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: 5.01

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
$3.61 10 Sep 2025	0.010 OPEN $3.58	0.28% HIGH $3.64	723,624 LOW $3.58

TARGET

$4.05

12.2% 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 . VCX . WOT . WPR .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY24 Actual	FY25 Actual	FY26 Forecast	FY27 Forecast
EPS (cps)	xxx	37.2	19.2	xxx
DPS (cps)	xxx	18.7	19.5	xxx
EPS Growth	xxx	36.4%	- 48.4%	xxx
DPS Growth	xxx	2.0%	4.3%	xxx
PE Ratio	xxx	N/A	18.9	xxx
Dividend Yield	xxx	N/A	5.4%	xxx
Div Pay Ratio(%)	xxx	50.1%	101.3%	xxx

Dividend yield today if purchased 3 years ago: 4.62%

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	2020	2021	2022	2023	2024	2025
EPS Basic	xxx	xxx	xxx	xxx	xxx	37.2
DPS All	xxx	xxx	xxx	xxx	xxx	18.7
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	203.3 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	398.0
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	119.8 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	130.63 %

EPS Basic

Negative
Growth
Slowing

DPS All

Negative
Growth
Slowing

Sales/Revenue

Negative
Growth
Slowing

Book Value Per Share

Negative
Growth
Slowing

Net Operating Cash Flow

Negative
Growth
Slowing

Net Profit Margin

Negative
Growth
Slowing

Title	2020	2021	2022	2023	2024	2025
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	9.58 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	7.62 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	7.24 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	9.58 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	4.53 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-12.0 M

Return on Capital Employed

Negative
Growth
Slowing

Return on Invested Capital

Negative
Growth
Slowing

Return on Assets

Negative
Growth
Slowing

Return on Equity

Negative
Growth
Slowing

Return on Total Capital

Negative
Growth
Slowing

Free Cash Flow ex dividends

Negative
Growth
Slowing

Title	2020	2021	2022	2023	2024	2025
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	152 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	656 M
Total Debt	xxx	xxx	xxx	xxx	xxx	808 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	26 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	0.88

Short-Term Debt

Negative
Growth
Slowing

Long Term Debt

Negative
Growth
Slowing

Total Debt

Negative
Growth
Slowing

Goodwill - Gross

Cash & Equivalents - Generic

Negative
Growth
Slowing

Price To Book Value

Negative
Growth
Slowing

Title	2020	2021	2022	2023	2024	2025
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	37 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	4 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	3,683 M

Capex

Negative
Growth
Slowing

Capex % of Sales

Negative
Growth
Slowing

Cost of Goods Sold

Negative
Growth
Slowing

Selling, General & Admin. Exp & Other

Negative
Growth
Slowing

Research & Development

Investments - Total

Negative
Growth
Slowing

Negative

Growth

Slowing

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

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. Login above or Get a Free Trial
UBS	07/08/2025	1	Buy	$4.10	13.57%	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.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Citi

xx/xx/xxxx

xxxxxxx xx xxx 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

07/08/2025

Buy

$4.10

13.57%

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.

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	08/08/2025	4	Underweight	$3.65	1.11%	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.

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

08/08/2025

Underweight

$3.65

1.11%

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

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1	Australian Listed Real Estate Tables – 08-09-2025 Sep 08 2025 - Weekly Reports

2	Australian Listed Real Estate Tables – 01-09-2025 Sep 01 2025 - Weekly Reports

3	Australian Listed Real Estate Tables – 25-08-2025 Aug 25 2025 - Weekly Reports

4	Australian Listed Real Estate Tables – 18-08-2025 Aug 18 2025 - Weekly Reports

5	Australian Listed Real Estate Tables – 11-08-2025 Aug 11 2025 - Weekly Reports

6	Australian Listed Real Estate Tables – 04-08-2025 Aug 04 2025 - Weekly Reports

7	Australian Listed Real Estate Tables – 28-07-2025 Jul 28 2025 - Weekly Reports

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

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

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

Dividend Yield Today On Last Actual Payout :	5.14
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
Tell Me The Dividend After This Many Years

	Yield	Yield on investment
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BWP TRUST (BWP)
Share Price Analysis and Chart