Anglo American (GB:AAL)
LSE:AAL
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Anglo American
(LSE:AAL)
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Rating:48Neutral
Price Target:
3,141.00 p
â–Ľ(-6.07% Downside)
Action:ReiteratedDate:03/26/26
The score is held back primarily by weak financial performance (contracting revenue and consecutive net losses) and bearish technical momentum (below key moving averages with negative MACD). Partly offsetting this are resilient cash generation and a more constructive earnings-call outlook driven by cost savings, deleveraging, and continued progress on portfolio/transaction initiatives, though guidance includes higher unit costs and key regulatory risks remain.
Positive Factors
High‑margin simplified portfolio (copper & premium iron ore)
A concentrated, high‑margin portfolio driven by copper and premium iron ore supports durable cash generation and returns. Sustained 44% EBITDA margins and ~$4.0bn copper contribution imply structural resilience to fund sustaining capex and strategic moves, improving long‑term return on capital.
Negative Factors
Multi‑year revenue decline and net losses
Sustained revenue contraction and consecutive net losses undermine earnings quality and equity value. Continued negative net income reduces retained earnings, constrains reinvestment, and elevates execution risk for long‑term projects unless commodity price or structural demand improves.
Read all positive and negative factors
Positive Factors
Negative Factors
High‑margin simplified portfolio (copper & premium iron ore)
A concentrated, high‑margin portfolio driven by copper and premium iron ore supports durable cash generation and returns. Sustained 44% EBITDA margins and ~$4.0bn copper contribution imply structural resilience to fund sustaining capex and strategic moves, improving long‑term return on capital.
Read all positive factors
Anglo American (AAL) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
ÂŁ36.09B
Dividend Yield0.8%
Average Volume (3M)4.51M
Price to Earnings (P/E)―
Beta (1Y)1.97
Revenue Growth-27.65%
EPS Growth-160.77%
CountryUK
Employees55,542
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.27
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
ÂŁ3,666.53Price Target Upside9.65% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)1.62
Revenue Forecast (FY)ÂŁ20.44B
Anglo American Business Overview & Revenue Model
Company Description
Anglo American plc operates as a mining company worldwide. The company explores for rough and polished diamonds, copper, platinum group metals, metallurgical and thermal coal, and iron ore; and nickel, polyhalite, and manganese ores, as well as al...
How the Company Makes Money
Anglo American makes money primarily by producing and selling mined commodities. Revenue is generated when the company extracts ore, processes it into saleable products (e.g., concentrates, refined metals, lump/fines, or rough diamonds), and sells...
Anglo American Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 23, 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 | 16.47B | 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
Positive
3344.00
Price Trends
3381.81
Negative
3165.64
Positive
2795.93
Positive
Market Momentum
-88.70
Negative
48.49
Neutral
77.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:AAL, the sentiment is Positive. The current price of 3344 is above the 20-day moving average (MA) of 3149.39, below the 50-day MA of 3381.81, and above the 200-day MA of 2795.93, indicating a neutral trend. The MACD of -88.70 indicates Negative momentum. The RSI at 48.49 is Neutral, neither overbought nor oversold. The STOCH value of 77.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | ÂŁ355.93M | 16.98 | -4.56% | 1.69% | -63.09% | -253.25% | |
72 Outperform | ÂŁ121.64B | 6.00 | 16.59% | 4.75% | -3.50% | -7.04% | |
65 Neutral | £492.69M | 11.82 | 3.23% | ― | -32.18% | -58.29% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | ÂŁ65.79B | 176.08 | 0.96% | 1.89% | -1.06% | -285.88% | |
50 Neutral | ÂŁ183.50M | -0.89 | -4.54% | 7.30% | 6.65% | -159.09% | |
48 Neutral | ÂŁ36.09B | -11.13 | -20.10% | 0.80% | -27.65% | -160.77% |
* Basic Materials Sector Average
GB:AAL
Anglo American
3,344.00
1,243.47
59.20%
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GB:GLEN
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GB:KMR
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Anglo American Corporate Events
Regulatory Filings and ComplianceShareholder Meetings
Anglo American Publishes Notice and Timetable for 2026 AGM
Neutral
Mar 23, 2026
Anglo American has published the notice of its 2026 Annual General Meeting and related proxy form, confirming that the AGM will be held on 29 April 2026 at IET London: Savoy Place at 11:00 UK time. The documentation is available via the UK Financi...
