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

$2.29

07 Jul
2025

-0.040

OPEN

$2.36

-1.72%

HIGH

$2.36

2,734,410

LOW

$2.27

TARGET
$3.10 35.4% 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 33.3 xxx
DPS (cps) xxx 0.0 5.0 xxx
EPS Growth xxx 44.6% 60.7% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 7.2 xxx
Dividend Yield xxx N/A 2.1% xxx
Div Pay Ratio(%) xxx N/A 15.0% 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%

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Macquarie

22/04/2025

1

Outperform

$2.80

22.27%

West African Resources pre-released most of the March quarter production numbers, with gold at 50koz and sales of 48koz at an average sales price of US$2,832/oz, while Macquarie highlights all-in sustaining costs of US$1,262/oz came in much better than anticipated by 11%.

Increased spending at the Kiaka development lifted net debt to $128m, some $68m more than expected, and around $75m is required to achieve first gold, the analyst explains.

Management's 2025 guidance came in at gold production of 190–210koz from Sanbrado, with consensus at 198koz, and all-in sustaining costs of over US$1,350/oz. The broker notes 1Q25 production is around 25% at the midpoint.

Group production guidance of 290–360koz for 2025 includes a contribution from Kiaka, which is anticipated to start in 2H25.

No change to the Outperform rating. Target price increases by 4% to $2.80. EPS forecasts are raised slightly.

FORECAST
Macquarie forecasts a full year FY25 dividend of 5.00 cents and EPS of 33.30 cents.
Macquarie forecasts a full year FY26 dividend of 19.00 cents and EPS of 49.20 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

05/06/2025

1

Buy

$4.30

87.77%

As suspected by Canaccord Genuity, the government of Burkina Faso's August 2024 mining code that lifts its equity interest in mining projects to 15% from 10%, applies to both existing and new projects.

West African Resources previously assumed it would be applicable to new projects only and wouldn't affect its three current operating projects -- Sanbrado, Toega and Kiaka.

The government's additional interest has resulted in a cut to the broker's earnings forecasts and a -5.5% decrease in overall risked valuation estimate.

Target cut to $4.30 from $4.55. Buy retained.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 25.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 10.00 cents and EPS of 52.00 cents.
Access Extra Coverage Research History >

WAF STOCK CHART

FNArena News on WAF

1
In Case You Missed It – BC Extra Upgrades & Downgrades – 06-06-25

Jun 06 2025 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Jun 05, 2025

Jun 05 2025 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Apr 22, 2025

Apr 23 2025 - Daily Market Reports
4
Australian Broker Call *Extra* Edition – Apr 14, 2025

Apr 14 2025 - Daily Market Reports
5
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