Morningstar

BWP Trust BWP

Morningstar Rating
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Stock XASX Rating as of
A$3.76 −0.03 (0.79%)
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As of Delayed Price Closed

Company Report

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Bunnings Holds the Power in Relationship With BWP Trust

Adrian Atkins

For over 20 years, BWP Trust has consistently applied a strategy of generating rental income from long duration leases over warehouse properties predominantly tenanted by home improvement retail business, Bunnings. Although BWP Trust is proposing to transition some Bunnings Warehouse stores to alternative uses, strategy is to have 80%-90% of rental income from Bunnings. Wide-moat Wesfarmers owns 100% of Bunnings and 23% of BWP Trust, and is the trust's responsible entity.

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Price vs Fair Value

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BWP is trading at a 687% premium.
Price
A$3.76
Fair Value
A$2.90
Uncertainty
Medium
1-Star Price
A$9.83
5-Star Price
A$2.75
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

BWP’s core properties are key to Bunnings’ business, and provide the foundations for a defensive rental income stream that underpin growing distributions.

Bears

BWP’s external management and fee structure may incentivize future management to acquire overvalued properties that destroy securityholder value.

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Trading Information

Previous Close Price
A$3.79
Day Range
A$3.76–3.81
52-Week Range
A$3.24–3.83
Bid/Ask
A$3.76 / A$3.79
Market Cap
A$2.68 Bil
Volume/Avg
847,300 / 1.1 Mil

Key Statistics

Price/Earnings (Normalized)
17.89
Price/Sales
14.29
Dividend Yield (Trailing)
4.86%
Dividend Yield (Forward)
4.93%
Total Yield
4.86%

Company Profile

BWP Trust is an Australian REIT focused on owing warehouse/bulky goods retailing properties with relatively large sites and high visibility and access to arterial roads. The portfolio of properties it owns are diversified across most Australian states and are on long-term leases to Australia’s dominant home improvement chain: Bunnings Group. Bunnings is a wholly owned subsidiary of Wesfarmers, a top 10 ASX-listed company by market capitalization. BWP Trust is also externally managed by a wholly owned subsidiary of Wesfarmers, and Wesfarmers owns 23% of the units in the trust.
Sector
Real Estate
Industry
REIT - Industrial
Stock Style Box
Mid Core
Total Number of Employees
—
Website
https://www.bwptrust.com.au

Competitors

Valuation

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Metric
BWP
SCG
VCX
Price/Earnings (Normalized)
 17.8944.4718.44
Price/Book Value
 0.991.070.97
Price/Sales
 14.297.547.86
Price/Cash Flow
 19.2818.1915.01
Price/Earnings
BWP
SCG
VCX

Financial Strength

Metric
BWP
SCG
VCX
Quick Ratio
 0.300.160.14
Current Ratio
 0.480.290.47
Interest Coverage
 8.050.612.47
Quick Ratio
BWP
SCG
VCX

Profitability

Metric
BWP
SCG
VCX
Return on Assets (Normalized)
 3.75%1.20%3.55%
Return on Equity (Normalized)
 4.76%2.41%5.20%
Return on Invested Capital (Normalized)
 4.66%1.17%3.61%
Return on Assets
BWP
SCG
VCX

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