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Anglo American PLC ADR NGLOY Stock Quote

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Morningstar‘s Stock Analysis NGLOY

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Anglo American’s First-Half 2022 Driven by Lower Prices, Higher Costs, FVE Reduced to GBX 2,700

Mathew Hodge, CFA Regional Director

Analyst Note

| Mathew Hodge, CFA |

No-moat Anglo American’s first-half 2022 result was driven by lower prices, lower production, and higher unit costs, partially offset by foreign exchange. Adjusted net profit after tax was USD 3.8 billion, or USD 3.11 per share, down from USD 5.2 billion in the first half of 2021 and modestly higher than our estimates. Adjusted EBITDA fell to USD 8.7 billion, down 29%. The USD 3.4 billion adjusted EBITDA decline was mainly due to iron ore (down USD 2.7 billion), platinum group metals (down USD 1.7 billion) and copper (down USD 770 million). This was partially offset by improved results from metallurgical coal (up USD 1.5 billion) and diamonds (up USD 330 million). Production volumes fell 9% versus the first half of 2021 due to weather in Brazil and South Africa (iron ore) and Australia (metallurgical coal), with metallurgical coal production also affected by the Grasstree mine in Queensland closing in January 2022. In aggregate, lower commodity prices and higher costs accounted for most of the EBITDA reduction.

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Company Profile NGLOY

Business Description

Anglo American's mining portfolio spans many commodities and continents. Like fellow large diversified miners, Anglo has significant exposure to copper, coal, and iron ore, but it is unique in its significant platinum output. The company accounts for about one third of the world’s platinum supply and just over 20% of palladium supply. Anglo also owns 85% of De Beers, in most years the world's largest supplier and marketer of rough gem diamonds.

Contact
17 Charterhouse Street
London, EC1N 6RA, United Kingdom
T +44 2079688888
Sector Basic Materials
Industry Other Industrial Metals & Mining
Most Recent Earnings —
Fiscal Year End Dec 31, 2022
Stock Type —
Employees 63,750

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