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

$3.60

17 Sep
2026

0.020

OPEN

$3.72

0.56%

HIGH

$3.72

1,736,346

LOW

$3.60

TARGET
$3.923 9.0% 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 19.6 xxx
DPS (cps) xxx 19.4 19.9 xxx
EPS Growth xxx 50.9% - 64.9% xxx
DPS Growth xxx 4.3% 2.7% xxx
PE Ratio xxx N/A 18.3 xxx
Dividend Yield xxx N/A 5.5% xxx
Div Pay Ratio(%) xxx 34.6% 101.4% xxx

Dividend yield today if purchased 3 years ago: 5.35%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.40

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

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

20/08/2026

3

Neutral

$3.70

2.78%

BWP Trust's FY26 dividend of 19.41cpu is in line with guidance and consensus, up 4.1% on FY25. Funds from operations of 19.29cpu were in line with the 90%-100% payout ratio guidance range.

FY27 dividend guidance of 20cpu is above consensus. Profit on the sale of properties offsets lost rent resulting from development and divestments, Macquarie notes.

The dividend payout guidance is at 104% of funds from operations, implying FFO below consensus. BWP Trust is one of the most defensive REITs, Macquarie suggests, with dry powder to deploy accretively. 

Target falls to $3.70 from $3.90, Neutral retained.

FORECAST
Macquarie forecasts a full year FY27 dividend of 20.00 cents and EPS of 19.60 cents.
Macquarie forecasts a full year FY28 dividend of 20.20 cents and EPS of 20.50 cents.

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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Login above or Get a Free Trial
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

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

20/08/2026

4

Underweight

$3.78

5.00%

Jarden maintains an Underweight rating for BWP Trust with a $3.78 target price following the REIT reporting FY26 funds from operations slightly below consensus at 19.3c.

The analyst highlights that management provided initial FY27 distribution per unit guidance of 20.0c alongside funds from operations guidance of 19.23c, while low gearing of 18.7% supports ongoing deployment into large-format retail development opportunities.

The broker's estimates factor in earnings impacts from property divestments offset by like-for-like rental growth of 3% and reduced interest expenses.

Management is actively executing a $120m capital expenditure program with current development yields ranging between 8%-15%.

The valuation is based on a net asset value and discounted cash flow methodology.

FORECAST
Jarden forecasts a full year FY27 dividend of 20.00 cents and EPS of 19.20 cents.
Jarden forecasts a full year FY28 dividend of 20.20 cents and EPS of 19.50 cents.
Access Extra Coverage Research History >

BWP STOCK CHART

FNArena News on BWP

1
A-REITs Facing More RBA Rate Pressure In FY27

Sep 18 2026 - Feature Stories
2
FNArena Corporate Results Monitor – 20-08-2026

Aug 20 2026 - Australia
3
Australian Broker Call *Extra* Edition – Aug 20, 2026

Aug 20 2026 - Daily Market Reports
4
Weekly Ratings, Targets, Forecast Changes – 08-05-26

May 11 2026 - Weekly Reports
5
Australian Broker Call *Extra* Edition – May 11, 2026

May 11 2026 - Daily Market Reports

Latest REITs News

1
A-REITs Facing More RBA Rate Pressure In FY27

Sep 18 2026 - Feature Stories
2
Australian Listed Real Estate Tables – 14-09-2026

Sep 14 2026 - Weekly Reports
3
Australian Listed Real Estate Tables – 07-09-2026

Sep 07 2026 - Weekly Reports
4
Australian Listed Real Estate Tables – 31-08-2026

Aug 31 2026 - Weekly Reports
5
Business As Usual For Charter Hall

Aug 26 2026 - Australia
6
Australian Listed Real Estate Tables – 24-08-2026

Aug 24 2026 - Weekly Reports
7
Australian Listed Real Estate Tables – 17-08-2026

Aug 17 2026 - Weekly Reports
8
Australian Listed Real Estate Tables – 10-08-2026

Aug 10 2026 - Weekly Reports
9
Australian Listed Real Estate Tables – 03-08-2026

Aug 03 2026 - Weekly Reports
10
Australian Listed Real Estate Tables – 27-07-2026

Jul 27 2026 - Weekly Reports