BWP Trust (BWP)

Welcome to InvestSMART

You are currently viewing our site as a guest, which gives you limited access to our site features. By signing up for a free membership, you will receive our Investment Opportunity newsletters and have access to additional features for finding and comparing managed funds and shares. Registration is fast and simple, so please:

Sign Up Today Ľ it's FREE! Already a member? Login now!

General Information
Company Name: BWP Trust
Stock Code: BWP
GICS Sub-Industry: Diversified Real Estate Investment Trusts
Market Cap ($M): 1,966
Equiv. Shares (M): 642

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 3.060 $ 3.090 $ 3.110 $ 3.040 $ 3.060 1,144,078 0%

Current Broker Consensus Recommendation more
Recommendation: Strong Sell (4.6667)
Recommendation Date: 16th Apr 2015
Brokers Surveyed: 3

Company Overview

Business Description:
BWP Trust (BWP) is a listed managed investment scheme which invests in commercial real estate throughout Australia. The majority of its properties are Bunnings Warehouse properties tenanted by Bunnings Group Limited, a wholly owned subsidiary of Wesfarmers Limited. The BWP Trust is managed by unlisted responsible entity, BWP Management Limited.

Strategy Analysis:
Being the only trust solely focusing on the bulky goods retail sub-sector, BWP seeks to provide unitholders with a secure, growing income stream underpinned by long term inflation linked leases. Properties are simple, requiring little maintenance capex. Tenant led development/extensions often occur as leases roll over. Management is becoming more active with increasing acquisitions and divestments to diversify and refine the portfolio towards higher growth areas. Exposure to non-Wesfarmers related tenants will increase, though new tenants won’t exceed 20% of income. BWP Trust reported NPAT up 52.8% to $48.83m for the half-year ended 31 December 2012. Revenues from ordinary activities were $54.0m, up 9.3% from the same period last year. The increase in revenues was mainly due to growth of the property portfolio during or since the corresponding period - from acquisitions and improvements to investment properties (adding approximately $3.2m) and rent reviews (adding approximately $1.5m). Basic and Diluted EPS was 9.2 cents compared to 6.15 cents last year. Net operating cash flow was $36.87m compared to $34.92m last year. The interim dividend declared was 7.00 cents compared with 6.63 cents last year. Property income for the second half of 2012/13 will include a full six months rental income the Bunnings Warehouse-anchored homemaker centre in Gladstone, Qld, acquired in September 2012.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016  F 105.1 16.3 2.6 18.8 16.3 5.3 0.0
2015  F 101.7 15.9 5.9 19.2 15.9 5.2 0.0
2014  A 92.0 15.0 5.5 15.7 14.7 6.2 0.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
BWP Trust (BWP) $1,998 M -0.2727 0.0606 0.0232 20.7195 19.5352 19.0915 4.73 5.11 5.24
Dexus Property (DXS) $6,954 M -0.2674 0.0618 0.0345 16.0838 15.1479 14.6425 4.89 5.32 5.60
Goodman Gp (GMG) $11,377 M 0.0702 0.0752 0.0784 18.9268 17.6024 16.3229 3.19 3.41 3.69
Investa Office Fund (IOF) $2,413 M 0.4908 -0.3045 0.0326 11.7208 16.8525 16.3206 4.71 4.91 5.08
Novion Property (NVN) $7,785 M -0.0071 0.1070 0.0196 20.3540 18.3866 18.0328 5.38 5.45 5.56

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
BWP 1.41 19.4 1.48 4.66
Market 0.91 16.4 1.30 2.38
Sector 1.45 15.4 1.21 2.62

Name Position Start Date
Mr Michael James Wedgwood Managing Director 24 February 2014
Mr Erich Fraunschiel Non-Executive Director 01 February 2015
Mr Anthony (Tony) John Howarth Non-Executive Director 01 October 2012
Ms Fiona Elizabeth Harris Non-Executive Director 01 October 2012
Mr John King Atkins Non-Executive Director 01 April 2014
Mr Richard David Higgins Non-Executive Director 05 December 2007
Mr Michael (Mike) Steur Non-Executive Director 01 February 2015
Mr John Ambrose Austin Non-Executive Director,Non-Executive Chairman 10 September 2004

Name Position
Karen A Lange Company Secretary

Substantial Shareholders
Holding Name
151,863,632 (23.94%) Wesfarmers Group

Calendar of Events
Date Event
10 February 2016 Report (Interim)
06 August 2015 Report (Prelim)
06 August 2015 Report (Annual)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at


Trade Shares Online from $19.95^
Free Guides

The SMH Guide to Investing in Shares via SMSFs

An educational booklet that outlines how to get the most from your share investments for retirement thorugh your self managed super fund.

More details...


Markets melt up

By Michael McCarthy (chief market strategist, CMC Markets) 19/12/2014 | Traders and investors caught short heading into the FOMC scrambled for cover in Europe and the US, in many cases driving indices to their best one day performance for 2015.

Aussie Investors take their foot off the accelerator

By Betty Lam (Sales Trader, CMC Markets) 18/12/2014 | Lead by the Fed-fervour offshore, Australians shares jumped on the Yellen cheer wagon. The material and energy stocks were back in vogue as both sectors gained over 3% in morning trade.

Fed Feeds Frenzy

By Michael McCarthy (chief market strategist, CMC Markets) 18/12/2014 | In spite of a frenzied pre-mortem, a benign statement from the US Federal Reserve‚Äôs Open Market Committee and steadying commodity markets drove investors back into share markets overnight. A calmer, stronger ruble helped offset European growth fears, highlighted in the overnight session by further declines in inflation.

Household brands Woolworths and Telstra Heavy Lifting

By Betty Lam (Sales Trader, CMC Markets) 11/12/2014 | Offshore jitters sent ripples through to Australian stocks. The open saw the local equities take 65 points off the index, catalysed by a mass-exit in energy stocks, yet again.

Steady open as Woodside investors wait on details of possible Wheatstone acquisition

By Ric Spooner (Chief Market Analyst, CMC Markets) 10/12/2014 | Yesterday‚Äôs news on Greek politics and China‚Äôs bond market came at a time when US and European stock markets have extended rallies and pushed valuations higher. This makes those markets vulnerable to downward corrections as profit takers act to avoid missing out.

MYEFO and Lima - December could be nasty.

BR Securities Australia Pty Ltd 2/12/2014 | December 2014 could go down as a nasty moment in Australian finance. MYEFO will reveal a deteriorating budget deficit and the UNFCCC meeting in Lima, Peru will provide the agreement, to be ratified in Paris in 2015, on how much (or little) CO2 is to be allowed into the atmosphere from 2020.


Sponsored Links