DDM Analysis: AU

Valuation Snapshot

Stable Growth	$374.66 - $907.42	$850.39
Multi-Stage	$134.32 - $146.91	$140.50
Blended Fair Value	$495.44
Current Price	$83.31
Upside	494.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	55.31%	30.53%	0.49	0.22	0.41	0.49	0.10	0.05	0.05	0.08	0.03	0.01
YoY Growth	-	-	128.04%	-47.29%	-15.42%	410.64%	74.07%	12.50%	-38.46%	160.00%	200.00%	-70.59%
Dividend Yield	-	-	2.14%	1.19%	2.12%	2.32%	0.42%	0.24%	0.39%	0.75%	0.29%	0.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,251.00
(-) Cash Dividends Paid (M)	1,266.00
(=) Cash Retained (M)	985.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	450.20	281.38	168.83
Cash Retained (M)	985.00	985.00	985.00
(-) Cash Required (M)	-450.20	-281.38	-168.83
(=) Excess Retained (M)	534.80	703.63	816.18
(/) Shares Outstanding (M)	493.34	493.34	493.34
(=) Excess Retained per Share	1.08	1.43	1.65
LTM Dividend per Share	2.57	2.57	2.57
(+) Excess Retained per Share	1.08	1.43	1.65
(=) Adjusted Dividend	3.65	3.99	4.22
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$374.66	$850.39	$907.42
Upside / Downside	349.72%	920.75%	989.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,251.00	2,397.32	2,553.14	2,719.09	2,895.84	3,084.07	3,176.59
Payout Ratio	56.24%	62.99%	69.75%	76.50%	83.25%	90.00%	92.50%
Projected Dividends (M)	1,266.00	1,510.15	1,780.69	2,080.02	2,410.74	2,775.66	2,938.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,404.30	1,417.61	1,430.92
Year 2 PV (M)	1,539.81	1,569.14	1,598.74
Year 3 PV (M)	1,672.58	1,720.59	1,769.51
Year 4 PV (M)	1,802.64	1,871.96	1,943.26
Year 5 PV (M)	1,930.03	2,023.25	2,120.04
PV of Terminal Value (M)	57,914.61	60,711.91	63,616.27
Equity Value (M)	66,263.96	69,314.46	72,478.75
Shares Outstanding (M)	493.34	493.34	493.34
Fair Value	$134.32	$140.50	$146.91
Upside / Downside	61.23%	68.65%	76.35%

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AngloGold Ashanti Plc (AU)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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