Antofagasta (ANTO) AI Stock Analysis

• Market Cap: £18.13B
• Dividend Yield: 1.92%
• Average Volume (3M): 1.03M
• Price to Earnings (P/E): 27.9
• Beta (1Y): 1.85
• Revenue Growth: 1.69%
• EPS Growth: -3.57%
• Country: UK
• Employees: 8,095
• Sector: Basic Materials
• Sector Strength: 63
• Industry: Copper
• EPS (TTM): 0.42
• Shares Outstanding: 985,856,700
• 10 Day Avg. Volume: 975,152
• 30 Day Avg. Volume: 1,030,184
• PEG Ratio: 0.66
• Price to Book (P/B): 2.13
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -8.01K
• Enterprise Value/Market Cap: 1.15
• Enterprise Value/Revenue: 0.82
• Enterprise Value/Gross Profit: 8.34
• Enterprise Value/Ebitda: 1.79
• 1Y Price Target: £2,035.45
• Price Target Upside: 11.75% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 12

• Rating: 70 Neutral
• Price Target: 2,022.00p ▲(11.01%Upside)

Antofagasta's overall score reflects strong corporate events and a positive earnings call, indicating robust operational and strategic positioning. However, financial performance and valuation concerns slightly temper the outlook.

Positive Factors

Cost Guidance

Cost guidance a positive surprise.

Negative Factors

Permit Risks

There are still some residual production risks as the Zaldivar mining permit is due to expire, and a lengthy review process could conceivably lead to a mining suspension if the permit is not granted on time.

Volume Outlook

The weaker 2025 volume outlook is mainly driven by a more flattish development at Los Pelambres on lower grades.

Antofagasta Business Overview & Revenue Model

Company Description

Antofagasta plc operates as a mining company. It operates through Los Pelambres, Centinela, Antucoya, Zaldívar, Exploration and Evaluation, and Transport Division segments. The company holds a 60% interest in the Los Pelambres mine, a 70% interest in the Centinela mine, a 70% interest in the Antucoya mine, and a 50% interest in the Zaldívar mine located in Chile. Its mines produce copper cathodes and copper concentrates, as well as molybdenum, gold, and silver by-products. The company also has exploration projects in various countries. In addition, it provides rail and road cargo services to mining customers in northern Chile. The company was founded in 1888 and is headquartered in London, the United Kingdom. Antofagasta plc is a subsidiary of Metalinvest Establishment.

How the Company Makes Money

Antofagasta makes money primarily through the extraction and sale of copper, which is its principal product. The company generates revenue by mining and processing copper ore to produce copper concentrate and cathode, which are then sold to customers in various industries, including construction and manufacturing. Additionally, gold and molybdenum, which are by-products of copper mining processes, contribute to the company's revenue streams. Antofagasta also benefits from its partnerships and joint ventures, such as its agreement with Barrick Gold Corporation in the Zaldivar mine, enhancing its operational and financial capabilities. The company's earnings are influenced by global copper prices, production volumes, and operational efficiencies.

Antofagasta Financial Statement Overview

Summary

Antofagasta demonstrates solid operational efficiency with strong margins and a balanced capital structure. The company faces challenges in revenue growth and cash flow management, particularly in sustaining free cash flow amidst higher capital expenditures. While the financial health is stable with manageable debt, the focus should be on enhancing revenue growth and improving cash flow stability to support long-term growth.

Income Statement

Antofagasta's income statement shows stable profitability despite fluctuating revenues. The gross profit margin for 2024 was solid at 37.88%, and the net profit margin was 12.55%, indicating efficient cost management. However, revenue growth from 2023 to 2024 was modest at 4.57%, reflecting industry challenges. The EBIT and EBITDA margins remained strong at 30.37% and 60.03% respectively, underlining operational efficiency.

