.1bn) and positive free cash flow (~$1.7bn) provide durable internal funding for sustaining capex, deleveraging and special distributions. This cash-generation cushion supports capital allocation through commodity cycles and reduces reliance on external financing.
Read all positive factors
Anglo American (AAL) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
ÂŁ39.08B
Dividend Yield0.8%
Average Volume (3M)4.51M
Price to Earnings (P/E)―
Beta (1Y)1.73
Revenue Growth-34.37%
EPS Growth-23.82%
CountryUK
Employees55,542
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-1.26
Shares Outstanding1,178,050,300
10 Day Avg. Volume5,113,937
30 Day Avg. Volume4,510,365
Financial Highlights & Ratios
PEG Ratio-0.23
Price to Book (P/B)2.61
Price to Sales (P/S)2.48
P/FCF Ratio27.08
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
ÂŁ4,000.00Price Target Upside7.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)1.63
Revenue Forecast (FY)ÂŁ21.13B
Anglo American Business Overview & Revenue Model
Company Description
Operating on a global scale, Anglo American plc is a prominent mining company. Its extensive activities involve the discovery and extraction of a diverse range of commodities. These include both rough and finished diamonds, copper, platinum group ...
How the Company Makes Money
Anglo American primarily makes money by producing and selling mined commodities and receiving revenue based on market-linked prices and contracted sales volumes. Its key revenue streams come from (1) Copper: mining and processing copper ore into s...
Anglo American Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call presents a broadly constructive and transformational picture driven by strong operational delivery in the go‑forward copper and premium iron ore portfolio, successful portfolio restructuring steps, clear cost savings and meaningful deleveraging. Material challenges remain—most notably two workplace fatalities, a significant De Beers impairment and continued regulatory processes for major transactions—but the core simplified business performance, cash generation and merger progress outweigh these negatives in the near term.Positive Updates
Strong simplified-portfolio financial performance
Simplified (go‑forward) portfolio delivered $6.9 billion EBITDA, a 44% EBITDA margin (up 2ppt), underlying earnings of $1.6 billion and return on capital of 17%. Copper and premium iron ore contributed ~$4.0 billion and ~$2.9 billion of EBITDA respectively.
Negative Updates
Workplace fatalities
Despite safety improvements, the company reported two separate workplace fatalities in the first half (a contractor fall at Minas‑Rio in Brazil and an LHD accident at Unki, Zimbabwe); management emphasized commitment to zero harm.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong simplified-portfolio financial performance
Simplified (go‑forward) portfolio delivered $6.9 billion EBITDA, a 44% EBITDA margin (up 2ppt), underlying earnings of $1.6 billion and return on capital of 17%. Copper and premium iron ore contributed ~$4.0 billion and ~$2.9 billion of EBITDA respectively.
Read all positive updates
Company Guidance
The company’s 2026 guidance included copper unit costs of around $1.72/lb (up from $1.50/lb in 2025) assuming CLP 860/USD and PEN 3.2/USD, premium iron ore unit costs of ~ $41/t assuming ZAR16/USD and BRL5.3/USD, a continuing‑operations underlying tax rate of 44–48% (long‑term simplified portfolio 38–42%), continuing depreciation of $2.4–2.6bn, ~ $0.2bn of restructuring/merger cash costs and a one‑off non‑cash $0.5bn lease‑liability recognition (Los Bronces water project); CapEx for the simplified portfolio of $2.6–3.1bn over the next three years (sustaining ~ $2bn pa), De Beers CapEx ~ $0.5bn and Woodsmith ~$250m in 2026–27 (+ $50m OpEx); the group has realized $1.6bn of cost savings toward a $1.8bn target (with ~ $0.2bn to come in 2026), reported FY25 sustaining attributable free cash flow of $1.4bn, reduced net debt by $2bn to $8.6bn (net debt/EBITDA 1.3x; excl. shareholder loans $6.8bn), and reiterated merger timing of ~12–18 months (best estimate Sept–Mar) with a $4.5bn special dividend payable on completion.Anglo American Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
55
Neutral
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 18.92B | 27.29B | 30.65B | 35.12B | 41.55B |
| Gross Profit | 7.41B | 27.29B | 15.04B | 21.82B | 28.30B |
