Anglo American PLC ADR

NGLOY: PINX (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$14.00	Zztzy	Lwqrfbnv

Retaining Anglo American's Fair Value Estimate at GBX 2,160; Shares Remain Undervalued

Jon Mills

Mar 5, 2024

Business Strategy and Outlook

As China rebalances away from infrastructure and construction-led growth, Anglo American is likely better positioned than most diversified peers. The company has greater exposure to consumption-oriented commodities like platinum and diamonds, which should enjoy better demand growth than investment-oriented commodities like iron ore and copper that prospered most in the past decade.

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