AngloGold Ashanti Ltd (ANG) Fair Value & Analysis
Basic Materials · ZA · Market cap 635B ZAC
Strengths
Risks
Fair value as of: Aug 20, 2026
From 26 valuation models · updated yesterday
Share price +41.7% over the past month.
A solid business, but screening 33% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (R1,529). The favourable scenario is already priced in.
- Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (R817.24 to R1,529) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.
How to read this chart
60‑month range R189.15 – R1,978 · fair‑value band R817.24 – R1,529 · the R1,803 price screens above the R1,210 fair value. Dashed = 300-day average. As of Aug 20, 2026.
Analysis
AngloGold Ashanti Ltd (ANG) currently trades at R1,803, while our model-based Fair Value estimate is R1,210, implying the stock looks roughly 32.9% overvalued today. The Quality Score stands at 64/100 (solid quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, AngloGold Ashanti Ltd generated revenue of 11.2B ZAR at a net margin of 31.1%. Revenue grew 64.9% year over year. It earns a return on equity of 43.0%. The balance sheet holds a net cash position of 492M ZAR. Fundamentals as of Aug 20, 2026
Our scenario range runs from R817.24 (bear case) to R1,529 (bull case); at R1,803, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Basic Materials peers we cover trades at -10% fair-value upside, at -33%, ANG screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: DCF Models (R106.47) versus Asset-Based (R10.72). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 67 · Market factors (momentum, volatility) 71
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
AngloGold Ashanti plc operates as a gold mining company in Africa, Australia, and the Americas. It explores for gold, as well as by-products, including silver and sulphuric acid. The company's flagship property includes 100% owned the Geita mine located in the Lake Victoria goldfields of the Geita region in northwestern Tanzania.
Full company description
AngloGold Ashanti plc operates as a gold mining company in Africa, Australia, and the Americas. It explores for gold, as well as by-products, including silver and sulphuric acid. The company's flagship property includes 100% owned the Geita mine located in the Lake Victoria goldfields of the Geita region in northwestern Tanzania. AngloGold Ashanti plc was incorporated in 1944 and is headquartered in Greenwood Village, Colorado.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
AngloGold Ashanti Ltd reported revenue of R9.9B in FY2025 versus R4.0B in FY2021, a compound +25.2%/yr. Reported net income was R2.6B in FY2025, compounding +43.9%/yr from FY2021.
ANG screens 33% overvalued. Compare with Newmont Corporation →
Peer Group
Gold · 251 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Gold median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Gold stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Newmont Corporation NEMCL | $112.00 | $112.82 | +1% |
| Zijin Mining Group 601899 | ¥32.21 | ¥39.42 | +22% |
| Agnico Eagle Mines Limited AEM | C$257.82 | C$154.33 | -40% |
| Barrick Mining Corporation B | $41.23 | $50.66 | +23% |
| Wheaton Precious Metals Corp WPM | C$187.84 | C$52.47 | -72% |
| Franco-Nevada Corporation FNV | C$346.87 | C$118.53 | -66% |
| Gold Fields Limited GFI | $40.73 | $59.06 | +45% |
| Zijin Gold International Company 2259 | HK$135.60 | HK$96.81 | -29% |
| Kinross Gold Corporation K | C$38.29 | C$34.62 | -10% |
| Northern Star Resources Limited NST | A$23.19 | A$15.98 | -31% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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