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Antofagasta USD

At a glance: strengths & risks
✓Revenue growing (+18% y/y, H1 2026)✓Profit growing (+62% y/y, H1 2026)✓Margins improving (56%→59%, H1 2026)✓Low leverage (0.8x EBITDA)

Sector: Copper mining

Geography: Chile

COMM_ANTO

Price chart

37.7 GBPDay 4.58%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
37.7 GBP · 4.58%
Market cap
49.1 bn USD

Growth

Δ revenue y/y
17.9%
Δ EBITDA y/y
23.3%

Multiples

P/E (LTM)
29.7x
P/B (FY)
4.7x
P/E (ann.)
29.0x
EV/EBITDA (LTM)
8.6x
EV/EBITDA (ann.)
9.1x

Cash return

Dividend yield
1.5%
FCF yield (LTM)
-0.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+18.8%
↓ details

Liquidity

Daily turnover (listing)
60.3 mln GBP

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30H1 2026 (6M)PARTIAL4479.0
y/y 17.9%
1896.5
y/y 48.8%
733.5
y/y -14.5%
2630.0
y/y 23.3%
847.3
y/y 62.4%
2772.9——
y/y —
—
y/y —
—-1194.8Link
2025-12-31H2 2025 (6M)OK4820.9
y/y 31.8%
2127.8
y/y 114.6%
837.7
y/y -9.0%
2965.5
y/y 55.1%
807.3
y/y 41.7%
1259.6-3684.526418.4
y/y 16.7%
10370.1
y/y 9.6%
—4194.8Yahoo Finance
2025-06-30H1 2025 (6M)PARTIAL3799.4
y/y 28.6%
1274.8
y/y 89.9%
857.7
y/y 32.5%
2132.5
y/y 61.7%
521.6
y/y 100.9%
1812.0——
y/y —
—
y/y —
—≈ 3000.1Link
2024-12-31H2 2024 (6M)OK3658.2
y/y 6.5%
991.4
y/y -4.2%
921.0
y/y 31.6%
1912.4
y/y 10.2%
569.8
y/y 12.9%
1248.0-2414.622634.9
y/y 15.2%
9462.2
y/y 5.7%
7.6%3000.1Yahoo Finance
2024-06-30H1 2024 (6M)PARTIAL2955.2
y/y 2.3%
671.3
y/y -13.2%
647.2
y/y 26.6%
1318.5
y/y 2.6%
259.6
y/y -21.4%
1037.3—20024.8
y/y 16.9%
12272.5
y/y —
4.9%4436.9Link
2023-12-31H2 2023 (6M)OK3434.4
y/y —
1034.8
y/y —
700.0
y/y —
1734.8
y/y —
504.7
y/y —
2333.0-2129.219647.2
y/y —
8951.9
y/y —
—3207.3Yahoo Finance
2023-06-30H1 2023 (6M)OK2890.1
y/y —
773.7
y/y —
511.3
y/y —
1285.0
y/y —
330.4
y/y —
——17126.5
y/y —
—
y/y —
——Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)399
Long-term debt (incl. LT leases)2 566
− Cash & equivalents4 160
Net debt-1 195

Net debt / LTM EBITDA: -0.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0005 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

0%20%40%60%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF ($ mln)

-1 000-50005001 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash ($ mln)

