West African Resources Ltd (WAF) Fair Value & Analysis
Basic Materials · AU · Market cap A$4.5B (≈ $3.2B) · ISIN AU000000WAF6
What is West African Resources Ltd really worth?
Below-average quality, and trading another 16% above our fair value of A$3.33.
Strengths
Risks
Fair value as of: Aug 29, 2026
From 16 valuation models · updated 6 days ago
Share price +21.1% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The model range is unusually wide (A$2.50 to A$7.79). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.
How to read this chart
60‑month range A$0.6650 – A$3.92 · fair‑value band A$2.50 – A$7.79 · the A$3.85 price screens above the A$3.33 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 29, 2026.
Analysis
West African Resources Ltd (WAF) currently trades at A$3.85, while our model-based Fair Value estimate is A$3.33, implying the stock looks roughly 15.6% overvalued today. The Quality Score stands at 47/100 (below-average quality), in the Basic Materials sector. Bull case: the Growth Earnings group reads highest at a median of A$8.43 per share, and 5 of the 16 models we run sit above the A$3.85 price. Bear case: the Asset-Based group reads lowest at A$0.7300, and 11 of the 16 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, West African Resources Ltd generated revenue of A$1.5B at a net margin of 30.7%. Revenue grew 176.4% year over year. It earns a return on equity of 36.9%. Net debt stands at A$34.3M. Fundamentals as of Aug 29, 2026
Our scenario range runs from A$2.50 (bear case) to A$7.79 (bull case); at A$3.85, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 3% below its 52-week high and 83% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −12% fair-value upside, at −14%, WAF screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly A$0.2775 per share, which is 8.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 16 models by family
Widest divergence: Growth Earnings (A$8.43) versus Dividend Discount (A$0.1000). Highest evidence: EPV (74).
Notify me when WAF reaches fair value
Put WAF on your watchlist. We get in touch as soon as price and fair value meet or the trend turns.
Set up alert →Free, no payment details. Unsubscribe anytime in one click.
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 48 · Market factors (momentum, volatility) 63
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
West African Resources Limited engages in the mining, mineral processing, acquisition, exploration, and project development of gold projects in West Africa. The company has 85% interests in the Sanbrado Gold and Kiaka Gold projects located in Burkina Faso. It also holds interests in the Toega Gold Project located in Burkina Faso.
Full company description
West African Resources Limited engages in the mining, mineral processing, acquisition, exploration, and project development of gold projects in West Africa. The company has 85% interests in the Sanbrado Gold and Kiaka Gold projects located in Burkina Faso. It also holds interests in the Toega Gold Project located in Burkina Faso. The company was incorporated in 2006 and is based in Subiaco, Australia.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
West African Resources Ltd reported revenue of A$724M in FY2025 versus A$310M in FY2021, a compound +23.6%/yr. Reported net income was A$224M in FY2025, compounding +25.8%/yr from FY2021.
WAF screens 16% overvalued. Compare with Newmont Corporation →
Peer Group
Gold · 245 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Gold median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Gold stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Newmont Corporation NEMCL | $128.00 | $112.82 | −12% |
| Zijin Mining Group 601899 | ¥32.21 | ¥39.42 | +22% |
| Agnico Eagle Mines Limited AEM | C$268.76 | C$213.40 | −21% |
| Barrick Mining Corporation B | $41.23 | $50.66 | +23% |
| Franco-Nevada Corporation FNV | $271.31 | $96.63 | −64% |
| Wheaton Precious Metals Corp WPM | C$201.40 | C$56.05 | −72% |
| AngloGold Ashanti plc AU | $97.92 | $88.63 | −9% |
| Kinross Gold Corporation KGC | $32.51 | $34.62 | +6% |
| Royal Gold, Inc RGLD | $262.85 | $93.56 | −64% |
| Northern Star Resources Limited NST | A$23.19 | A$15.98 | −31% |
Compare West African Resources Ltd with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Basic Materials stocks →
Try a ready-made strategy
Pick a strategy and jump into the live analysis with that exact screen applied.
Discover tools
Frequently asked questions
Is West African Resources Ltd (WAF) overvalued or undervalued?
What is the fair value of WAF?
What is the quality score of WAF?
What is the revenue of West African Resources Ltd (WAF)?
What is the net profit margin of WAF?
Does West African Resources Ltd pay a dividend?
Watch West African Resources Ltd in the live analysis
One click puts West African Resources Ltd on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Watch for free →Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.