` Comparison: WAF, HAR - Alpha Spread

WAF
vs
H
HAR

Over the past 12 months, WAF has underperformed HAR, delivering a return of +88% compared to the HAR's +127% growth.

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HAR
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Valuation Comparison

WAF Intrinsic Value
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HAR Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
West African Resources Ltd
ASX:WAF
2.85 AUD
H
Harmony Gold Mining Company Ltd
JSE:HAR
35 628 Zac
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Valuation Scenario:
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Growth Comparison

Growth Over Time
WAF, HAR

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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
West African Resources Ltd
Revenue
H
Harmony Gold Mining Company Ltd
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
WAF, HAR

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HAR
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
West African Resources Ltd
ASX:WAF
H
Harmony Gold Mining Company Ltd
JSE:HAR
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What is Free Cash Flow?

Gross Margin

WAF
56%
HAR
33.1%

Operating Margin

WAF
49.7%
HAR
28%

Net Margin

WAF
38%
HAR
19.5%

FCF Margin

WAF
-30.3%
HAR
12.9%

ROE

WAF
27.4%
HAR
32.3%

ROA

WAF
17.1%
HAR
20.9%

ROIC

WAF
20.8%
HAR
26.4%

ROCE

WAF
25.6%
HAR
35.1%

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
WAF, HAR

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Performance Gap
WAF, HAR

Performance Gap Between WAF and HAR
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Performance By Year
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