West African Resources (ASX:WAF) delivered a "record financial result" for the first half, more than doubling its net profit after tax from a year earlier to AU$437 million, Euroz Hartleys said in a Thursday note.

However, the company remains materially undervalued as it is trading at a price-to-net-asset-value ratio of just 0.69.

"While some valuation discount for jurisdictional risk might be warranted, we believe the current gap is still excessive," the equity research firm said, adding that it continues to see "compelling value at current levels."

Alongside financial results, West African Resources disclosed plans to accelerate debt repayments over the next 12 months in a move that reflects the strength of its balance sheet and expected cash generation, Euroz Hartleys said.

Meanwhile, the group's first full six months of combined production from the Sanbrado and Kiaka gold operations in Burkina Faso delivered "impressive" first-half production of 232,900 ounces, the investment firm said.

Euroz Hartleys maintained a speculative buy recommendation on West African Resources while raising the target price to AU$5.75 per share from AU$5.70.

Shares of West African Resources fell 1% in recent Friday trade.