-2 00002 0004 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 2.53x of reported net profit; after capex, -0.08x.
year2022202320242025
cash flow / profit1.22x2.79x2.75x2.31x
accruals, % of assets-1.9%-7.6%-6.4%-6.6%
Last twelve months (to 2026-06-30): 2.44x of profit came back as operating cash flow.
net debt / EBITDA 0.8x · capex 1.8x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodCopper production
kt		C1 cash cost (copper)
$/lb		Gold production
Moz		Molybdenum production
kt		Silver production
Moz
Q2 2026-06142
−11.3%		3.73
+10.4%		0.05
−4.2%		3.10
−29.5%		—
H1 2026-06285
−9.5%		3.67
+14.0%		0.09
+2.2%		6.10
−17.6%		—
Q1 2026-03143
−7.6%		3.61
+16.8%		0.05
+7.0%		3
−3.2%		—
Q4 2025-12177
−11.6%		3.53
+14.2%		0.07
−2.9%		4.40
+57.1%		—
FY 2025-12—3.44
+13.9%		———
Q3 2025-09161.80
−9.6%		3.74
+22.6%		0.05
+3.8%		3.90
+44.4%		—
Q2 2025-06160.10
+3.1%		3.38
+0.0%		0.05
+41.2%		4.40
+76.0%		—
H1 2025-06314.90
+10.6%		3.22
−2.7%		0.09
+35.8%		7.40
+42.3%		—
Q1 2025-03154.70
+19.6%		3.09
−4.3%		0.043.10
+14.8%		—
Q4 2024-12200.303.09
+6.2%		0.072.80
+21.7%		—
FY 2024-12—3.02
+2.4%		0.1910.70
−2.7%		—
Q3 2024-091793.050.052.70—
Q2 2024-06155.303.380.032.50—
H1 2024-06284.70
−3.7%		3.31
+11.8%		0.07
−22.1%		5.20
+6.1%		1.08
−16.9%
Q1 2024-03129.403.23
+11.8%		—2.70—
Q4 2023-12—2.91—2.30—
FY 2023-12—2.95
+83.2%		—11—
H1 2023-06295.502.960.094.901.30
Q1 2023-03—2.89———
FY 2022-12—1.61———

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://data.fca.org.uk/artefacts/NSM/RNS/27332ba5-3f88-41ac-9dc8-749869e0b0ef.html; https://data.fca.org.uk/artefacts/NSM/RNS/a74ead84-0008-42a9-b7e5-16f2b249decc.html; https://www.antofagasta.co.uk/investors/news/2026/2026-half-year-results/; https://www.antofagasta.co.uk/media/4905/49913-antofagasta-ar25-web-ready.pdf; https://www.investegate.co.uk/announcement/rns/antofagasta--anto/centinela-second-concentrator-financing/8094778; https://www.investegate.co.uk/announcement/rns/antofagasta--anto/chairman-s-comments-at-2026-annual-general-meeting/9557080

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Annual production
654 kt
2025

Production, kt

660.60202366420246542025

Production

YearProduction, ktper day, kt
2025654
−1.5%		1.79
2024664
+0.5%		1.82
2023660.601.81

Company reports: https://data.fca.org.uk/artefacts/NSM/RNS/27332ba5-3f88-41ac-9dc8-749869e0b0ef.html; https://data.fca.org.uk/artefacts/NSM/RNS/a74ead84-0008-42a9-b7e5-16f2b249decc.html; https://www.antofagasta.co.uk/investors/news/2026/2026-half-year-results/; https://www.antofagasta.co.uk/media/4905/49913-antofagasta-ar25-web-ready.pdf; https://www.investegate.co.uk/announcement/rns/antofagasta--anto/centinela-second-concentrator-financing/8094778; https://www.investegate.co.uk/announcement/rns/antofagasta--anto/chairman-s-comments-at-2026-annual-general-meeting/9557080

Key-commodity price — Copper

Current 14 820spot vs LTM +13%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +18.8% ▲ +0.0 pp 1d

Main driver: Copper +13% vs LTM; revenue ×1.11 vs costs ×1.10; EBITDA 5 723→5 348; at 10.7× EV/EBITDA → +19%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Copper (rev)+83%14 820.2513 140.3311 220.53+13%-15%
US Diesel Index (cost) (input cost) (cost)-10%6.204.644.21+34%-9%
Gold (rev)+8%4 195.824 448.393 370.54-6%-24%
Molybdenum (rev)+5%35.9030.5626.25+17%-14%
Electricity Spot (input cost) (cost)-5%124.3177.8963.16+60%-19%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue9 300
LTM EBITDA5 723
LTM cash costs (revenue − EBITDA)3 577
2 · Revenue projection
Revenue multiplier — spot×1.110 (+11%)
= Spot revenue10 326
Revenue multiplier — 3y price×0.852 (-15%)
= 3-year-price revenue7 926
3 · Costs projection
Cost multiplier — spot×1.097 (+10%)
= Spot cash costs3 925
Cost multiplier — 3y price×1.015 (+2%)
= 3-year-price cash costs3 631
4 · EBITDA projection (revenue − costs)
= Spot EBITDA6 401
= 3-year-price EBITDA4 295
Conservative EBITDA = min(spot, avg)5 348
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)10.7x
Target EV = EV/EBITDA × conservative EBITDA57 223
Net debt-1 195
Target market cap = EV − net debt58 417
Current market cap49 185

