AngloGold Ashanti Plc (AU) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-131.1%

-$25.82

vs $83.05 price

Levered DCF

$104.65

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

8.1

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.43×	9.91×	-32.57×	35.31×	14.37×	9.63×	-1,117×	24.13×
P/B	5.35×	1.5×	2.06×	2.02×	2.18×	2.57×	3.54×	1.97×
P/S	4.38×	1.71×	1.67×	1.82×	2.19×	2.06×	2.65×	1.57×
EV / EBITDA	7.77×	4.12×	10.45×	7.39×	7.57×	4.33×	7.99×	6×
Gross margin	46.5%	35.7%	22.4%	25.1%	29.1%	38.0%	25.6%	22.7%
Operating margin	45.1%	26.8%	12.5%	11.5%	23.2%	32.6%	17.6%	14.8%
Net margin	26.6%	17.3%	-5.1%	5.2%	15.2%	22.0%	-0.2%	6.5%
Current ratio	2.87×	2.19×	1.8×	2.43×	2.59×	2.43×	1.16×	1.55×
Debt / equity	0.3×	0.32×	0.65×	0.54×	0.52×	0.56×	0.83×	0.77×
Interest coverage	20.3×	9.65×	4.39×	3.68×	8.5×	10.85×	4.34×	2.97×
Dividend yield	4.3%	2.5%	1.4%	2.5%	2.7%	0.4%	0.3%	0.5%
Payout ratio	71.0%	24.3%	-45.5%	87.1%	39.1%	3.8%	-385.7%	11.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	32.6%	15.1%	-6.3%	5.8%	15.2%	27.3%	-0.3%	8.1%
Return on invested capital	24.4%	8.2%	-27.9%	3.8%	8.6%	13.4%	6.2%	4.3%
Return on assets	17.5%	7.6%	-2.9%	2.9%	7.7%	13.2%	-0.1%	3.3%
Free cash flow yield	7.2%	8.8%	-0.8%	3.1%	2.2%	9.1%	2.4%	5.4%
Earnings yield	6.1%	10.1%	-3.1%	2.9%	7.0%	10.6%	-0.1%	4.1%
Enterprise value	$42.8B	$10.7B	$9.1B	$9.2B	$9.8B	$10.2B	$11.1B	$7B
Net debt / EBITDA	-0.09×	0.28×	1.67×	0.85×	0.73×	0.3×	1.26×	1.48×
Cash conversion cycle (days)	23	84	65	60	58	56	63	66