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WAF logo

West African Resources LimitedASX:WAF Stock Report

Market Cap AU$3.5b
Share Price
AU$3.04
My Fair Value
AU$5.00
39.2% undervalued intrinsic discount
1Y120.3%
7D4.8%
Portfolio Value
​
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West African Resources Limited

ASX:WAF Stock Report

Market Cap: AU$3.5b

West African Resources (WAF) Stock Overview

Engages in the mining, mineral processing, acquisition, exploration, and project development of gold projects in West Africa. More details

WAF fundamental analysis
Snowflake Score
Valuation5/6
Future Growth6/6
Past Performance5/6
Financial Health6/6
Dividends0/6

Rewards

Trading at 82.3% below our estimate of its fair value

Earnings are forecast to grow 23.2% per year

Earnings grew by 111.7% over the past year

Trading at good value compared to peers and industry

Risk Analysis

High level of non-cash earnings


WAF Community Fair Values

Create Narrative

See what 71 others think this stock is worth. Follow their fair value or set your own to get alerts.

WAF logo
West African Resources

Global Urbanization And Safe-Haven Demand Will Support Multi-Asset Expansion

Key Takeaways Operational excellence, project delivery, and expanded production capacity position WAF for accelerated revenue, cash flow growth, and enhanced long-term earnings power. Leadership in ESG, health and safety, and unhedged gold exposure strengthens margins, access to capital, and attractiveness for regional growth opportunities.
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AU$5.00
FV
39.2% undervalued intrinsic discount
48.33%
Revenue growth p.a.
0users have liked this narrative
0users have commented on this narrative
2users have followed this narrative
6 days ago author updated this narrative
WAF logo
West African Resources

Kiaka Gold And Sanbrado Transition Will Increase Long-Term Production

Key Takeaways Expansion of gold production and efficiency improvements position the company for sustained revenue growth and stronger operating margins. Exposure to strong gold prices and robust ESG performance enhances investor appeal and supports long-term financial stability.
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AU$3.95
FV
23.0% undervalued intrinsic discount
35.70%
Revenue growth p.a.
3users have liked this narrative
0users have commented on this narrative
37users have followed this narrative
6 days ago author updated this narrative
WAF logo
West African Resources

Delays And Costs Will Stifle Production But Preserve Gold Potential

Key Takeaways Heavy reliance on Burkina Faso heightens risks from regulatory changes, political disruptions, and volatile operational costs, limiting future earnings stability. Rising site-sustaining costs and uncertain energy supply threaten margin gains, despite increased production potential and long-term gold price support.
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AU$3.40
FV
10.6% undervalued intrinsic discount
31.94%
Revenue growth p.a.
0users have liked this narrative
0users have commented on this narrative
1users have followed this narrative
6 days ago author updated this narrative
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West African Resources Limited Competitors

Price History & Performance

Summary of share price highs, lows and changes for West African Resources
Historical stock prices
Current Share PriceAU$3.04
52 Week HighAU$3.09
52 Week LowAU$1.18
Beta0.82
1 Month Change34.51%
3 Month Change12.18%
1 Year Change120.29%
3 Year Change154.39%
5 Year Change204.00%
Change since IPO1,166.67%

Recent News & Updates

Is West African Resources (ASX:WAF) Using Too Much Debt?

Jun 16
Is West African Resources (ASX:WAF) Using Too Much Debt?

Recent updates

Is West African Resources (ASX:WAF) Using Too Much Debt?

Jun 16
Is West African Resources (ASX:WAF) Using Too Much Debt?

West African Resources (ASX:WAF) Seems To Use Debt Quite Sensibly

Mar 06
West African Resources (ASX:WAF) Seems To Use Debt Quite Sensibly

Investors Still Aren't Entirely Convinced By West African Resources Limited's (ASX:WAF) Earnings Despite 26% Price Jump

Mar 06
Investors Still Aren't Entirely Convinced By West African Resources Limited's (ASX:WAF) Earnings Despite 26% Price Jump
User avatar

Kiaka Project Will Begin Gold Production In Q3 2025

Completion and production ramp-up of the Kiaka project are set to significantly boost revenue and increase gold production efficiency.

