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: 0.5
Index: ASX200 | ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.89

19 Mar
2026

-0.140

OPEN

$2.90

-4.62%

HIGH

$2.93

14,491,642

LOW

$2.84

TARGET
$4.90 69.6% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
WAF: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 41.6 104.9 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx 100.0% 100.0% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 2.8 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 © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx41.6
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx1,533.8 M
Book Value Per Share xxxxxxxxxxxxxxx150.6
Net Operating Cash Flow xxxxxxxxxxxxxxx734.0 M
Net Profit Margin xxxxxxxxxxxxxxx30.90 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx31.94 %
Return on Invested Capital xxxxxxxxxxxxxxx25.58 %
Return on Assets xxxxxxxxxxxxxxx20.21 %
Return on Equity xxxxxxxxxxxxxxx31.94 %
Return on Total Capital xxxxxxxxxxxxxxx41.02 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx304.0 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx110 M
Long Term Debt xxxxxxxxxxxxxxx343 M
Total Debt xxxxxxxxxxxxxxx453 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx592 M
Price To Book Value xxxxxxxxxxxxxxx1.99

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx431.3 M
Capex % of Sales xxxxxxxxxxxxxxx28.12 %
Cost of Goods Sold xxxxxxxxxxxxxxx673 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx50 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

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

29/01/2026

1

Buy

$4.80

66.09%

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

The broker lifts the target on West African Resources to $4.80 from $3.70 and retains a Buy rating. The EPS forecasts are tweaked lower by -0.2% for 2025 and up 21.6% for 2026.
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

19/03/2026

1

Speculative Buy

$5.70

97.23%

West African Resources posted underlying EBITDA of $913m in its 2025 results, in line with Cannaccord Genuity's forecasts. Net profit was lower than expected because of higher tax expenses.

Operating cash flow of $790m was achieved and the company sold 280,000 ounces at AISC of US$1488/oz. The broker callibrates its model for the results, retaining a Speculative Buy rating with a $5.70 target.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 19.00 cents and EPS of 97.00 cents.
Access Extra Coverage Research History >

WAF STOCK CHART

FNArena News on WAF

1
Australian Broker Call *Extra* Edition – Mar 19, 2026

Mar 19 2026 - Daily Market Reports
2
FNArena Corporate Results Monitor – 18-03-2026

Mar 18 2026 - Australia
3
Weekly Ratings, Targets, Forecast Changes – 13-02-26

Feb 16 2026 - Weekly Reports
4
Australian Broker Call *Extra* Edition – Feb 05, 2026

Feb 05 2026 - Daily Market Reports
5
Australian Broker Call *Extra* Edition – Jan 19, 2026

Jan 19 2026 - Daily Market Reports

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