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BWP Trust

ASX:BWP
Snowflake Description

Adequate balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BWP
ASX
A$2B
Market Cap
  1. Home
  2. AU
  3. Real Estate
Company description

Established and listed on the Australian Securities Exchange (“ASX”) in 1998, BWP Trust (“BWP” or “the Trust”) is a real estate investment trust investing in and managing commercial properties throughout Australia. The last earnings update was 13 days ago. More info.


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BWP Share Price and Events
7 Day Returns
3.3%
ASX:BWP
0%
AU REITs
0.4%
AU Market
1 Year Returns
31.4%
ASX:BWP
19.6%
AU REITs
1.8%
AU Market
BWP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
BWP Trust (BWP) 3.3% 3.3% 11.7% 31.4% 19.4% 61.4%
AU REITs 0% 4.7% 9.7% 19.6% 20% 65%
AU Market 0.4% 4.3% 5.9% 1.8% 25.9% 3.7%
1 Year Return vs Industry and Market
  • BWP outperformed the REITs industry which returned 19.6% over the past year.
  • BWP outperformed the Market in Australia which returned 1.8% over the past year.
Price Volatility
BWP
Industry
5yr Volatility vs Market

Value

 Is BWP Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of BWP Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for BWP Trust.

ASX:BWP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.5%
Perpetual Growth Rate 10-Year AU Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ASX:BWP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 7.7%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.37
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.368 (1 + (1- 30%) (18.28%))
0.415
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (0.8 * 7.69%)
8.46%

Discounted Cash Flow Calculation for ASX:BWP using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for BWP Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

ASX:BWP DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (AUD, Millions) 140.00 127.00 114.00 119.11 124.45
Source Analyst x2 Analyst x2 Analyst x1 Est @ 4.48% Est @ 4.48%
Present Value
Discounted (@ 8.46%)
129.08 107.96 89.34 86.07 82.91
Present value of next 5 years cash flows A$495.35
ASX:BWP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= A$124.45 × (1 + 2.31%) ÷ (8.46% – 2.31%)
A$2,070.26
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= A$2,070.26 ÷ (1 + 8.46%)5
A$1,379.20
ASX:BWP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= A$495.35 + A$1,379.20
A$1,874.56
Equity Value per Share
(AUD)
= Total value / Shares Outstanding
= A$1,874.56 / 642.38
A$2.92
ASX:BWP Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$2.92
Current discount Discount to share price of A$3.81
= -1 x (A$3.81 - A$2.92) / A$2.92
-30.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of BWP Trust is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for BWP Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are BWP Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:BWP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in AUD A$0.25
ASX:BWP Share Price ** ASX (2019-02-18) in AUD A$3.81
Australia REITs Industry PE Ratio Median Figure of 40 Publicly-Listed REITs Companies 11.45x
Australia Market PE Ratio Median Figure of 559 Publicly-Listed Companies 15.71x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of BWP Trust.

ASX:BWP PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:BWP Share Price ÷ EPS (both in AUD)

= 3.81 ÷ 0.25

15.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • BWP Trust is overvalued based on earnings compared to the AU REITs industry average.
  • BWP Trust is good value based on earnings compared to the Australia market.
Price based on expected Growth
Does BWP Trust's expected growth come at a high price?
Raw Data
ASX:BWP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.43x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
-11.1%per year
Australia REITs Industry PEG Ratio Median Figure of 31 Publicly-Listed REITs Companies -0.26x
Australia Market PEG Ratio Median Figure of 361 Publicly-Listed Companies 1.42x

*Line of best fit is calculated by linear regression .

ASX:BWP PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.43x ÷ -11.1%

-1.39x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • BWP Trust earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on BWP Trust's assets?
Raw Data
ASX:BWP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in AUD A$2.89
ASX:BWP Share Price * ASX (2019-02-18) in AUD A$3.81
Australia REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 1.06x
Australia Market PB Ratio Median Figure of 1,664 Publicly-Listed Companies 1.65x
ASX:BWP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:BWP Share Price ÷ Book Value per Share (both in AUD)

= 3.81 ÷ 2.89

1.32x

* Primary Listing of BWP Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • BWP Trust is overvalued based on assets compared to the AU REITs industry average.
X
Value checks
We assess BWP Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. BWP Trust has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is BWP Trust expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-11.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is BWP Trust expected to grow at an attractive rate?
  • BWP Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.
Growth vs Market Checks
  • BWP Trust's earnings are expected to decrease over the next 1-3 years, this is below the Australia market average.
  • BWP Trust's revenues are expected to decrease over the next 1-3 years, this is below the Australia market average.
Annual Growth Rates Comparison
Raw Data
ASX:BWP Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:BWP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts -11.1%
ASX:BWP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts -0.4%
Australia REITs Industry Earnings Growth Rate Market Cap Weighted Average -6.3%
Australia REITs Industry Revenue Growth Rate Market Cap Weighted Average -1.9%
Australia Market Earnings Growth Rate Market Cap Weighted Average 5.9%
Australia Market Revenue Growth Rate Market Cap Weighted Average 2.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ASX:BWP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:BWP Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-06-30 153 117 117 3
2020-06-30 154 127 126 5
2019-06-30 154 122 139 5
ASX:BWP Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2018-12-31 155 114 159
2018-09-30 154 113 171
2018-06-30 153 113 183
2018-03-31 154 113 218
2017-12-31 154 112 254
2017-09-30 153 112 239
2017-06-30 152 112 224
2017-03-31 152 111 190
2016-12-31 151 111 157
2016-09-30 151 109 234
2016-06-30 150 106 311
2016-03-31 149 105 315

