West African Resources - Public Comps and Valuation Multiples

West African Resources Overview

About West African Resources

West African Resources Ltd is engaged in mineral exploration in Burkina Faso. It focuses on the development of the Sanbrado Gold Project. The Group's mineral portfolio also includes gold and copper-gold exploration permits in Burkina Faso. The operating segments of the Company that includes Mining Operations: comprise the Sanbrado Gold Project operation located in Burkina Faso. Construction and E&E segment comprises mines under construction andexploration and evaluation (E&E) projects in locations other than Sanbrado.

Founded

2006

HQ

Employees

1.6K+

Website

westafricanresources.com

Sectors

Metals & Mining

Financials

LTM Revenue $797M

LTM EBITDA $475M

EV

$2.4B

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West African Resources Financials

As of August 2025, West African Resources reported last 12-month revenue of $797M and EBITDA of $475M.

In the same period, West African Resources generated $505M in LTM gross profit and $287M in net income.

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West African Resources P&L

In the most recent fiscal year, West African Resources reported revenue of $475M and EBITDA of $275M.

West African Resources expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$797M	XXX	$475M	XXX	XXX	XXX
Gross Profit	$505M	XXX	$276M	XXX	XXX	XXX
Gross Margin	63%	XXX	58%	XXX	XXX	XXX
EBITDA	$475M	XXX	$275M	XXX	XXX	XXX
EBITDA Margin	60%	XXX	58%	XXX	XXX	XXX
EBIT	$417M	XXX	$212M	XXX	XXX	XXX
EBIT Margin	52%	XXX	45%	XXX	XXX	XXX
Net Profit	$287M	XXX	$147M	XXX	XXX	XXX
Net Margin	36%	XXX	31%	XXX	XXX	XXX
Net Debt	XXX	XXX	$9.7M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for West African Resources including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $797M. EBITDA for the last twelve months was $475M. In the most recent fiscal year, West African Resources achieved $475M in revenue and $275M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$797M	Analyst estimates available to subscribers	$475M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$505M	Analyst estimates available to subscribers	$276M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	63.4% gross margin	Analyst estimates available to subscribers	58.2% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$475M	Analyst estimates available to subscribers	$275M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	59.7% EBITDA margin	Analyst estimates available to subscribers	58.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$417M	Analyst estimates available to subscribers	$212M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	52.3% EBIT margin	Analyst estimates available to subscribers	44.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$287M	Analyst estimates available to subscribers	$147M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	36.1% net profit margin	Analyst estimates available to subscribers	30.9% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$9.7M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for West African Resources

This financial data table provides comprehensive performance metrics for West African Resources, a company based in Australia. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

West African Resources generated $797M in revenue over the last twelve months.
The company achieved $475M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $505M.
Net income over the last twelve months reached $287M.

Fiscal Year Performance

In the most recent fiscal year, West African Resources reported $475M in total revenue.
Fiscal year EBITDA was $275M.
The company maintained a gross profit margin of 58.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was 58.0%.
Net profit margin reached 30.9% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for West African Resources. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

West African Resources Stock Performance

West African Resources has current market cap of AUD 3.5B (or $2.3B), and EV of AUD 3.6B (or $2.4B).

Market Cap Evolution

West African Resources Stock Data

As of September 17, 2025, West African Resources's stock price is AUD 3 (or $2).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.4B	$2.3B	XXX	XXX	XXX	XXX	$0.24

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West African Resources Valuation Multiples

West African Resources's trades at 5.0x EV/Revenue multiple, and 8.6x EV/EBITDA.

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West African Resources Financial Valuation Multiples

As of September 17, 2025, West African Resources has market cap of $2.3B and EV of $2.4B.

Equity research analysts estimate West African Resources's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

West African Resources has a P/E ratio of 7.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.3B	XXX	$2.3B	XXX	XXX	XXX
EV (current)	$2.4B	XXX	$2.4B	XXX	XXX	XXX
EV/Revenue	3.0x	XXX	5.0x	XXX	XXX	XXX
EV/EBITDA	5.0x	XXX	8.6x	XXX	XXX	XXX
EV/EBIT	5.7x	XXX	11.2x	XXX	XXX	XXX
EV/Gross Profit	4.7x	XXX	n/a	XXX	XXX	XXX
P/E	7.9x	XXX	15.5x	XXX	XXX	XXX
EV/FCF	250.6x	XXX	-15.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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West African Resources Margins & Growth Rates

West African Resources's last 12 month revenue growth is 69%

West African Resources's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $40K for the same period.

West African Resources's rule of 40 is 119% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

West African Resources's rule of X is 232% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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West African Resources Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	69%	XXX	79%	XXX	XXX	XXX
EBITDA Margin	60%	XXX	58%	XXX	XXX	XXX
EBITDA Growth	70%	XXX	61%	XXX	XXX	XXX
Rule of 40	119%	XXX	127%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	232%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$40K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	13%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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