Financials Anglo American plc Johannesburg S.E.

Equities

AGL

GB00B1XZS820

Diversified Mining

End-of-day quote Johannesburg S.E. Other stock markets 23:00:00 13/05/2024 BST			5-day change	1st Jan Change
603.5 ^ZAR	-4.93%		-2.90%	+27.46%

10:24am	JPMorgan puts B&M on 'negative catalyst watch'	AN
09:01am	BHP's options for Anglo American deal narrow as deadline looms	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	35,542	40,913	49,670	47,528	30,426	39,979	-	-
Enterprise Value (EV) ¹	40,168	46,488	53,586	54,446	30,426	51,972	53,092	53,536
P/E ratio	10.3 x	19.6 x	5.89 x	10.6 x	109 x	15.1 x	13.7 x	12 x
Yield	3.78%	3.02%	10.3%	5.06%	-	2.61%	2.92%	3.23%
Capitalization / Revenue	1.19 x	1.32 x	1.2 x	1.35 x	0.99 x	1.38 x	1.36 x	1.31 x
EV / Revenue	1.34 x	1.5 x	1.29 x	1.55 x	0.99 x	1.79 x	1.8 x	1.76 x
EV / EBITDA	4.01 x	4.74 x	2.6 x	3.76 x	3.06 x	5.31 x	5.32 x	5.1 x
EV / FCF	10.5 x	18.6 x	4.88 x	15.2 x	-	33.6 x	30.9 x	21 x
FCF Yield	9.52%	5.36%	20.5%	6.56%	-	2.97%	3.23%	4.77%
Price to Book	1.44 x	1.59 x	1.81 x	1.74 x	-	1.51 x	1.43 x	1.35 x
Nbr of stocks (in thousands)	1,233,491	1,234,075	1,217,289	1,214,144	1,212,956	1,212,956	-	-
Reference price ²	28.81	33.15	40.80	39.15	25.08	32.96	32.96	32.96
Announcement Date	20/02/20	25/02/21	24/02/22	23/02/23	22/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	29,870	30,902	41,554	35,118	30,652	28,965	29,476	30,474
EBITDA ¹	10,006	9,802	20,634	14,495	9,958	9,779	9,982	10,496
EBIT ¹	7,010	7,050	17,790	11,963	7,168	6,500	6,732	6,986
Operating Margin	23.47%	22.81%	42.81%	34.07%	23.39%	22.44%	22.84%	22.92%
Earnings before Tax (EBT) ¹	6,146	5,464	17,629	9,480	3,595	6,278	6,373	6,807
Net income ¹	3,547	2,089	8,562	4,514	283	2,598	2,832	3,290
Net margin	11.87%	6.76%	20.6%	12.85%	0.92%	8.97%	9.61%	10.79%
EPS ²	2.810	1.690	6.930	3.680	0.2300	2.185	2.405	2.739
Free Cash Flow ¹	3,824	2,493	10,991	3,574	-	1,546	1,716	2,552
FCF margin	12.8%	8.07%	26.45%	10.18%	-	5.34%	5.82%	8.37%
FCF Conversion (EBITDA)	38.22%	25.43%	53.27%	24.66%	-	15.81%	17.19%	24.32%
FCF Conversion (Net income)	107.81%	119.34%	128.37%	79.18%	-	59.49%	60.58%	77.58%
Dividend per Share ²	1.090	1.000	4.190	1.980	-	0.8600	0.9628	1.064
Announcement Date	20/02/20	25/02/21	24/02/22	23/02/23	22/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales	15,098	12,474	21,779	19,775	18,111	17,007	15,674	14,978	-	-	-	-
EBITDA ¹	4,555	3,350	12,140	11,338	8,701	5,794	5,114	4,844	3,888	-	-	-
EBIT	-	2,084	10,678	7,112	7,475	4,488	3,849	3,319	-	-	-	-
Operating Margin	-	16.71%	49.03%	35.96%	41.27%	26.39%	24.56%	22.16%	-	-	-	-
Earnings before Tax (EBT)	2,761	1,555	10,698	6,931	6,807	2,673	3,034	561	-	-	-	-
Net income	1,664	471	5,188	3,374	3,680	834	1,262	-979	-	-	-	-
Net margin	11.02%	3.78%	23.82%	17.06%	20.32%	4.9%	8.05%	-6.54%	-	-	-	-
EPS ²	1.350	0.3800	4.180	-	3.000	-	1.030	-0.8000	0.7600	1.110	1.070	0.8900
Dividend per Share	0.4700	0.2800	2.510	1.680	1.240	0.7400	0.5500	-	-	-	-	-
Announcement Date	20/02/20	30/07/20	29/07/21	24/02/22	28/07/22	23/02/23	27/07/23	22/02/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,626	5,575	3,916	6,918	-	11,993	13,113	13,557
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.4623 x	0.5688 x	0.1898 x	0.4773 x	-	1.226 x	1.314 x	1.292 x
Free Cash Flow ¹	3,824	2,493	10,991	3,574	-	1,546	1,716	2,552
ROE (net income / shareholders' equity)	14.7%	8.25%	31.9%	16.4%	-	9.54%	10.4%	10.6%
ROA (Net income/ Total Assets)	6.55%	3.52%	13.3%	6.77%	-	3.69%	4.25%	4.3%
Assets ¹	54,174	59,347	64,259	66,696	-	70,337	66,698	76,499
Book Value Per Share ²	20.00	20.80	22.50	22.50	-	21.80	23.10	24.50
Cash Flow per Share ²	5.970	5.280	13.40	7.960	-	6.340	6.730	6.850
Capex ¹	3,840	4,125	5,732	6,191	-	5,779	5,716	5,326
Capex / Sales	12.86%	13.35%	13.79%	17.63%	-	19.95%	19.39%	17.48%
Announcement Date	20/02/20	25/02/21	24/02/22	23/02/23	22/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Anglo American plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

32.96 USD

Average target price

31.89 USD

Spread / Average Target

-3.24%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Mining

	1st Jan change	Capi.
BHP GROUP LIMITED	-12.54%	145B
RIO TINTO PLC	-4.23%	119B
GLENCORE PLC	+5.13%	75.31B
SAUDI ARABIAN MINING COMPANY (MA'ADEN)	+1.85%	48.7B
GRUPO MÉXICO, S.A.B. DE C.V.	+10.36%	47.4B
HINDUSTAN ZINC LIMITED	+77.04%	28.34B
TECK RESOURCES LIMITED	+28.05%	27.27B
VEDANTA LIMITED	+69.72%	19.23B
IVANHOE MINES LTD.	+55.88%	18.63B

Integrated Mining