Fair value published on 19 Oct 2026, 19:04 CEST; previously $99.52 since 15 Oct 2026, 00:00 CEST.
ACCE price target published on 18 Oct 2026, 00:00 CEST; previously $120 since 12 May 2026, 00:00 CEST.
Price used: $83.59 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
10.2% above
-9.2% to fair value
ACCE score
79
out of 100
Analysts
75% buy
8 covering
P/E
11.4x
forward 14.5x
1-year return
+21.8%
Dividend yield
5.31%
AngloGold Ashanti PLC Ordinary Shares in four questions
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Overview
ACCE thesis
AngloGold Ashanti is a gold miner with operations across Africa, the Americas and Australia, selling unhedged or lightly hedged bullion and producing gold as its core product. Its moat is mostly asset quality and cost position rather than anything structural: a long-life, low-cost portfolio with high operating leverage to the gold price. Revenue grew 27.0% and the operating margin reached 51.2%, so the earnings base is expanding quickly while gold prices are firm. At a trailing P/E of 12.3 and a forward P/E of 14.5, the market is not pricing in the current margin structure as durable, which makes the cash generation the key thing to check. The forward multiple sitting above the trailing one implies consensus expects earnings to ease from this peak, so the question for a deeper look is how much of the 44.7% ROE survives a lower gold price and rising costs.