Business Operations and StrategyDelistings and Listing ChangesM&A Transactions
Anglo American to Delist Shares from SIX Swiss Exchange Ahead of Teck Merger
Neutral
Mar 23, 2026
Anglo American has secured regulatory approval to delist its more than 1.17 billion ordinary shares from the SIX Swiss Exchange, ending trading of its stock in Switzerland from 26 June 2026. The move follows a review of its global share listings i...
Executive/Board ChangesRegulatory Filings and Compliance
Anglo American Executives Add Shares Under UK Incentive Plan
Positive
Mar 18, 2026
Anglo American has disclosed a series of small share purchases by senior executives and other persons discharging managerial responsibilities under its UK-approved Share Incentive Plan. Chief executive Duncan Wanblad, chief financial officer John ...
Private Placements and Financing
Anglo American Raises US$2.3 Billion in Multi-Tranche Senior Notes Issue
Positive
Mar 18, 2026
Anglo American has raised US$2.3 billion through its financing subsidiary, Anglo American Capital, by pricing three tranches of senior notes maturing in 2031, 2033 and 2036, with coupons ranging from 4.625% to 5.25%, all guaranteed by the parent c...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Anglo American Grants Executive Bonus Shares and Flags New LTIP Awards
Neutral
Mar 13, 2026
Anglo American has granted nil-cost awards of ordinary shares to its executive directors and senior managers under its Bonus Share Plan, using a reference price of £34.34 per share to determine allocation levels. The awards, which include 30,...
Regulatory Filings and Compliance
Anglo American Director Anne Wade Buys Shares, Signalling Confidence and Governance Transparency
Positive
Mar 10, 2026
Anglo American disclosed that non-executive director Anne Wade purchased 525 ordinary shares in the company at a price of £30.50 per share on 9 March 2026. The transaction, conducted on the London Stock Exchange and reported under UK Market A...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Anglo American executives see partial vesting of 2023 incentive awards after performance test
Neutral
Mar 4, 2026
Anglo American has disclosed the vesting of share awards for its chief executive and several senior executives under its Bonus Share Plan, Long Term Incentive Plan and Non‑Cyclical Share Awards Plan, with a portion of the awards sold at ...
Business Operations and StrategyRegulatory Filings and Compliance
Anglo American Updates Total Issued Share Capital and Voting Rights
Neutral
Mar 2, 2026
Anglo American has confirmed that, as of 28 February 2026, its issued share capital consists of 1,178,050,272 ordinary shares with no shares held in treasury, resulting in an equivalent number of voting rights in the company. This updated share an...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Anglo American Publishes 2025 Annual Report and Detailed Supporting Disclosures
Positive
Mar 2, 2026
Anglo American has released its Integrated Annual Report for the year ended 31 December 2025, making the full financial and regulatory information available on its website and via the U.K. National Storage Mechanism. The company has also published...
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
Anglo American Posts 2025 Loss as It Accelerates Teck Merger and Portfolio Shake-Up
Negative
Feb 20, 2026
Anglo American reported a modest rise in underlying EBITDA from continuing operations to $6.4 billion in 2025, driven by strong production, tight cost control and robust margins in copper and premium iron ore, while delivering $1.8 billion in run-...
Business Operations and StrategyFinancial Disclosures
Kumba Profit Boosts Anglo American’s 2025 Earnings Outlook
Positive
Feb 19, 2026
Anglo American said its subsidiary Kumba Iron Ore Limited reported audited adjusted EBITDA of R31.9 billion, about $1.8 billion, for the year ended 31 December 2025, reflecting the unit’s strong profitability in the iron ore market. After ad...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Anglo American Delivers Solid Q4 as It Lifts Copper and Iron Ore Outlook and Advances Teck Merger
Positive
Feb 5, 2026
Anglo American reported a solid fourth quarter for 2025, with strong operational performance in its core Copper and Premium Iron Ore divisions, even as group copper output fell 14% year-on-year to 169,500 tonnes due to lower grades at Quellaveco a...
Stock BuybackRegulatory Filings and Compliance
Anglo American Confirms Total Voting Rights Following Share Capital Update
Neutral
Feb 2, 2026
Anglo American has confirmed that, as of 31 January 2026, its issued share capital stands at 1,178,050,272 ordinary shares, with no shares held in treasury, resulting in an equivalent number of voting rights for regulatory reporting purposes under...
Regulatory Filings and Compliance
Anglo American Confirms Total Voting Rights at Year-End 2025
Neutral
Jan 2, 2026
Anglo American has confirmed that, as of 31 December 2025, its issued share capital stands at 1,178,050,272 ordinary shares, with no shares held in treasury, resulting in an identical total number of voting rights. The disclosure, made under UK Fi...
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.