WEST AFRICAN RESOURCES LIMITED (WAF)
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WAF

WAF - WEST AFRICAN RESOURCES LIMITED

FNArena Sector : Gold & Silver
Year End: December
GICS Industry Group : Materials
Debt/EBITDA: 1.06
Index: ASX200 | ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.31

14 Apr
2025

-0.010

OPEN

$2.35

-0.43%

HIGH

$2.39

3,137,529

LOW

$2.30

TARGET
$2.55 10.4% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
WAF: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 20.7 26.5 xxx
DPS (cps) xxx 0.0 4.0 xxx
EPS Growth xxx 44.6% 27.9% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 8.8 xxx
Dividend Yield xxx N/A 1.7% xxx
Div Pay Ratio(%) xxx N/A 15.1% xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx20.7
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx724.4 M
Book Value Per Share xxxxxxxxxxxxxxx109.4
Net Operating Cash Flow xxxxxxxxxxxxxxx206.9 M
Net Profit Margin xxxxxxxxxxxxxxx30.90 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx21.24 %
Return on Invested Capital xxxxxxxxxxxxxxx16.98 %
Return on Assets xxxxxxxxxxxxxxx14.01 %
Return on Equity xxxxxxxxxxxxxxx21.24 %
Return on Total Capital xxxxxxxxxxxxxxx23.20 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-278.2 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx30 M
Long Term Debt xxxxxxxxxxxxxxx396 M
Total Debt xxxxxxxxxxxxxxx426 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx398 M
Price To Book Value xxxxxxxxxxxxxxx1.31

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx487.3 M
Capex % of Sales xxxxxxxxxxxxxxx67.28 %
Cost of Goods Sold xxxxxxxxxxxxxxx382 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx18 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

2
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Macquarie

07/03/2025

1

Outperform

$2.30

-0.43%

West African Resources' 2024 underlying earnings (EBITDA) were slightly above Macquarie's and consensus estimates by 2% and 6%, respectively. Net profit after tax also exceeded the broker's expectation.

The company's net debt position was $28m at the end of 2024, better than the analyst's forecast of $50m.

Management retained 2025 guidance of 290-360koz at an all-in sustaining cost of around US$1,350/oz.

Macquarie lifts the 2025 EPS forecast by 5% and around 1% thereafter due to lower interest charge assumptions.

No change to the Outperform rating. Target price increases to $2.30 from $2.20.

FORECAST
Macquarie forecasts a full year FY25 dividend of 4.00 cents and EPS of 26.50 cents.
Macquarie forecasts a full year FY26 dividend of 15.00 cents and EPS of 38.00 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

13/04/2025

1

Buy

$4.50

94.81%

Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

For West African Resources, the broker is forecasting a March quarter production of 50koz vs a consensus of 49. The forecast for costs is US$1,400/oz vs consensus of US$1,247/oz.

Buy. Target price rises to $4.50 from $4.00.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 30.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 11.00 cents and EPS of 57.00 cents.
Access Extra Coverage Research History >

WAF STOCK CHART

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