Summary
- H1 EBITDA rose 35% to $4.0 billion, supported by stronger copper profitability and improved margins.
- Asset disposals are progressing, but expected proceeds have fallen, particularly after weaker steelmaking coal and De Beers valuations.
- The Teck transaction remains strategically attractive, though regulatory approval and integration execution still create uncertainty.
- Higher iron ore assumptions lift our EBITDA estimate, but the current valuation now leaves limited upside and supports a neutral stance.
William Luque/iStock via Getty Images
Following our update on the H1 production reports of Rio Tinto ( RIO) and BHP Group Limited ( BHP) (both neutral-rated), we return to Anglo American plc (AAUKF) (
Quick Insights
-
What drove the downgrade of Anglo American (AAUKF) to Neutral?
Recent share price appreciation has reduced the risk-reward profile, and asset disposals are proceeding at lower-than-expected valuations, making the entry point less attractive.
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How do asset disposals impact AAUKF’s valuation and future impairments?
Combined proceeds from Steelmaking Coal and De Beers are now estimated at $5.37B, below prior forecasts, increasing the risk of further impairments, particularly for De Beers.
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What are the key forward-looking risks and catalysts for AAUKF?
Key risks include commodity price volatility, CAPEX inflation, and regulatory approval for the Teck merger, which is expected to close 2026–2027 and deliver $800M in cost savings.
About AAUKF Stock
| Symbol | Last Price | % Chg |
|---|---|---|
| AAUKF Anglo American plc | 55.82 | -2.07% |
| Pre | 58.30 | 4.44% |
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Chart
Chart with 7 data points.
View as data table, Chart
The chart has 1 X axis displaying Time. Data ranges from 2026-08-21 09:50:00 to 2026-08-26 09:30:00.
The chart has 1 Y axis displaying values. Data ranges from 55.75 to 57.
Created with Highcharts 13.0.1Aug 21Aug 24Aug 25555657
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Market Cap$61.93B
PE-
Yield0.70%
Rev Growth (YoY)14.04%
Short Interest-
Prev. Close$57.00
Compare to Peers
More on AAUKF
Anglo American reaches iron ore supply deal with China’s state buyer
Diamond industry misjudged threat of lab-grown gems, Anglo American CEO tells FT
Anglo American Non-GAAP EPS of $0.58, revenue of $9.93B
Here are the major earnings after the close Thursday
Related Stocks
| Symbol | Last Price | % Chg |
|---|---|---|
| AAUKF AAUKF | 55.82 | -2.07% |
| Pre: | 58.30 | 4.44% |
| NGLOY NGLOY | 28.58 | -0.97% |
| Post: | 28.58 |
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- 5D
- 1M
- 6M
- 1Y
- 5Y
- 10Y
Chart
Line chart with 2 lines.
View as data table, Chart
The chart has 1 X axis displaying Time. Data ranges from 2026-08-21 09:50:00 to 2026-08-28 16:00:00.
The chart has 1 Y axis displaying values. Data ranges from -0.78 to 3.27.
Created with Highcharts 13.0.1Aug 25Aug 26Aug 27Aug 28Aug 28-5%0%5%
End of interactive chart.
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