West African Resources Limited

WAF.AX · Basic Materials · Gold · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

5.06B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

6.37B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

1.18B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

4.20B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

2.56B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.64×

the ratio the screener ranks by

Margin of Safety

+39.0%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 5.06B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)3.02B USD
+②Net Cash Today93.13M USD
+③Growth Value1.95B USD
=Value5.06B USD

EPV of the Operations (NOPAT over WACC)

3.02B USD

Net cash today

+93.13M USD

Growth Value

+1.95B USD

Value

5.06B USD

①EPV (earnings power value)

3.02B USD

②Net Cash Today

93.13M USD

③Growth Value

1.95B USD

Market value

Market Cap2.56B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+49.3%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 6.37B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE4.23B USD
+②Equity at Year 15, Today2.14B USD
=Value6.37B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

4.23B USD

②Equity at Year 15, Today

2.14B USD

Market value

Market Cap2.56B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+59.7%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 1.18B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (an FCFF at or below zero in the latest three years), so the value is the book value today, 1.18B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Cash Today

Not in the value

Market value

Market Cap2.56B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-117.6%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 10.53%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.12×Market Risk Premium 6.00%= 11.23%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 161.25M USDPretax Income 541.67M USD= 29.77%

The tax the interest saves.

Interest Expense =EBIT 561.79M USD−Pretax Income 541.67M USD= 20.11M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 20.11M USDTotal Debt 303.79M USD×(1 − Tax Rate for WACC 29.77%)= 4.65%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 303.79M USDMarket Cap + Total Debt 2.56B USD + 303.79M USD= 10.59%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 89.41%×Cost of Equity 11.23%+Debt Weight 10.59%×Cost of Debt 4.65%= 10.53%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2025-12-31.

Total Assets 1.82B USD − Total Liabilities 641.91M USD = Book Value Today 1.18B USD

Total Debt 303.79M USD − Cash and Short-Term Investments 396.92M USD = Net Debt Today -93.13M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 111.3%at most 5%does not pass1,142,328,846 / 1,026,338,077
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets—at least -10.0%not measured(— − 317.74M USD) ÷ 1.82B USD
Price to bookMarket Cap ÷ Book Value Today2.18×at most 3×passes2.56B USD ÷ 1.18B USD
Operating marginOperating Income ÷ Revenue52.8%above 10.0%passes543.28M USD ÷ 1.03B USD
Revenue growthRevenue ÷ Revenue a Year Before − 1128.0%above 10.0%passes1.03B USD / 451.01M USD
Net cash(Cash − Total Debt) ÷ Market Cap3.6%above -30%passes(396.92M USD − 303.79M USD) ÷ 2.56B USD
Operating efficiencyOperating Income ÷ Gross Profit83.3%above 25.0%passes543.28M USD ÷ 652.23M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

3.18 AUD

Enterprise value

3.44B AUD

the provider's own figure

EV / EBITDA

2.38×

Price / book

1.86×

the provider's book

Price / earnings

6.12×

Return on equity

45.7%

the provider's figure, not this page's

Profit margin

25.3%

Revenue growth

206.5%

Analyst target, mean

4.85 AUD

Analysts

4

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

410.52M450.18M451.01M1.03B

Gross profit

230.58M242.39M262.63M652.23M

Operating income

173.81M159.90M201.87M543.28M

EBITDA

operating income before depreciation and amortisation

216.07M225.36M261.56M630.24M

Pretax income

174.44M164.74M212.99M541.67M

Net income

111.37M100.36M139.37M317.74M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

111.37M100.36M139.37M317.74M

R&D

————
Balance sheet, year end

Total assets

595.13M834.22M1.23B1.82B

Total liabilities

93.56M215.25M411.19M641.91M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

474.43M588.47M776.40M1.15B

Total debt

15.02M101.92M265.22M303.79M

Cash and equivalents

117.44M92.30M243.86M396.92M

Net PP&E

fixed assets after depreciation

394.93M510.20M825.02M1.16B

Working capital

current assets less current liabilities

140.52M236.11M282.83M335.64M
Cash flow

Operating cash flow

————

Capital expenditure

paid out, so below zero

-77.81M-156.03M-303.43M-289.17M

Depreciation and amortisation

40.20M59.41M46.84M68.45M

Free cash flow

operating cash flow plus capital expenditure

46.88M-13.48M-146.76M240.30M