
After a very strong five year run for AngloGold Ashanti, with total returns that are roughly 7x, the stock now trades in a zone where a Discounted Cash Flow (DCF) intrinsic value estimate points to a price that is close to fair, while market based multiples still lean on the cheap side. Five year returns are very large, which sets a high bar for any further upside to be supported by fundamentals. Future cash flows from existing mining assets and project pipeline can support the current...






