WEST AFRICAN RESOURCES LIMITED (WAF)
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WAF - WEST AFRICAN RESOURCES LIMITED

FNArena Sector : Gold & Silver
Year End: December
GICS Industry Group : Materials
Debt/EBITDA: 0.46
Index: ASX200 | ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.61

16 Jan
2025

0.020

OPEN

$1.63

1.26%

HIGH

$1.64

1,609,129

LOW

$1.59

TARGET
$2.15 33.5% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
WAF: 1
Title FY22
Actual		 FY23
Actual		 FY24
Forecast		 FY25
Forecast
EPS (cps) xxx 14.3 16.8 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx - 11.0% 17.2% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 9.7 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A 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 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx14.3
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx658.8 M
Book Value Per Share xxxxxxxxxxxxxxx83.9
Net Operating Cash Flow xxxxxxxxxxxxxxx207.2 M
Net Profit Margin xxxxxxxxxxxxxxx22.29 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx18.81 %
Return on Invested Capital xxxxxxxxxxxxxxx17.32 %
Return on Assets xxxxxxxxxxxxxxx13.99 %
Return on Equity xxxxxxxxxxxxxxx18.81 %
Return on Total Capital xxxxxxxxxxxxxxx25.75 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-18.2 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 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx16 M
Long Term Debt xxxxxxxxxxxxxxx133 M
Total Debt xxxxxxxxxxxxxxx149 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx138 M
Price To Book Value xxxxxxxxxxxxxxx1.13

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx228.3 M
Capex % of Sales xxxxxxxxxxxxxxx34.66 %
Cost of Goods Sold xxxxxxxxxxxxxxx398 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx27 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%

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Macquarie

16/01/2025

1

Outperform

$2.20

36.65%

Last week's preliminary fourth-quarter production result by West African Resources aligned with Macquarie's forecast, and helped achieve the upper end of management's FY24 guidance.

Less positively, gold sales of 48koz were -6% below the broker's estimate, largely due to timing issues.

The analyst notes Kiaka's completion in the third quarter of 2025 could more than double production at a time when gold prices are at historic highs.

The $2.20 target and Outperform rating remain unchanged.

FORECAST
Macquarie forecasts a full year FY24 dividend of 0.00 cents and EPS of 16.80 cents.
Macquarie forecasts a full year FY25 dividend of 6.00 cents and EPS of 25.30 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

15/01/2025

1

Buy

$3.70

129.81%

Canaccord Genuity highlights West African Resources' full 2024 gold production of 206.6koz from Sanbrado mine in Burkina Faso beat its estimate of 200koz.

The broker expects the company to transition from a single asset producer to dual with the large Kiaka open pit coming online in the September quarter 2025.

Canaccord expects Sanbrado to produce 200koz and Kiaka to produce 111koz in 2025. 

Looking ahead, the broker expects West African Resources to provide 2025 guidance alongside 10-year production plan and updated resources and reserves next month.

Target price is unchanged at $3.7. Buy rating remains.
Access Extra Coverage Research History >

WAF STOCK CHART

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