BWP TRUST (BWP)
Share Price Analysis and Chart

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BWP

BWP - BWP TRUST

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 4.21
Index: ASX200 | ASX300 | ALL-ORDS

BWP Trust is an Australian Real Estate Investment Trust with a portfolio of large commercial properties, the majority of which are Bunnings stores. It was listed in 1998.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.69

07 Sep
2026

0.010

OPEN

$3.69

0.27%

HIGH

$3.70

553,108

LOW

$3.66

TARGET
$3.945 6.9% upside
OTHER COMPANIES IN THE SAME SECTOR
ABG . ARF . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DGT . DXC . DXI . DXS . FDC . GDF . GDI . HCW . HDN . PLG . REP . RFF . RGN . SCG . SKG . VCX . WOT . WPR .
FNARENA'S MARKET CONSENSUS FORECASTS
BWP: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 56.0 19.8 xxx
DPS (cps) xxx 19.4 19.9 xxx
EPS Growth xxx 50.9% - 64.7% xxx
DPS Growth xxx 4.3% 2.9% xxx
PE Ratio xxx N/A 18.3 xxx
Dividend Yield xxx N/A 5.5% xxx
Div Pay Ratio(%) xxx 34.6% 100.9% xxx

Dividend yield today if purchased 3 years ago: 5.28%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.37

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 29/06 - (franking ex-div 9.83c)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx56.0
DPS All xxxxxxxxxxxxxxx19.4
Sales/Revenue xxxxxxxxxxxxxxx209.3 M
Book Value Per Share xxxxxxxxxxxxxxx428.3
Net Operating Cash Flow xxxxxxxxxxxxxxx134.5 M
Net Profit Margin xxxxxxxxxxxxxxx195.10 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx13.17 %
Return on Invested Capital xxxxxxxxxxxxxxx10.72 %
Return on Assets xxxxxxxxxxxxxxx10.24 %
Return on Equity xxxxxxxxxxxxxxx13.17 %
Return on Total Capital xxxxxxxxxxxxxxx4.64 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-0.9 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx0 M
Long Term Debt xxxxxxxxxxxxxxx759 M
Total Debt xxxxxxxxxxxxxxx759 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx117 M
Price To Book Value xxxxxxxxxxxxxxx0.88

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx0.0 M
Capex % of Sales xxxxxxxxxxxxxxx0.00 %
Cost of Goods Sold xxxxxxxxxxxxxxx18 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx11 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx3,963 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.3

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

20/08/2026

3

Equal-weight

$4.19

(01/09/2026)

13.55%

BWP Trust reported FY26 funds from operations of 19.29cps, broadly in line with Morgan Stanley. The REIT has guided to a FY27 dividend of 20cps, at a payout ratio of 104%, implying that FFO would be 19.23cps, so essentially a flat earnings outlook.

BWP's strong balance sheet gives it plenty of options, the broker suggests, as exemplified by the acquisition of Sunbury. Morgan Stanley did expect the FY27 dividend to be fully covered by FFO, given a suite of projects due to be completed between September and March.

Gearing is fine at 18.5%, Morgan Stanley notes, leaving plenty of room to fund the $120m of committed capex. Equal-weight and $4.20 target retained. Industry view: In Line.

FORECAST
Morgan Stanley forecasts a full year FY27 EPS of 19.30 cents.
Morgan Stanley forecasts a full year FY28 EPS of 20.40 cents.

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

4

xxxxxxxxxxx

$xx.xx

xx.xx%

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Moelis

18/02/2026

3

Hold

$3.85

4.34%

BWP Trust posted first half distributable income of $69m, which is ahead of what was implied by guidance provided six months ago.

Moelis points out rising debts costs will affect the medium term earnings outlook while there should be operating improvements in FY27 as repositioned projects come online.

The broker considers the share price "relatively resilient", having outperformed the broader sector by 13% over the past six months. Based on its estimates the current 5.2% dividend yield improves to 5.5% by FY28. Hold rating. Target edges up to $3.85 from $3.80.

FORECAST
Moelis forecasts a full year FY27 dividend of 19.40 cents and EPS of 19.40 cents.
Access Extra Coverage Research History >

BWP STOCK CHART

FNArena News on BWP

1
FNArena Corporate Results Monitor – 20-08-2026

Aug 20 2026 - Australia
2
Australian Broker Call *Extra* Edition – Aug 20, 2026

Aug 20 2026 - Daily Market Reports
3
Weekly Ratings, Targets, Forecast Changes – 08-05-26

May 11 2026 - Weekly Reports
4
Australian Broker Call *Extra* Edition – May 11, 2026

May 11 2026 - Daily Market Reports
5
In Case You Missed It – BC Extra Upgrades & Downgrades – 01-05-26

May 01 2026 - Weekly Reports

Latest REITs News

1
Australian Listed Real Estate Tables – 07-09-2026

Sep 07 2026 - Weekly Reports
2
Australian Listed Real Estate Tables – 31-08-2026

Aug 31 2026 - Weekly Reports
3
Business As Usual For Charter Hall

Aug 26 2026 - Australia
4
Australian Listed Real Estate Tables – 24-08-2026

Aug 24 2026 - Weekly Reports
5
Australian Listed Real Estate Tables – 17-08-2026

Aug 17 2026 - Weekly Reports
6
Australian Listed Real Estate Tables – 10-08-2026

Aug 10 2026 - Weekly Reports
7
Australian Listed Real Estate Tables – 03-08-2026

Aug 03 2026 - Weekly Reports
8
Australian Listed Real Estate Tables – 27-07-2026

Jul 27 2026 - Weekly Reports
9
Australian Listed Real Estate Tables – 20-07-2026

Jul 20 2026 - Weekly Reports
10
Australian Listed Real Estate Tables – 13-07-2026

Jul 13 2026 - Weekly Reports