Positioning no disclosures inside 60 days, left as found
Options put/call open interest 2.31, read 2026-11-03
Ethical passes the values gate
Price81.41 USD
Fair value98.42
Ethical score70.0/100
Value readUndervaluedas of 3 Nov 2026
Our investment reviews on this name
2026-09-24Read Markdown101.93-20.1% to today ✓Markup gives way to Markdown after a 16% rise in 5 weeks
2026-08-22Read Markup87.59-7.1% to today Distribution gives way to Markup after a 14% rise in 4 weeks
2026-07-22Read Distribution76.76+6.1% to today Markup gives way to Distribution after an 11% slide in 3 weeks
2026-07-02Read Markup86.30-5.7% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
AngloGold Ashanti Plc holds its Distribution at $81.41. Elevated stress, defensive posture warranted, held for 31 days.
As held on the ledger · 2026-11-03
Phase
Distribution · caution
Quantitative state
Elevated stress, defensive posture warranted, held for 31 days
Price at the screen
$81.41
Valuation
10.91 trailing · 8.95 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.75
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
15.13%
Below 33%
Interest-bearing debt is just 15.1% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
20.08%
Below 49%
Money owed to the company is 20.1% of assets, under the 49% limit.
Pass
Revenue purity
1.45%
Below 5%
Only 1.4% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
AngloGold Ashanti Plc clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 15%, inside the ~33% line, and interest is about 1% of its income, under the ~5% line, so it passes.
Read as at 2026-11-04. It updates when the underlying figures move, and past reads are kept below.
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Today AU passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 3 Nov 2026: it trades at roughly a 17% discount to our $98.42 fair value, narrow competitive moat, 27.00% revenue growth.
Fair value range in USD, drawn from the 2026-11-03 screen. The gold marker is the market price at the same screen. A 17.3% discount to the base estimate.
Where our models see it going: fair-value estimate $98.42, with a range of $68.40 to $113.19, dated to the 2026-11-03 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Gold Miner Numbers Mask Cyclical Trap Risk
Picture a gold rush town that booms when prices spike and empties when they drop. AngloGold Ashanti shows exactly that pattern, with revenue up 65 percent, a 31 percent profit margin and 43 percent ROE at a forward multiple of just 7.7 times. The figures look compelling on paper, yet the opportunity rating stays at none.
Low multiples in mining often reflect peak earnings rather than bargains. Gold prices drive these results, and when they normalise the same low multiple can quickly turn expensive. A narrow moat and heavy exposure to African, Australian and American operations add further volatility that a simple margin of safety calculation does not capture.
Analyst targets sit higher, yet history shows cyclical miners rarely sustain elevated returns once commodity cycles turn. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
AU trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-03Markdown$82.26+3.1%Entry 16
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 3.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 13% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 84%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (7 analysts) rates it buy, with a mean price target of $121. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-02Markdown$79.79+0.0%Entry 15
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 13% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 84%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (7 analysts) rates it buy, with a mean price target of $121. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Markdown$79.79+0.0%Entry 14
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 13% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 84%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (7 analysts) rates it buy, with a mean price target of $121. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-31Markdown$79.79-6.2%Entry 13
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 6.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 13% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 84%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (7 analysts) rates it buy, with a mean price target of $121. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-30Markdown$85.08-2.5%Entry 12
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 2.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 13% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 84%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (7 analysts) rates it buy, with a mean price target of $121. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-29Markdown$87.25-4.7%Entry 11
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 4.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 13% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 84%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (7 analysts) rates it buy, with a mean price target of $121. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Markdown$91.52+0.0%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 13% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 84%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (7 analysts) rates it buy, with a mean price target of $121.
2026-10-20Markdown$91.52-2.8%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 2.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading neutral. Over the past year the shares are up 84%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (7 analysts) rates it buy, with a mean price target of $121.
2026-10-13Markdown$94.16-0.5%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 8% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 84%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (7 analysts) rates it buy, with a mean price target of $121.
2026-10-02Markdown$94.63-7.2%Entry 7
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 7.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 8% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 84%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (7 analysts) rates it buy, with a mean price target of $121. Since the last review it its composite score rose.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