Balance Sheet

The balance sheet reflects a robust financial position with a debt-to-equity ratio of 0.57, suggesting manageable leverage. The return on equity (ROE) was 8.77%, which is stable but indicates room for improvement in generating higher returns for shareholders. The equity ratio stood at 41.80%, showing a balanced capital structure with a healthy proportion of equity financing.

Cash Flow

Cash flow analysis reveals challenges, with free cash flow deteriorating from a positive in 2023 to negative in 2024, indicating increased capital expenditures. The operating cash flow to net income ratio was 2.75, suggesting strong cash generation relative to net earnings. However, the free cash flow to net income ratio was negative, highlighting concerns over cash availability for reinvestment and dividends.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	6.61B	6.32B	5.86B	7.47B	5.13B
Gross Profit	2.50B	2.66B	2.43B	4.35B	2.27B
EBITDA	3.02B	3.30B	2.76B	4.50B	2.54B
Net Income	829.40M	835.10M	1.53B	1.29B	506.40M
Balance Sheet
Total Assets	22.63B	19.65B	18.24B	17.28B	16.60B
Cash, Cash Equivalents and Short-Term Investments	4.32B	3.38B	2.39B	3.71B	3.67B
Total Debt	5.35B	4.08B	3.27B	3.17B	3.75B
Total Liabilities	9.68B	7.60B	6.59B	6.25B	6.52B
Stockholders Equity	9.46B	8.95B	8.63B	8.35B	7.75B
Cash Flow
Free Cash Flow	-129.30M	203.80M	-2.30M	1.89B	751.30M
Operating Cash Flow	2.29B	2.33B	1.88B	3.67B	2.06B
Investing Cash Flow	-2.08B	-2.09B	-477.50M	-2.20B	-2.19B
Financing Cash Flow	1.35B	-402.00M	-1.33B	-1.95B	717.10M

Antofagasta Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1821.50
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ANTO, the sentiment is Neutral. The current price of 1821.5 is below the 20-day moving average (MA) of 1836.20, above the 50-day MA of 1819.22, and above the 200-day MA of 1738.64, indicating a neutral trend. The MACD of 15.54 indicates Positive momentum. The RSI at 47.72 is Neutral, neither overbought nor oversold. The STOCH value of 8.11 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:ANTO.

Antofagasta Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ANTO	70 Neutral	£18.13B	27.93	8.87%	1.92%	1.69%	-3.57%
Sector *	62 Neutral	$10.15B	9.72	0.09%	2.91%	2.26%	-33.42%
AAUKF	―	$32.14B	―	-13.39%	1.69%	―	―
FNLPF	―	$14.52B	102.56	3.70%	1.30%	―	―
ATYM	77 Outperform	£672.83M	13.30	11.38%	0.95%	17.22%	97.69%
HOC	75 Outperform	£1.41B	18.59	15.70%	0.30%	31.84%	―
GLEN	68 Neutral	£36.77B	―	-3.81%	1.80%	3.11%	-137.83%

Antofagasta Corporate Events

Antofagasta Reports Strong Q2 2025 Copper Production and Cost Reduction

Antofagasta PLC reported a robust increase in copper production and a significant reduction in net cash costs for Q2 2025, driven by enhanced outputs from its Los Pelambres and Centinela districts. The company maintains its annual guidance for copper production and costs, while advancing key development projects on schedule and securing an environmental approval to extend the Zaldívar mine’s life to 2051. The positive outlook for copper demand, supported by strategic sectors and constrained supply, underpins Antofagasta’s confidence in its future operations.

The most recent analyst rating on (GB:ANTO) stock is a Buy with a £1950.00 price target. To see the full list of analyst forecasts on Antofagasta stock, see the GB:ANTO Stock Forecast page.

Antofagasta Releases 2024 Payments to Governments Report Highlighting New Royalty Regime

Antofagasta plc has released its 2024 Report on Payments to Governments, detailing taxes and payments related to its mining activities, primarily in Chile. The report highlights the implementation of a new mining royalty regime in Chile, which includes a royalty ranging from 8% to 26% based on profitability and a 1% ad valorem royalty on copper sales. This change impacts the company’s financial obligations and reflects its commitment to transparency in financial reporting.