| EBITDA | 6.16B | 3.32B | 7.27B | 12.44B | 19.73B |
| Net Income | -4.22B | -3.07B | 283.00M | 4.51B | 8.56B |
Balance Sheet | |||||
| Total Assets | 56.01B | 64.87B | 66.54B | 67.41B | 65.98B |
| Cash, Cash Equivalents and Short-Term Investments | 6.44B | 8.20B | 5.60B | 8.46B | 9.12B |
| Total Debt | 15.48B | 18.21B | 16.91B | 14.37B | 12.86B |
| Total Liabilities | 31.89B | 36.33B | 34.93B | 33.38B | 31.21B |
| Stockholders Equity | 17.98B | 20.76B | 25.06B | 27.36B | 27.82B |
Cash Flow | |||||
| Free Cash Flow | 1.73B | 2.49B | 484.00M | 3.57B | 10.99B |
| Operating Cash Flow | 5.14B | 8.10B | 6.50B | 9.77B | 16.72B |
| Investing Cash Flow | -2.28B | -5.13B | -5.56B | -5.82B | -5.56B |
| Financing Cash Flow | -4.79B | -840.00M | -3.22B | -4.37B | -9.36B |
Anglo American Technical Analysis
Neutral
3711.00
Price Trends
3833.43
Negative
3617.55
Positive
3316.84
Positive
Market Momentum
-75.27
Positive
44.84
Neutral
49.85
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:AAL, the sentiment is Neutral. The current price of 3711 is below the 20-day moving average (MA) of 3769.75, below the 50-day MA of 3833.43, and above the 200-day MA of 3316.84, indicating a neutral trend. The MACD of -75.27 indicates Positive momentum. The RSI at 44.84 is Neutral, neither overbought nor oversold. The STOCH value of 49.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:AAL.
Anglo American Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | £514.66M | 30.57 | 8.42% | ― | -1.71% | 94.27% | |
77 Outperform | £317.59M | 18.61 | 4.87% | 1.69% | -10.30% | ― | |
72 Outperform | ÂŁ116.39B | 14.71 | 16.59% | 4.75% | 4.05% | -16.51% | |
63 Neutral | ÂŁ39.08B | -38.51 | -20.10% | 0.80% | -34.37% | -23.82% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | £59.72B | 223.31 | 0.96% | 1.89% | 3.75% | ― | |
52 Neutral | ÂŁ175.28M | -0.73 | -34.92% | 7.30% | -22.99% | -583.84% |
* Basic Materials Sector Average
GB:AAL
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Anglo American Corporate Events
Stock BuybackRegulatory Filings and Compliance
Anglo American Confirms Total Voting Rights After Share Capital Update
Neutral
Jul 1, 2026
Anglo American has confirmed that as of 30 June 2026 its issued share capital stands at 1,178,050,272 ordinary shares, all of which carry voting rights, with no shares held in treasury. The company notes that approximately 98.9 million of these sh...
Business Operations and StrategyRegulatory Filings and Compliance
Anglo American Files 2025 Government Payments Report and Expands Tax Transparency
Positive
Jun 29, 2026
Anglo American plc has filed its Report on Payments to Governments for the year ended 31 December 2025 at Companies House, meeting the UK’s regulatory requirements that implement Chapter 10 of the EU Accounting Directive. The report also com...
Executive/Board ChangesRegulatory Filings and Compliance
Anglo American Board Members Take Fees in Shares Under Remuneration Scheme
Positive
Jun 25, 2026
Anglo American disclosed that its chair Stuart Chambers and non-executive directors Magali Anderson and Nonkululeko Nyembezi have acquired ordinary shares in the company under a scheme that takes their fees in shares instead of cash. The purchases...
Business Operations and Strategy
Anglo American and Codelco seal Los Bronces–Andina pact to unlock major Chilean copper upside
Positive
Jun 24, 2026
Anglo American and Chilean state miner Codelco have finalised a definitive agreement to integrate the mine plans for their adjacent Los Bronces and Andina copper operations, after securing competition and regulatory clearances. The long-term colla...
Business Operations and StrategyRegulatory Filings and Compliance
Anglo American Executives Acquire Shares Under All-Employee Incentive Plan
Neutral
Jun 17, 2026
Anglo American has disclosed routine share transactions by its top executives under the company’s UK-approved Share Incentive Plan, in line with market abuse regulations. Chief executive Duncan Wanblad, chief financial officer John Heasley a...
Executive/Board ChangesRegulatory Filings and Compliance
Anglo American Director Marcelo Bastos Takes Additional Board Role at Astron Limited
Neutral
Jun 1, 2026
Anglo American has announced that independent non-executive director Marcelo Bastos will join the board of Astron Limited as an independent non-executive director from 1 July 2026. The additional role at the ASX-listed company underscores the cros...