Upside = target market cap ÷ current − 1 = +18.8%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 H12 9553 411-13.4%1 3181 729-23.7%
2024 H23 6583 456+5.8%1 9121 755+9.0%
2025 H13 7993 663+3.7%2 1321 908+11.8%
2025 H24 8214 270+12.9%3 0932 493+24.1%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +30% vs +5% the year before — a +25.8 pp move. 3-year CAGR +14%.
revenue growth by year: 2023 +8% · 2024 +5% · 2025 +30%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 10.8x · target 75th pct (3y) 10.7x · LTM avg 10.3x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Copper mining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
KGHM Polska Miedzglobal17.76.7x6.7x
Sandfire ResourcesAustralia7.28.1x7.9x
Lundin Miningglobal21.28.6x8.6x
Atalaya Miningglobal2.28.9x8.9x
Hudbay Mineralsglobal10.38.9x8.9x
Amerigo Resourcesglobal1.09.0x9.0x
Ero Copperglobal3.910.5x10.5x
Taseko Minesglobal3.212.1x12.1x
Freeport-McMoRanglobal105.612.3x12.3x
First Quantum Mineralsglobal22.915.9x15.9x
Southern Copperglobal178.318.0x18.0x
Group median9.0x9.0x
Group average10.8x10.8x
This companyglobal49.18.6x8.6x

Group median 9.0x as traded, 9.0x adjusted; this company 8.6x — a 5% discount.

Group average 10.8x as traded, 10.8x adjusted; against the average this company is at a 21% discount.

At the adjusted group median the market cap would be +6% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.7x, Russia 4.0x, South Africa 5.1x, Kazakhstan 6.6x, India 18.1x, Indonesia 4.9x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-11; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-0322.736 GBPEx-dividend: 22.736 GBP per sharePaidYahoo Finance (ex-div)
2026-04-1635.5766 GBPEx-dividend: 35.5766 GBP per sharePaidYahoo Finance (ex-div)
2025-09-0412.2636 GBPEx-dividend: 12.2636 GBP per sharePaidYahoo Finance (ex-div)
2025-04-1717.63 GBPEx-dividend: 17.63 GBP per sharePaidYahoo Finance (ex-div)
2024-09-056.0653 GBPEx-dividend: 6.0653 GBP per sharePaidYahoo Finance (ex-div)
2024-04-1819.5165 GBPEx-dividend: 19.5165 GBP per sharePaidYahoo Finance (ex-div)
2023-08-319.3645 GBPEx-dividend: 9.3645 GBP per sharePaidYahoo Finance (ex-div)
2023-04-2040.4162 GBPEx-dividend: 40.4162 GBP per sharePaidYahoo Finance (ex-div)
2022-09-017.9475 GBPEx-dividend: 7.9475 GBP per sharePaidYahoo Finance (ex-div)
2022-04-2194.809 GBPEx-dividend: 94.809 GBP per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Antofagasta — from primary filings.

Frequently asked questions

What is Antofagasta's P/E ratio?
Antofagasta trades at a P/E of 29.7x (price to trailing 12-month earnings).
What is Antofagasta's EV/EBITDA?
Antofagasta trades at 8.6x EV/EBITDA.
What is Antofagasta's P/B ratio?
Antofagasta trades at a P/B of 4.7x.
What is Antofagasta's dividend yield?
Antofagasta's trailing 12-month dividend yield is 1.5%.
What is Antofagasta's return on equity (ROE)?
Antofagasta's ROE is 15.6%.
What is Antofagasta's market capitalization?
Antofagasta's market cap is 49.1 bn USD.

See also: The Cheapest Metals & Mining Stocks (2026): Copper, Steel, Silver by Valuation · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map