The most recent analyst rating on (GB:ANTO) stock is a Buy with a £1950.00 price target. To see the full list of analyst forecasts on Antofagasta stock, see the GB:ANTO Stock Forecast page.

Antofagasta Releases 2024 Government Payments Report

Antofagasta plc released its 2024 Report on Payments to Governments, detailing taxes and payments related to its mining activities, primarily in Chile. The report highlights the implementation of a new mining royalty regime in Chile from January 2024, affecting the Los Pelambres mine, while Centinela and Antucoya mines continue under previous tax stability agreements. These changes reflect the company’s compliance with regulatory requirements and its financial contributions to the Chilean government, impacting its operations and stakeholder relations.

The most recent analyst rating on (GB:ANTO) stock is a Buy with a £1950.00 price target. To see the full list of analyst forecasts on Antofagasta stock, see the GB:ANTO Stock Forecast page.

Antofagasta Appoints Ignacio Bustamante as Independent Non-Executive Director

Antofagasta plc has appointed Ignacio Bustamante as an Independent Non-Executive Director, effective 1 July 2025. With over 30 years of senior leadership experience in mining across the Americas, Bustamante’s expertise in corporate strategy and sustainability is expected to significantly benefit the company. His previous roles include CEO of Hochschild Mining plc and various executive positions in operations, finance, and business development. This strategic appointment aims to enhance Antofagasta’s operational and strategic capabilities, potentially strengthening its position in the mining sector.

The most recent analyst rating on (GB:ANTO) stock is a Buy with a £1950.00 price target. To see the full list of analyst forecasts on Antofagasta stock, see the GB:ANTO Stock Forecast page.

Antofagasta Secures EIA Approval for Zaldívar Mine Extension

Antofagasta plc has received approval from the Chilean Environmental Authority for the Environmental Impact Assessment (EIA) related to the Zaldívar mine’s life extension and water transition. This approval allows the mine to operate until 2051 and ensures a sustainable water supply plan, which is crucial for the mine’s long-term viability. The decision supports operational continuity, secures employment, and benefits local businesses involved with the mine, enhancing Antofagasta’s industry positioning and reducing business risks.

The most recent analyst rating on (GB:ANTO) stock is a Buy with a £1950.00 price target. To see the full list of analyst forecasts on Antofagasta stock, see the GB:ANTO Stock Forecast page.

Antofagasta PLC Announces Successful Outcomes of 2025 AGM

Antofagasta PLC held its 2025 Annual General Meeting, where all resolutions were passed, including the adoption of the 2024 Annual Report and Financial Statements, approval of the remuneration report, and the re-election of various directors. The meeting also authorized the reappointment of Deloitte LLP as auditors and granted directors the authority to allot securities. These results reflect strong shareholder support and are expected to maintain the company’s stable governance and financial oversight, reinforcing its position in the mining sector.

Antofagasta PLC Reports Record Safety and Strategic Growth at 2025 AGM

At its 2025 Annual General Meeting, Antofagasta PLC highlighted a record year in safety performance and significant achievements in 2024, including a fatality-free year and strong financial results with an EBITDA margin of 52%. The company has initiated major growth projects at its flagship mining districts, Los Pelambres and Centinela, to ensure long-term value creation and operational resilience. These projects, along with strategic investments in sustainable practices and community partnerships, are expected to enhance production and support local communities. Antofagasta’s focus on copper production aligns with global trends, positioning it to capitalize on the growing demand for this critical metal.

Antofagasta Announces Final Dividend Payment Details

Antofagasta PLC has announced the final dividend for the year, with the Sterling equivalent set at 17.63 pence per ordinary share and the Euro equivalent at 20.64 Euro cents. This decision reflects the company’s financial performance and its commitment to returning value to shareholders, with the payment scheduled for 12 May 2025.