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Pin to quick picksAnglo American Share News (AAL)

Share Price Information for Anglo American (AAL)

London Stock Exchange
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Share Price: 2,619.50
Bid: 2,614.00
Ask: 2,616.00
Change: -87.50 (-3.23%)
Spread: 2.00 (0.077%)
Open: 2,745.00
High: 2,749.50
Low: 2,596.50
Prev. Close: 2,707.00
AAL Live PriceLast checked at -

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Jefferies expects solid recovery at Anglo American

Mon, 26th Feb 2024 08:40

(Sharecast News) - Anglo American investors just need a little more patience, according to analysts at Jefferies who reiterated their 'buy' rating on the mining company ahead of what it sees as an inevitable recovery in the share price.

The broker claimed that negatives are mostly priced into the stock and that consensus expectations "seem too negative", and said that the company "is at a turning point now".

Jefferies said it expects "significant relative outperformance for Anglo's shares over the course of this year and beyond", as it kept a 2,500p target price, indicating around 40% upside from current prices.

Anglo's share price tumbled around 40% over the course of 2023 after a tough year, as the miner cut production guidance due to operating issues and had to deal with weakness in the diamond and platinum group metals (PGM) markets. Free cash flow was also negative and the ongoing heavy investment into the Woodsmith polyhalite fertiliser mine is "unhelpful", Jefferies said.

Nevertheless, the broker said: "The path to recovery for Anglo after a difficult 2023 includes meeting recently rebased guidance, pursuing portfolio strategies to unlock value, and benefiting from: 1) increased exposure to copper (nearly 40% of Anglo's NPV), 2) cyclical upside in diamonds and PGMs, and 3) ongoing strength in iron ore and met coal prices.

"The Anglo recovery will take time to fully play out. But it is coming, in our view."

Jefferies added that, even if Anglo is unable to improve operationally over the coming year, "then we see a risk that an activist gets involved or another miner approaches it for a merger". The broker said: "Anglo has a portfolio of world-class assets with operational upside. The value of these assets is not fully reflected in its current share price, based on our analysis."

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PRESS: South Africa's PIC open to BHP takeover bid for Anglo American

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3 May 2024 16:52

London close: Stocks rise as US payrolls come in weaker

(Sharecast News) - London markets closed positively on Friday, as investors digested slower-than-expected payrolls growth in the US, while Anglo American jumped amid anticipation of a potential bidding war for the mining giant.

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3 May 2024 14:09

Anglo CEO meets S.Africa mines minister after BHP's takeover proposal

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3 May 2024 09:23

PRESS: Glencore mulls rival bid for Anglo American - Reuters

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Canadian miner Hudbay sees BHP's bid for Anglo boosting copper assets

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BHP deploys team to SA to woo officials over Anglo deal - report

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30 Apr 2024 13:13

Anglo to meet top shareholders on BHP bid as takeover rules restrain AGM

LONDON, April 29 (Reuters) - Anglo American's chair will meet its top 30 shareholders to hear views on BHP's $39 billion bid for the miner, he told an annual general meeting on Tuesday, where he was restricted from discussing the spurned offer by takeover regulations.

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