Stock BuybackRegulatory Filings and Compliance
Anglo American Confirms Updated Share Capital and Voting Rights
Neutral
Jun 1, 2026
Anglo American has confirmed that, as of 31 May 2026, its issued share capital stands at 1,178,050,272 ordinary shares, with no shares held in treasury, resulting in an equal total of 1,178,050,272 voting rights. This updated share and voting-righ...
Business Operations and StrategyDividends
Anglo American Reports DRIP Uptake for 2025 Final Dividend With No Share Dilution
Positive
May 21, 2026
Anglo American reported the results of its Dividend Reinvestment Plan for the 2025 final dividend, giving shareholders the option to receive their payout in additional shares rather than cash. Investors on the U.K. and South African registers elec...
Business Operations and StrategyRegulatory Filings and Compliance
Anglo American executives add shares under UK all-employee incentive plan
Neutral
May 18, 2026
Anglo American has disclosed a series of small share purchases by senior executives, including CEO Duncan Wanblad and CFO John Heasley, under its UK-approved Share Incentive Plan. The transactions, conducted on 14 May on the London Stock Exchange ...
Business Operations and StrategyLegal ProceedingsM&A Transactions
Anglo American Sells Australian Steelmaking Coal Assets to Dhilmar for Up to $3.9bn
Positive
May 18, 2026
Anglo American has agreed to sell its Australian steelmaking coal portfolio to privately held UK mining company Dhilmar Limited for up to $3.875 billion in cash, comprising $2.3 billion upfront and a price-linked earnout of up to $1.575 billion. P...
Business Operations and StrategyLegal Proceedings
Anglo American assesses Chilean tribunal ruling on Collahuasi permit
Negative
May 18, 2026
Anglo American said Chile’s Second Environmental Tribunal has moved to set aside the environmental authorisation granted in 2021 for Collahuasi’s Infrastructure Development and Production Capacity Improvement project, which includes an...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Anglo American grants long‑term share awards to senior leadership
Positive
May 15, 2026
Anglo American has granted nil‑cost awards of ordinary shares to its executive directors and senior leadership under its Long Term Incentive Plan, following shareholder approval of the 2026 directors’ remuneration policy at the April A...
DividendsRegulatory Filings and Compliance
Anglo American Executives Reinvest 2025 Final Dividend Into Company Shares
Neutral
May 8, 2026
Anglo American disclosed that several senior executives, including CEO Duncan Wanblad and CFO John Heasley, acquired small numbers of ordinary shares through the reinvestment of the 2025 final dividend under the company’s Share Incentive Pla...
Regulatory Filings and Compliance
Anglo American Confirms Total Voting Rights and Share Capital Structure
Neutral
May 1, 2026
Anglo American has confirmed that, as of 30 April 2026, its issued share capital stands at 1,178,050,272 ordinary shares with a nominal value of US$0.6239 each, with no shares held in treasury, resulting in an equal number of total voting rights. ...
Business Operations and StrategyStock BuybackDividendsShareholder Meetings
Anglo American Secures Shareholder Backing for All AGM Resolutions
Positive
Apr 29, 2026
Anglo American reported that all resolutions at its 2026 annual general meeting were approved by the required majorities, following a poll on each item. Shareholders backed the report and accounts, the final dividend, and the re-election of all di...
Business Operations and StrategyExecutive/Board ChangesDividendsFinancial DisclosuresM&A TransactionsShareholder Meetings
Anglo American AGM Showcases Anglo Teck Merger Drive and Portfolio Overhaul
Positive
Apr 29, 2026
Anglo American used its 2026 AGM in London to underline progress on reshaping the business around copper, premium iron ore and crop nutrients, while advancing its merger with Canada’s Teck to create Anglo Teck, a critical minerals group with...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Anglo American posts steady Q1 output as it sharpens copper focus and advances Teck merger
Positive
Apr 28, 2026
Anglo American reported a solid first quarter, with copper output up 1% to 170,400 tonnes, premium iron ore down 2% and manganese ore more than doubling as operations normalised after prior weather disruptions. Rough diamond production rose 17% ev...
Dividends
Anglo American Sets Final Dividend Currency Rates and Payment Date
Positive
Apr 21, 2026
Anglo American has confirmed currency equivalents for its previously announced final dividend of 16 US cents per ordinary share, specifying payments of 11.822 pence in sterling and 13.548 euro cents in euros, based on forward contract exchange rat...
Executive/Board ChangesRegulatory Filings and Compliance
Anglo American Executives Acquire Shares Under All-Employee Incentive Plan
Neutral
Apr 16, 2026
Anglo American has disclosed routine share transactions by its top executives under its UK-approved Share Incentive Plan, in which employees purchase partnership shares via salary deductions and receive an equivalent allocation of matching shares ...
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.