Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

AngloGold Ashanti Plc (AU)

Company Dividend Discount ModelIndustry: GoldSector: Basic Materials

Valuation Snapshot

Stable Growth$74.77 - $144.01$102.44
Multi-Stage$59.81 - $65.11$62.41
Blended Fair Value$82.43
Current Price$83.31
Upside-1.06%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS55.31%30.53%0.490.220.410.490.100.050.050.080.030.01
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)450.20281.38168.83
Cash Retained (M)985.00985.00985.00
(-) Cash Required (M)-450.20-281.38-168.83
(=) Excess Retained (M)534.80703.63816.18
(/) Shares Outstanding (M)493.34493.34493.34
(=) Excess Retained per Share1.081.431.65
LTM Dividend per Share2.572.572.57
(+) Excess Retained per Share1.081.431.65
(=) Adjusted Dividend3.653.994.22
WACC / Discount Rate10.65%10.65%10.65%
Growth Rate5.50%6.50%7.50%
Fair Value$74.77$102.44$144.01
Upside / Downside-10.25%22.96%72.86%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,251.002,397.322,553.142,719.092,895.843,084.073,176.59
Payout Ratio56.24%62.99%69.75%76.50%83.25%90.00%92.50%
Projected Dividends (M)1,266.001,510.151,780.692,080.022,410.742,775.662,938.34

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.65%10.65%10.65%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,351.971,364.791,377.60
Year 2 PV (M)1,427.201,454.391,481.83
Year 3 PV (M)1,492.501,535.341,579.00
Year 4 PV (M)1,548.621,608.181,669.43
Year 5 PV (M)1,596.291,673.391,753.44
PV of Terminal Value (M)22,087.6623,154.5024,262.17
Equity Value (M)29,504.2430,790.5832,123.47
Shares Outstanding (M)493.34493.34493.34
Fair Value$59.81$62.41$65.11
Upside / Downside-28.21%-25.08%-21.84%

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