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
$3.37 20 Dec 2024	-0.030 OPEN $3.39	-0.88% HIGH $3.39	2,215,010 LOW $3.35

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$3.37

20 Dec
2024

-0.030

OPEN

$3.39

-0.88%

HIGH

$3.39

2,215,010

LOW

$3.35

TARGET

$3.887

15.3% upside

OTHER COMPANIES IN THE SAME SECTOR
ABG . AOF . ARF . ASK . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . 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	18.5	xxx
DPS (cps)	xxx	18.3	18.5	xxx
EPS Growth	xxx	100.0%	- 32.3%	xxx
DPS Growth	xxx	0.0%	1.0%	xxx
PE Ratio	xxx	N/A	18.2	xxx
Dividend Yield	xxx	N/A	5.5%	xxx
Div Pay Ratio(%)	xxx	67.0%	100.0%	xxx

Dividend yield today if purchased 3 years ago: 4.40%

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: 28/12 - ex-div 9.02c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2024 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
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
Citi	15/08/2024	5	Sell	$3.40	0.89%	Following yesterday's initial take on BWP Trust's FY24 result, Citi leaves its Sell rating in place, despite high quality earnings and dividend yield, as the REIT remains expensive relative to peers. The $3.40 target is also unchanged. A summary of yesterday's research by Citi follows. After making an early assessment, Citi anticipates a relatively muted share price response from today's stable set of FY24 results by BWP Trust. A dividend of 8.29cpu was in line with forecasts by consensus and the broker, and the REIT is guiding to 2% growth in DPS for FY25, broadly in line with expectations by both. In the analyst's view, gearing remains relatively prudent at 21.5%. FORECAST Citi forecasts a full year FY25 dividend of 18.70 cents and EPS of 18.80 cents. Citi forecasts a full year FY26 dividend of 19.00 cents and EPS of 19.40 cents.
UBS	xx/xx/xxxx	3	xxxxxxxxx xx xxxxxxx xxxx xxx	$xx.xx (xx/xx/xxxx)	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

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

Citi

15/08/2024

Sell

$3.40

0.89%

Following yesterday's initial take on BWP Trust's FY24 result, Citi leaves its Sell rating in place, despite high quality earnings and dividend yield, as the REIT remains expensive relative to peers. The $3.40 target is also unchanged.

A summary of yesterday's research by Citi follows.

After making an early assessment, Citi anticipates a relatively muted share price response from today's stable set of FY24 results by BWP Trust.

A dividend of 8.29cpu was in line with forecasts by consensus and the broker, and the REIT is guiding to 2% growth in DPS for FY25, broadly in line with expectations by both.

In the analyst's view, gearing remains relatively prudent at 21.5%.

FORECAST
Citi forecasts a full year FY25 dividend of 18.70 cents and EPS of 18.80 cents.
Citi forecasts a full year FY26 dividend of 19.00 cents and EPS of 19.40 cents.

UBS

xx/xx/xxxx

xxxxxxxxx xx xxxxxxx xxxx xxx

$xx.xx

(xx/xx/xxxx)

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	xxxxxxx xx xxxx 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	20/08/2024	4	Underweight	$3.55	5.34%	BWP Trust's FY24 FFO fell shy of Jarden's forecasts but DPU and the broker observes DPU guidance suggests a return to growth from FY25. Jarden says management's presentation points to more active asset recycling, and the broker expects the Newmark Property REIT acquisition should help boost scale and growth. Underweight rating retained on valuation. Target price is steady at $3.55. FORECAST Jarden forecasts a full year FY25 dividend of 18.90 cents and EPS of 18.70 cents. Jarden forecasts a full year FY26 EPS of 19.90 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Moelis

xx/xx/xxxx

xxxxxxx xx xxxx 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

20/08/2024

Underweight

$3.55

5.34%

BWP Trust's FY24 FFO fell shy of Jarden's forecasts but DPU and the broker observes DPU guidance suggests a return to growth from FY25.

Jarden says management's presentation points to more active asset recycling, and the broker expects the Newmark Property REIT acquisition should help boost scale and growth.

Underweight rating retained on valuation. Target price is steady at $3.55.

FORECAST
Jarden forecasts a full year FY25 dividend of 18.90 cents and EPS of 18.70 cents.
Jarden forecasts a full year FY26 EPS of 19.90 cents.

Access Extra Coverage Research History >

BWP STOCK CHART

FNArena News on BWP

1	Weekly Ratings, Targets, Forecast Changes – 20-09-24 Sep 23 2024 - Weekly Reports

2	In Case You Missed It – BC Extra Upgrades & Downgrades – 23-08-24 Aug 23 2024 - Weekly Reports

3	Australian Broker Call Extra Edition – Aug 20, 2024 Aug 20 2024 - Daily Market Reports

4	FNArena Corporate Results Monitor – 15-08-2024 Aug 15 2024 - Australia

5	Pros & Cons Of Discounted A-REITs Jul 16 2024 - Feature Stories

Latest REITs News

1	Ask FNArena: CSL, Charter Hall & Dexus Dec 16 2024 - Rudi's View

2	Australian Listed Real Estate Tables – 16-12-2024 Dec 16 2024 - Weekly Reports

3	Australian Listed Real Estate Tables – 09-12-2024 Dec 09 2024 - Weekly Reports

4	Australian Listed Real Estate Tables – 02-12-2024 Dec 02 2024 - Weekly Reports

5	Australian Listed Real Estate Tables – 25-11-2024 Nov 25 2024 - Weekly Reports

6	Australian Listed Real Estate Tables – 18-11-2024 Nov 18 2024 - Weekly Reports

7	Australian Listed Real Estate Tables – 11-11-2024 Nov 11 2024 - Weekly Reports

8	Australian Listed Real Estate Tables – 04-11-2024 Nov 04 2024 - Weekly Reports

9	Australian Listed Real Estate Tables – 28-10-2024 Oct 28 2024 - Weekly Reports

10	Australian Listed Real Estate Tables – 21-10-2024 Oct 21 2024 - Weekly Reports

Dividend Yield Today On Last Actual Payout :	5.43
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
Tell Me The Dividend After This Many Years

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BWP TRUST (BWP)
Share Price Analysis and Chart