Fact based stock research
AngloGold Ashanti (JSE:ANG)

ZAE000043485

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

AngloGold Ashanti stock research in summary

anglogoldashanti.com

ANALYSIS: With an Obermatt Combined Rank of 80 (better than 80% compared with investment alternatives), AngloGold Ashanti (Gold Production, South Africa) shares have much better financial characteristics than comparable stocks. Shares of AngloGold Ashanti are low in value (priced high) with a consolidated Value Rank of 45 (worse than 55% of alternatives), and are riskily financed (Safety Rank of 48, which means above-average debt burdens) but show above-average growth (Growth Rank of 100). ...read more

RECOMMENDATION: A Combined Rank of 80, is a strong buy recommendation based on AngloGold Ashanti's financial characteristics. As the company AngloGold Ashanti shows low value with an Obermatt Value Rank of 45 (55% of comparable investments are less expensive), investors should look at the other ranks. In this case, growth is expected to be above-average, better than 100% of comparable companies (Obermatt Growth Rank is 100). This is a typical case. Companies with above average growth tend to cost more than stocks with slower growth expectations. If this is a high-growth company, the low Obermatt Safety Rank of 48 is a good sign. The more debt a well-performing company has, the higher the returns to shareholders. However, if growth turns negative or interest rates increase, high debt may become a burden. If you believe the future is bright for AngloGold Ashanti, even a low-value company (in terms of its key financial indicators) can be a good investment. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	45
Growth Rank	100
Safety Rank	48
Combined Rank	80

Country	South Africa
Industry	Gold Production
Index	Copper, Gold, Independent Boards Growth Markets, Low Waste, Recycling, Silver, JSE All Shares
Size class	X-Large

This stock has achievements: Top 10 Stock.

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: AngloGold Ashanti

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	45	44	47	45
GROWTH
GROWTH	19	71	95	100
SAFETY
SAFETY	47	43	18	48
SENTIMENT
SENTIMENT	79	14	44	^new
360° VIEW
360° VIEW	43	26	51	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better AngloGold Ashanti is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	45	44	47	45
GROWTH
GROWTH	19	71	95	100
SAFETY
SAFETY	47	43	18	48
COMBINED
COMBINED	15	54	54	80

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of AngloGold Ashanti the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 45 (worse than 55% compared with alternatives), AngloGold Ashanti shares are more expensive than the average comparable stock. The Value Rank is based on consolidating four value indicators, with half of the indicators below and half above average for AngloGold Ashanti. Price-to-Profit (also referred to as price-earnings, P/E) is 60 which means that the stock price compared with what market professionals expect for future profits is lower than for 60% of comparable companies, indicating a good value concerning AngloGold Ashanti's profit levels. The same is valid for Price-to-Book Capital (also referred to as market-to-book ratio) with a Price-to-Book Rank of 29, which means that the stock price is lower as regards to invested capital than for 29% of comparable investments. On the other hand, Price-to-Sales is less favorable than 82% of alternatives (only 18% of peers have an even less favorable ratio). The same is valid for dividend yield, which is lower than 12% of comparable companies, making the stock more expensive as regards to the company's expected dividend payouts. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 45, is a hold recommendation based on AngloGold Ashanti's stock price compared with the company's operational size and dividend yields. This is a puzzling picture, because it means that profits are high while dividends are low. Since the stock price is low compared with invested capital but high in respect to expected revenues, it means that the company has more invested capital than peers for generating the same amount of revenue. Since profits are higher, it could be a "cash cow" situation (using the classic Boston Consulting BCG matrix naming convention) where the company is on a downward trend, still living from the profits of past products. As the company pays low dividends, it may harbor the opinion that a turnaround is possible, and it rather invests the cash than pay it out to shareholders, thus sealing the company's fate early. Any investment optimism should only be a buy trigger once thorough research is completed. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision, which is especially important in this case, as the financial indicators are inconclusive. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	53	53	34	18
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	64	54	72	60
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	52	53	34	29
DIVIDEND YIELD
DIVIDEND YIELD	40	42	62	88
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	45	44	47	45

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of AngloGold Ashanti; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 100 (better than 100% compared with alternatives) for 2025, AngloGold Ashanti shows one of the highest growth dynamics in its industry. Investors also speak of high momentum. The Growth Rank is based on consolidating four value indicators, with all but one indicator above average for AngloGold Ashanti. Profit Growth has a rank of 96 which means that currently professionals expect the company to grow its profits more than 96% of its competitors. The same is valid for capital growth and stock returns. Capital Growth has a rank of 81, and Stock Returns has a rank of 95 which means that the stock returns have recently been above 95% of alternative investments. Only revenue growth is low with a Sales Growth has a rank of 39 (61% of its competitors are better). ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 100, is a buy recommendation for growth and momentum investors. The many positive growth indicators indicate a positive growth momentum with only low revenue growth. That can also be attributed to divestments or the sale of unprofitable businesses. If that is the reason, overall growth is well on track to making this stock attractive for growth investors. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	70	48	98	39
PROFIT GROWTH
PROFIT GROWTH	1	39	100	96
CAPITAL GROWTH
CAPITAL GROWTH	37	80	14	81
STOCK RETURNS
STOCK RETURNS	23	53	93	95
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	19	71	95	100

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of AngloGold Ashanti.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 48 (better than 48% compared with alternatives), the company AngloGold Ashanti has financing practices on the riskier side, which means that their overall debt burden is above the industry average. This doesn't mean that the business of AngloGold Ashanti is also risky, it only means that the company is on the riskier side in respect to bankruptcy in case things turn sour, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, with two out of three indicators above average for AngloGold Ashanti. Leverage is at a rank of 50, meaning the company has a below-average debt-to-equity ratio. It has less debt than 50% of its competitors. Liquidity is also good at a rank of 54, meaning the company generates more profit to service its debt than 54% of its competitors. This indicates that the company is on the safer side when it comes to debt service. But Refinancing is lower at a rank of 49, which means that the portion of the debt that is about to be refinanced is above-average. It has more debt in the refinancing stage than 51% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 48 (worse than 52% compared with alternatives), AngloGold Ashanti has a financing structure that is riskier than that of its competitors. The refinancing issues could be a short-term problem, especially if the company has reputation issues. Banks and investors don't like to refinance debt if there are clouds on the horizon. For this reason, investors should look at the refinancing environment for AngloGold Ashanti. Does it look safe that debt that is coming due can be covered with new debt? If that is the case, then the financing situation of the company is on the safer side. If not, it may be better to wait until refinancing has been completed and the Refinancing rank is good again. Investors may have a short-term debt challenge with AngloGold Ashanti and should also compare Obermatt’s Value, Growth, and Sentiment Ranks before making a decision. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	28	30	22	50
REFINANCING
REFINANCING	63	61	21	49
LIQUIDITY
LIQUIDITY	48	46	48	54
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	47	43	18	48

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of AngloGold Ashanti and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	37	51	^new
OPINIONS CHANGE
OPINIONS CHANGE	94	21	40	^new
PRO HOLDINGS
PRO HOLDINGS	92	55	84	^new
MARKET PULSE
MARKET PULSE	26	5	8	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	79	14	44	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for AngloGold Ashanti.
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