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: 5.01
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

$3.58

11 Aug
2025

-0.060

OPEN

$3.64

-1.65%

HIGH

$3.64

2,145,188

LOW

$3.54

TARGET
$4.00 11.7% 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
BWP: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 37.2 19.2 xxx
DPS (cps) xxx 18.7 19.4 xxx
EPS Growth xxx 36.4% - 48.3% xxx
DPS Growth xxx 2.0% 4.0% xxx
PE Ratio xxx N/A 18.6 xxx
Dividend Yield xxx N/A 5.4% xxx
Div Pay Ratio(%) xxx 50.1% 100.9% xxx

Dividend yield today if purchased 3 years ago: 4.59%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.12

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: 30/12 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx37.2
DPS All xxxxxxxxxxxxxxx18.7
Sales/Revenue xxxxxxxxxxxxxxx203.3 M
Book Value Per Share xxxxxxxxxxxxxxx398.0
Net Operating Cash Flow xxxxxxxxxxxxxxx119.8 M
Net Profit Margin xxxxxxxxxxxxxxx130.63 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx9.58 %
Return on Invested Capital xxxxxxxxxxxxxxx7.62 %
Return on Assets xxxxxxxxxxxxxxx7.24 %
Return on Equity xxxxxxxxxxxxxxx9.58 %
Return on Total Capital xxxxxxxxxxxxxxx4.53 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-12.0 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx152 M
Long Term Debt xxxxxxxxxxxxxxx656 M
Total Debt xxxxxxxxxxxxxxx808 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx26 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 202020212022202320242025
Capex xxxxxxxxxxxxxxx0.0 M
Capex % of Sales xxxxxxxxxxxxxxx0.00 %
Cost of Goods Sold xxxxxxxxxxxxxxx37 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx4 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx3,683 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

0.7

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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UBS

07/08/2025

1

Buy

$4.10

14.53%

BWP Trust's FY25 net profit missed UBS' forecast by -1.3% with the variance accounted by costs related to internalisation. The FY26 DPS guidance was 1.3% higher than the broker's estimate and 0.4% higher than consensus.

However, the broker reckons this was due to internalisation benefits not being factored in and neither the downtime related to Bunnings ((WES)) lease expiry.

Positives include the rise in WALE to 7.7 years from 4.5 years following the Bunnings lease reset and FY26-29 lease expiries reduction to just 4-5% from 55-60%.

Across defensive, longer-WALE exposures, the broker's order of preference is Centuria Industrial REIT ((CIP)), BWP Trust and Charter Hall Long WALE REIT ((CLW)).

Buy. Target cut to $4.10 from $4.16.

FORECAST
UBS forecasts a full year FY26 dividend of 19.50 cents and EPS of 19.00 cents.
UBS forecasts a full year FY27 dividend of 20.00 cents and EPS of 19.70 cents.

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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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

Moelis

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Jarden

08/08/2025

4

Underweight

$3.65

1.96%

Jarden agrees with BWP Trust’s board the new internalised business model improves cost of capital and operating leverage, though notes the 28 times annualised savings paid appears high.

FY26 dividend guidance is technically 2.5% accretive, but the broker notes its underlying earnings forecast falls -2% due to higher debt costs and lost rent from Bunnings expiries. It's felt capital contributions are needed to support payouts.

With the weighted average lease expiry (WALE) extended and leasing risk reduced, growth in adjusted funds from operations (AFFO) now hinges on inorganic growth, highlights Jarden.

Acquisitions, however, remain difficult in a competitive environment, notes the broker, with the weighted average cost of debt (WACD) below marginal debt cost.

Jarden argues internalisation will only be truly justified if management can execute on scale and growth.

FORECAST
Jarden forecasts a full year FY26 dividend of 19.40 cents and EPS of 18.70 cents.
Jarden forecasts a full year FY27 dividend of 19.70 cents and EPS of 19.10 cents.
Access Extra Coverage Research History >

BWP STOCK CHART

FNArena News on BWP

1
Australian Broker Call *Extra* Edition – Aug 08, 2025

Aug 11 2025 - Daily Market Reports
2
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Australian Listed Real Estate Tables – 11-08-2025

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