Antofagasta (ANTO) AI Stock Analysis

• Market Cap: £17.02B
• Dividend Yield: 2.04%
• Average Volume (3M): 924.14K
• Price to Earnings (P/E): 26.2
• Beta (1Y): 1.80
• 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: 1,158,073
• 30 Day Avg. Volume: 924,141
• 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: 1.23
• Enterprise Value/Revenue: 0.82
• Enterprise Value/Gross Profit: 8.34
• Enterprise Value/Ebitda: 1.79
• 1Y Price Target: £1,939.58
• Price Target Upside: 5.99% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 12

• Rating: 64 Neutral
• Price Target: 1,955.00p ▲(6.83%Upside)

Antofagasta's overall stock score is primarily driven by strong operational efficiency and a positive earnings call highlighting robust financial performance. However, challenges in revenue growth, cash flow management, and a relatively high valuation weigh on the score.

Positive Factors

Cost Guidance

Cost guidance is a positive surprise.

Valuation

The shares no longer look as expensive relative to their own history, suggesting a more balanced risk-reward.

Negative Factors

Production 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 production and sale of copper, which is its main revenue driver. The company operates several large-scale mines, including Los Pelambres, Centinela, Antucoya, and Zaldívar, which are responsible for the majority of its copper output. Additionally, the company produces by-products such as gold and molybdenum, which contribute to its revenue streams. The pricing of copper on global markets significantly affects Antofagasta's earnings, and the company often enters into long-term sales agreements with major buyers to stabilize revenue. Antofagasta also benefits from economies of scale and efficient operations that help maintain its profitability. Furthermore, strategic partnerships and investments in technology and infrastructure enhance its production capabilities and sustainability efforts, further bolstering its financial performance.

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: Positive
• Last Price: 1830.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ANTO, the sentiment is Positive. The current price of 1830 is above the 20-day moving average (MA) of 1799.92, above the 50-day MA of 1748.81, and above the 200-day MA of 1736.31, indicating a bullish trend. The MACD of -7.46 indicates Positive momentum. The RSI at 56.94 is Neutral, neither overbought nor oversold. The STOCH value of 56.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:ANTO.

Antofagasta Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ANTO	64 Neutral	£17.02B	26.22	8.87%	2.04%	1.69%	-3.57%
Sector *	62 Neutral	$9.84B	9.25	-0.43%	3.02%	2.17%	-35.02%
AAUKD		$29.73B	―	-13.39%	1.56%	―	―
FNLPF		$14.52B	100.84	3.70%	1.32%	―	―
ATYM	74 Outperform	£635.53M	12.56	11.38%	8.13%	17.22%	97.69%
HOC	70 Outperform	£1.28B	16.86	15.70%	0.33%	31.84%	―
GLEN	67 Neutral	£32.49B	―	-3.81%	2.04%	3.11%	-137.83%

Antofagasta Corporate Events

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.

Antofagasta Reports Strong Q1 2025 Performance and Maintains Guidance

Antofagasta PLC reported a strong first quarter in 2025, with a 20% increase in copper production compared to the previous year, driven by improved throughput and copper grades at its Centinela site. The company maintained its full-year production guidance, expecting between 660,000 and 700,000 tonnes of copper, and highlighted progress in its growth projects, such as the Centinela Second Concentrator and Los Pelambres’ Growth Enabling Projects. Despite global market volatility, Antofagasta remains focused on operational performance and cost discipline, positioning itself well for the rising demand for copper, a key metal in energy security and electrification.

Antofagasta Aligns Executive Incentives with Shareholder Interests Through LTIP Awards

Antofagasta PLC announced the granting of awards under its Long Term Incentive Plan (LTIP) to senior executives, aligning their interests with those of shareholders. The awards, which are based on the value of the company’s ordinary shares, include performance and restricted awards that vest over several years, contingent on performance conditions and continued employment. The vested awards from previous years resulted in substantial cash payments to executives, reflecting the company’s strong performance and strategic alignment.

Antofagasta Releases 2024 Annual Reports and Sustainability Statement

Antofagasta PLC has released its 2024 Annual Report and Accounts, along with the 2025 Notice of Annual General Meeting, signaling transparency and compliance with regulatory requirements. The company has also published its 2024 Sustainability Report and Modern Slavery Statement, highlighting its commitment to ethical practices and environmental responsibility.