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Anglo American Spreads Flat On Dividend Cut & Asset Review


  • FY revenue (-13% YoY) slightly missed BBG consensus by 1.6% vs. though EBITDA (-31% YoY) beat by 2% and Net Income by 4%. DPS of 0.41 cut from 0.74 at FY22.
  • FCF of negative USD 1.3bn came in notably lower than the USD 1.6bn in FY22 and the EUR 1bn BBG consensus, reflecting a reduction in underlying EBITDA, a working capital build of $1.2 billion and higher interest expenses.
  • Leverage stands at 1.1x from 0.5x at FY22 (vs. <1.5x target).
  • CapEx guidance seems stable for now (USD 5.7bn in FY23, same amounts guided for FY24 & FY25) though management indicated expectations of USD ~1.6bn cuts from 2026.
  • "We are in the process of systematically going through all of our assets to assess their role in our portfolio"

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