BWP TRUST (BWP)
Share Price Analysis and Chart

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BWP - BWP TRUST

FNArena Sector : REITs

Year End: June

GICS Industry Group : Real Estate

Debt/EBITDA: 5.35

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
$3.51 21 Jul 2025	-0.020 OPEN $3.52	-0.57% HIGH $3.53	750,905 LOW $3.49

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$3.51

21 Jul
2025

-0.020

OPEN

$3.52

-0.57%

HIGH

$3.53

750,905

LOW

$3.49

TARGET

$3.82

8.8% upside

OTHER COMPANIES IN THE SAME SECTOR
ABG . AOF . ARF . ASK . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DGT . DXC . DXI . DXS . ECF . GDF . GDI . HCW . HDN . NSR . PLG . REP . RFF . RGN . SCG . TGP . URW . VCX . WOT . WPR .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	27.3	18.8	xxx
DPS (cps)	xxx	18.3	18.8	xxx
EPS Growth	xxx	100.0%	- 31.1%	xxx
DPS Growth	xxx	0.0%	2.8%	xxx
PE Ratio	xxx	N/A	18.8	xxx
Dividend Yield	xxx	N/A	5.3%	xxx
Div Pay Ratio(%)	xxx	67.0%	100.0%	xxx

Dividend yield today if purchased 3 years ago: 4.34%

DIVIDEND YIELD CALCULATOR

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: 30/12 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	27.3
DPS All	xxx	xxx	xxx	xxx	xxx	18.3
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	174.5 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	379.5
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	128.8 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	103.30 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	7.05 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	5.68 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	5.51 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	7.05 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	4.55 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	11.3 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	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	0 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	772 M
Total Debt	xxx	xxx	xxx	xxx	xxx	772 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	27 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	0.91

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	0.0 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	0.00 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	29 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	1 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	3,538 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

Display All Commentary

Sentiment Indicator

0.3

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Citi	xx/xx/xxxx	3	xxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
UBS	30/06/2025	1	Buy	$4.16	18.52%	UBS views the latest announcement from BWP Trust to internalise management, extend and reset leases with Bunnings, and commit to capital expenditure as a positive for the REIT. Under the proposal, BWP will pay Wesfarmers ((WES)) -$142.6m, composed of -$100m in cash and -$42.6m in equity at $3.92 per unit, for the management rights. The lease term will increase to 8 years from the current 4.4 years, while Bunnings' weighted average lease expiry will rise to 9.5 years from 4.6 years. Wesfarmers will also have additional lease options of 6 years, which adds an estimated 1.4%, or approximately $50m, to the portfolio's valuation. UBS expects the transaction to be 2% accretive to EPS in FY26. There is no change to the Buy rating and $4.16 target price. FORECAST UBS forecasts a full year FY25 dividend of 19.00 cents and EPS of 19.00 cents. UBS forecasts a full year FY26 dividend of 19.00 cents and EPS of 19.00 cents.
Morgan Stanley	xx/xx/xxxx	3	xxxxx-xxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Citi

xx/xx/xxxx

xxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

UBS

30/06/2025

Buy

$4.16

18.52%

UBS views the latest announcement from BWP Trust to internalise management, extend and reset leases with Bunnings, and commit to capital expenditure as a positive for the REIT.

Under the proposal, BWP will pay Wesfarmers ((WES)) -$142.6m, composed of -$100m in cash and -$42.6m in equity at $3.92 per unit, for the management rights.

The lease term will increase to 8 years from the current 4.4 years, while Bunnings' weighted average lease expiry will rise to 9.5 years from 4.6 years.

Wesfarmers will also have additional lease options of 6 years, which adds an estimated 1.4%, or approximately $50m, to the portfolio's valuation.

UBS expects the transaction to be 2% accretive to EPS in FY26. There is no change to the Buy rating and $4.16 target price.

FORECAST
UBS forecasts a full year FY25 dividend of 19.00 cents and EPS of 19.00 cents.
UBS forecasts a full year FY26 dividend of 19.00 cents and EPS of 19.00 cents.

Morgan Stanley

xx/xx/xxxx

xxxxx-xxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Access Stockbroker Research History >

EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

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
Moelis	xx/xx/xxxx	3	xxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Jarden	11/06/2025	4	Underweight	$3.60	2.56%	Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates. Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth. In the case of BWP Trust, the analyst's FY25 dividend forecast is in line with the company's guidance for 2% y/y growth. For FY26, the broker has factored in strong FFO growth on lower BBSW rates in the short term. The broker reckons the stock may do well if the results season is volatile, but better opportunities are more likely elsewhere. Underweight. Target rises to $3.60 from $3.45. FORECAST Jarden forecasts a full year FY25 dividend of 18.70 cents and EPS of 18.80 cents. Jarden forecasts a full year FY26 dividend of 19.70 cents and EPS of 19.70 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Moelis

xx/xx/xxxx

xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Jarden

11/06/2025

Underweight

$3.60

2.56%

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

In the case of BWP Trust, the analyst's FY25 dividend forecast is in line with the company's guidance for 2% y/y growth. For FY26, the broker has factored in strong FFO growth on lower BBSW rates in the short term.

The broker reckons the stock may do well if the results season is volatile, but better opportunities are more likely elsewhere.

Underweight. Target rises to $3.60 from $3.45.

FORECAST
Jarden forecasts a full year FY25 dividend of 18.70 cents and EPS of 18.80 cents.
Jarden forecasts a full year FY26 dividend of 19.70 cents and EPS of 19.70 cents.

Access Extra Coverage Research History >

BWP STOCK CHART

FNArena News on BWP

1	Australian Broker Call Extra Edition – Jul 07, 2025 Jul 07 2025 - Daily Market Reports

2	Rudi’s View: Charter Hall, Droneshield, Pinnacle, WiseTech & More Jul 03 2025 - Rudi's View

3	Rudi’s View: Amcor, GQG, IPH, Data#3 & Qualitas Jun 12 2025 - Rudi's View

4	Australian Broker Call Extra Edition – Jun 11, 2025 Jun 11 2025 - Daily Market Reports

5	Rudi’s View: NextDC, QBE, Superloop & Woodside Jun 05 2025 - Rudi's View

Latest REITs News

1	Australian Listed Real Estate Tables – 21-07-2025 Jul 21 2025 - Weekly Reports

2	Australian Listed Real Estate Tables – 14-07-2025 Jul 14 2025 - Weekly Reports

3	Australian Listed Real Estate Tables – 07-07-2025 Jul 07 2025 - Weekly Reports

4	Australian Listed Real Estate Tables – 01-07-2025 Jul 01 2025 - Weekly Reports

5	Australian Listed Real Estate Tables – 23-06-2025 Jun 23 2025 - Weekly Reports

6	Australian Listed Real Estate Tables – 16-06-2025 Jun 16 2025 - Weekly Reports

7	In Case You Missed It – BC Extra Upgrades & Downgrades – 13-06-25 Jun 13 2025 - Weekly Reports

8	Australian Listed Real Estate Tables – 10-06-2025 Jun 10 2025 - Weekly Reports

9	Australian Listed Real Estate Tables – 02-06-2025 Jun 02 2025 - Weekly Reports

10	Australian Listed Real Estate Tables – 26-05-2025 May 26 2025 - Weekly Reports

Dividend Yield Today On Last Actual Payout :	5.18
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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BWP TRUST (BWP)
Share Price Analysis and Chart