The Market Lifts West African Resources Limited (ASX:WAF) Shares 28% But It Can Do More

Nov 06
The Market Lifts West African Resources Limited (ASX:WAF) Shares 28% But It Can Do More

Market Cool On West African Resources Limited's (ASX:WAF) Earnings

Sep 18
Market Cool On West African Resources Limited's (ASX:WAF) Earnings

A Look At The Fair Value Of West African Resources Limited (ASX:WAF)

Jun 28
A Look At The Fair Value Of West African Resources Limited (ASX:WAF)

Is West African Resources (ASX:WAF) A Risky Investment?

May 03
Is West African Resources (ASX:WAF) A Risky Investment?

West African Resources Limited's (ASX:WAF) Shares Leap 35% Yet They're Still Not Telling The Full Story

Apr 10
West African Resources Limited's (ASX:WAF) Shares Leap 35% Yet They're Still Not Telling The Full Story

Sentiment Still Eluding West African Resources Limited (ASX:WAF)

Feb 05
Sentiment Still Eluding West African Resources Limited (ASX:WAF)

West African Resources Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Aug 30
West African Resources Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Here's Why West African Resources (ASX:WAF) Can Manage Its Debt Responsibly

Apr 14
Here's Why West African Resources (ASX:WAF) Can Manage Its Debt Responsibly

With EPS Growth And More, West African Resources (ASX:WAF) Makes An Interesting Case

Jan 13
With EPS Growth And More, West African Resources (ASX:WAF) Makes An Interesting Case

We Think West African Resources (ASX:WAF) Can Stay On Top Of Its Debt

Dec 08
We Think West African Resources (ASX:WAF) Can Stay On Top Of Its Debt

Do West African Resources' (ASX:WAF) Earnings Warrant Your Attention?

Aug 29
Do West African Resources' (ASX:WAF) Earnings Warrant Your Attention?

There's No Escaping West African Resources Limited's (ASX:WAF) Muted Earnings

Jul 29
There's No Escaping West African Resources Limited's (ASX:WAF) Muted Earnings

Should You Be Adding West African Resources (ASX:WAF) To Your Watchlist Today?

May 25
Should You Be Adding West African Resources (ASX:WAF) To Your Watchlist Today?

Is Now The Time To Put West African Resources (ASX:WAF) On Your Watchlist?

Feb 23
Is Now The Time To Put West African Resources (ASX:WAF) On Your Watchlist?

Shareholder Returns

WAFAU Metals and MiningAU Market
7D4.8%0.5%-0.4%
1Y120.3%16.9%10.0%

Return vs Industry: WAF exceeded the Australian Metals and Mining industry which returned 16.9% over the past year.

Return vs Market: WAF exceeded the Australian Market which returned 10% over the past year.

Price Volatility

Is WAF's price volatile compared to industry and market?
WAF volatility
WAF Average Weekly Movement7.1%
Metals and Mining Industry Average Movement11.6%
Market Average Movement8.9%
10% most volatile stocks in AU Market19.6%
10% least volatile stocks in AU Market3.5%

Stable Share Price: WAF has not had significant price volatility in the past 3 months compared to the Australian market.

Volatility Over Time: WAF's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2006n/aRichard Hydewww.westafricanresources.com

West African Resources Limited engages in the mining, mineral processing, acquisition, exploration, and project development of gold projects in West Africa. The company has 90% interests in the Sanbrado Gold project located in Burkina Faso; and Kiaka Gold project located in Burkina Faso. It also holds 100% owned exploration license in the Toega Gold Project located in Burkina Faso.

West African Resources Limited Fundamentals Summary

How do West African Resources's earnings and revenue compare to its market cap?
WAF fundamental statistics
Market capAU$3.47b
Earnings (TTM)AU$327.47m
Revenue (TTM)AU$862.89m
10.6x
P/E Ratio
4.0x
P/S Ratio

Is WAF overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
WAF income statement (TTM)
RevenueAU$862.89m
Cost of RevenueAU$406.43m
Gross ProfitAU$456.46m
Other ExpensesAU$129.00m
EarningsAU$327.47m

Last Reported Earnings

Jun 30, 2025

Next Earnings Date

n/a

Earnings per share (EPS)0.29
Gross Margin52.90%
Net Profit Margin37.95%
Debt/Equity Ratio28.2%

How did WAF perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/09/02 18:25
End of Day Share Price 2025/08/27 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

West African Resources Limited is covered by 15 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Dale KoendersBarrenjoey Markets Pty Limited
Nicholas McGarrigleBarrenjoey Markets Pty Limited
Taylor GuyotBarrenjoey Markets Pty Limited