BWP TRUST (BWP)
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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

$3.91

30 Apr
2026

0.070

OPEN

$3.83

1.82%

HIGH

$3.92

1,322,071

LOW

$3.82

TARGET
$3.973 1.6% upside
OTHER COMPANIES IN THE SAME SECTOR
ABG . AOF . ARF . ASK . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DGT . DXC . DXI . DXS . GDF . GDI . HCW . HDN . NSR . PLG . REP . RFF . RGN . SCG . 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 19.3 xxx
EPS Growth xxx 36.4% - 48.4% xxx
DPS Growth xxx 2.0% 3.3% xxx
PE Ratio xxx N/A 20.5 xxx
Dividend Yield xxx N/A 4.9% xxx
Div Pay Ratio(%) xxx 50.1% 100.3% xxx

Dividend yield today if purchased 3 years ago: 4.92%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.73

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-div 9.58c)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 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

0.5

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

19/03/2026

3

Downgrade to Neutral from Buy

$3.89

-0.51%

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

For BWP Trust, the rating is downgraded to Neutral from Buy on relative valuation and the target falls by -28c to $3.89.

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

Citi

xx/xx/xxxx

1

xxx

$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

Jarden

xx/xx/xxxx

4

xxxxxxxxx xx xxxxxxxxxxx xxxx xxxxxxx

$xx.xx

xx.xx%

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Moelis

16/02/2026

3

Hold

$3.85

-1.53%

BWP Trust posted first half distributable income of $69m, which is ahead of what was implied by guidance provided six months ago.

Moelis points out rising debts costs will affect the medium term earnings outlook while there should be operating improvements in FY27 as repositioned projects come online.

The broker considers the share price "relatively resilient", having outperformed the broader sector by 13% over the past six months. Based on its estimates the current 5.2% dividend yield improves to 5.5% by FY28. Hold rating. Target edges up to $3.85 from $3.80.

FORECAST
Moelis forecasts a full year FY26 dividend of 19.40 cents and EPS of 19.20 cents.
Moelis forecasts a full year FY27 dividend of 19.40 cents and EPS of 19.40 cents.
Access Extra Coverage Research History >

BWP STOCK CHART

FNArena News on BWP

Latest REITs News

1
Australian Listed Real Estate Tables – 06-06-2022

Jun 06 2022 - Weekly Reports
2
Australian Listed Real Estate Tables – 30-05-2022

May 30 2022 - Weekly Reports
3
Australian Listed Real Estate Tables – 23-05-2022

May 23 2022 - Weekly Reports
4
Australian Listed Real Estate Tables – 16-05-2022

May 16 2022 - Weekly Reports
5
Australian Listed Real Estate Tables – 09-05-2022

May 09 2022 - Weekly Reports
6
Australian Listed Real Estate Tables – 03-05-2022

May 03 2022 - Weekly Reports
7
Australian Listed Real Estate Tables – 26-04-2022

Apr 26 2022 - Weekly Reports
8
Australian Listed Real Estate Tables – 19-04-2022

Apr 19 2022 - Weekly Reports
9
Australian Listed Real Estate Tables – 11-04-2022

Apr 11 2022 - Weekly Reports
10
Australian Listed Real Estate Tables – 04-04-2022

Apr 04 2022 - Weekly Reports