West African Resources Limited (ASX: WAF) - Financials
- Current share price for WAF : $2.900
West African Resources (WAF) is on track to produce 4Moz over the next decade, with annual production set to peak at 473,000oz of Au in FY2029. The Company's unhedged resources stand at 12.8Moz and Ore Reserves at 6.1Moz of Au.
WAF Per Share
| Year to Jun | Sales | Cashflow | Earnings | Dividends | Franking | Book Value | Average Annual P/E |
Relative P/E | Shareholder Return |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | $1.34 | 68.8 ¢ | 41.3 ¢ | 0 ¢ | 0% | $1.51 | 5.99 | 43% | 109.1% |
| 2024 | $0.67 | 23.2 ¢ | 20.6 ¢ | 0 ¢ | 0% | $1.09 | 6.6 | 47.7% | 51.8% |
| 2023 | $0.64 | 20.2 ¢ | 14.2 ¢ | 0 ¢ | 0% | $0.84 | 6.42 | 46.7% | -19.6% |
WAF Capital Structure
| Total Debt | Interest | Long Term Debt | Percent Debt | Preferred Stock | Share Equity | Percent Equity |
|---|---|---|---|---|---|---|
| $453,100 | $30,000 | $343,200 | 17% | $0.00 | $1,720,000 | 83% |
Note: All dollars in thousands ('000) for the table above
WAF Historical Financials
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Revenue ($M) | 1,533.8 | 724.4 | 658.8 |
| Operating Margin (%) | 60.7 | 57.2 | 49.7 |
| Depreciation ($M) | -102.1 | -75.2 | -86.9 |
| Amortisation ($M) | |||
| Net Profit Before Abs ($M) | 473.9 | 223.8 | 146.9 |
| Net Profit After Abs ($M) | 473.9 | 223.8 | 146.9 |
| Income Tax Rate (%) | 29.8 | 28 | 31.6 |
| Net Profit Margin (%) | 30.9 | 30.9 | 22.3 |
| Employees ($T) | |||
| Long Term Debt ($M) | 343.2 | 395.7 | 133.1 |
| Shareholders Equity ($M) | 1,720 | 1,247 | 861.2 |
| Return on Capital (%) | 24 | 14 | 15 |
| Return on Equity (%) | 27.6 | 17.9 | 17.1 |
| Payout Ratio (%) |
WAF Cashflow
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Customer Receipts ($M) | 1,534 | 724 | 659 |
| Net Operating Cashflow ($M) | 789.7 | 251.6 | 208.6 |
| Net Investing Cashflow ($M) | -431 | -487 | -228 |
| Net Financing Cashflow ($M) | -173 | 466 | -23 |
WAF Market & Earnings
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Market Cap ($M) | 3,427 | 1,636 | 970 |
| Net Gearing (%) | -7.9 | 2.6 | 1.6 |
| Net Interest Cover (%) | 39.7 | -125.2 | -470.8 |
| Dividend Yield (%) | |||
| NTA Per Share ($) | 1.51 | 1.09 | 0.84 |
| EBITDA ($M) | 930.9 | 414.6 | 327.5 |
| EBIT ($M) | 828.8 | 339.4 | 240.6 |
| EBT Before Abs ($M) | 807.9 | 342.1 | 241.1 |
WAF Balance Sheet
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Cash ($M) | 592 | 391.7 | 135.1 |
| Debtors ($M) | |||
| Other Debtors ($M) | 129.9 | 114.5 | 221.7 |
| Prepayments ($M) | 4.7 | 3.04 | 10.27 |
| Inventories ($M) | 264.9 | 134.2 | 103.9 |
| Current Investments ($M) | |||
| Other Current Assets ($M) | 5.83 | 3.27 | |
| Total Current Assets ($M) | 991.5 | 649.2 | 474.2 |
| Receivables ($M) | |||
| Inventories ($M) | |||
| Property, Plant & Equipment ($M) | 2,121.1 | 1,610.7 | 908 |
| Accumulated Depreciation ($M) | -415.2 | -302.8 | -223.3 |
| Intangibles ex. Goodwill ($M) | |||
| Goodwill ($M) | |||
| Future Income Tax Benefit ($M) | |||
| Non-Current Investments ($M) | |||
| Other Non-Current Assets ($M) | 18.2 | 17.2 | 61.9 |
| Total Non-Current Assets ($M) | 1,724.1 | 1,325.1 | 746.7 |
| Total Assets ($M) | 2,716 | 1,974 | 1,221 |
| Accounts Payable ($M) | 176.4 | 110.4 | 82.6 |
| Provisions ($M) | 204.6 | 54.3 | 30 |
| Short Term Debt ($M) | 109.9 | 30.3 | 16.1 |
| Other Current Liabilities ($M) | |||
| Total Current Liabilities ($M) | 490.9 | 195 | 128.6 |
| Creditors ($M) | |||
| Long Term Debt ($M) | 343.2 | 395.7 | 133.1 |
| Provisions ($M) | 123.3 | 69.7 | 53.3 |
| Other Non-Current Liabilities ($M) | |||
| Total Non-Current Liabilities ($M) | 466.5 | 465.4 | 186.4 |
| Total Liabilities ($M) | 957.4 | 660.4 | 315 |
| Share Capital ($M) | 480.4 | 480.4 | 335.9 |
| Reserves ex. Share Premium ($M) | 99.2 | 50 | 30.7 |
| Share Premium Reserve ($M) | |||
| Retained Profits ($M) | 1,140.4 | 716.6 | 494.7 |
| Other Shareholders Equity ($M) | |||
| Convertible Equity ($M) | |||
| Outside Equity Interest ($M) | 38.2 | 66.9 | 44.6 |
| Total Shareholders Equity ($M) | 1,758.2 | 1,313.9 | 905.8 |
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