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • BWP Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • BWP Trust's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:BWP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from BWP Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:BWP Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-06-30 0.18 0.18 0.18 1.00
2020-06-30 0.19 0.21 0.18 2.00
2019-06-30 0.21 0.23 0.20 2.00
ASX:BWP Past Financials Data
Date (Data in AUD Millions) EPS *
2018-12-31 0.25
2018-09-30 0.27
2018-06-30 0.29
2018-03-31 0.34
2017-12-31 0.40
2017-09-30 0.37
2017-06-30 0.35
2017-03-31 0.30
2016-12-31 0.24
2016-09-30 0.36
2016-06-30 0.48
2016-03-31 0.49

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • BWP Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess BWP Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
BWP Trust has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has BWP Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare BWP Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • BWP Trust's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • BWP Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • BWP Trust's 1-year earnings growth is negative, it can't be compared to the AU REITs industry average.
Earnings and Revenue History
BWP Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from BWP Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:BWP Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 155.49 158.63
2018-09-30 154.44 170.86
2018-06-30 153.39 183.09
2018-03-31 153.51 218.44
2017-12-31 153.63 253.79
2017-09-30 153.04 238.79
2017-06-30 152.45 223.80
2017-03-31 151.87 190.43
2016-12-31 151.30 157.06
2016-09-30 150.75 233.78
2016-06-30 150.20 310.50
2016-03-31 149.27 315.03
2015-12-31 148.35 319.56
2015-09-30 146.61 264.82
2015-06-30 144.88 210.08
2015-03-31 141.86 204.89 0.15
2014-12-31 138.85 199.71 0.30
2014-09-30 133.14 174.39 0.30
2014-06-30 127.43 149.08 0.30
2014-03-31 121.21 138.76 0.17
2013-12-31 114.99 128.44 0.04
2013-09-30 112.11 119.51 0.04
2013-06-30 109.23 110.57 0.04
2013-03-31 107.51 98.69 0.02
2012-12-31 105.80 86.81
2012-09-30 103.50 78.37
2012-06-30 101.20 69.93
2012-03-31 97.98 64.58

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • BWP Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • BWP Trust used its assets more efficiently than the AU REITs industry average last year based on Return on Assets.
  • BWP Trust has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess BWP Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
BWP Trust has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is BWP Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up BWP Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • BWP Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • BWP Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of BWP Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from BWP Trust Company Filings, last reported 1 month ago.

ASX:BWP Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,854.43 440.33 16.59
2018-09-30 1,854.43 440.33 16.59
2018-06-30 1,833.05 459.89 14.23
2018-03-31 1,833.05 459.89 14.23
2017-12-31 1,810.56 468.57 23.86
2017-09-30 1,810.56 468.57 23.86
2017-06-30 1,762.11 475.70 15.61
2017-03-31 1,762.11 475.70 15.61
2016-12-31 1,667.95 475.75 15.18
2016-09-30 1,667.95 475.75 15.18
2016-06-30 1,645.37 482.31 14.03
2016-03-31 1,645.37 482.31 14.03
2015-12-31 1,617.11 488.79 14.78
2015-09-30 1,617.11 488.79 14.78
2015-06-30 1,441.76 496.34 32.45
2015-03-31 1,441.76 496.34 32.45
2014-12-31 1,392.17 463.94 21.12
2014-09-30 1,392.17 463.94 21.12
2014-06-30 1,311.36 460.38 12.05
2014-03-31 1,311.36 460.38 12.05
2013-12-31 1,263.95 339.17 13.21
2013-09-30 1,263.95 339.17 13.21
2013-06-30 1,037.21 309.01 11.06
2013-03-31 1,037.21 309.01 11.06
2012-12-31 1,000.32 313.25 9.99
2012-09-30 1,000.32 313.25 9.99
2012-06-30 973.96 304.90 24.73
2012-03-31 973.96 304.90 24.73
  • BWP Trust's level of debt (23.7%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (26.9% vs 23.7% today).
  • Debt is well covered by operating cash flow (25.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.7x coverage).
X
Financial health checks
We assess BWP Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. BWP Trust has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is BWP Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.71%
Current annual income from BWP Trust dividends. Estimated to be 4.79% next year.
If you bought A$2,000 of BWP Trust shares you are expected to receive A$94 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • BWP Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.68%).
  • BWP Trust's dividend is below the markets top 25% of dividend payers in Australia (6.02%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ASX:BWP Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Australia REITs Industry Average Dividend Yield Market Cap Weighted Average of 39 Stocks 4.8%
Australia Market Average Dividend Yield Market Cap Weighted Average of 420 Stocks 4.4%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.6%
Australia Bottom 25% Dividend Yield 25th Percentile 2.7%
Australia Top 25% Dividend Yield 75th Percentile 6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ASX:BWP Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2021-06-30 0.18 4.00
2020-06-30 0.18 6.00
2019-06-30 0.18 6.00
ASX:BWP Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2018-12-11 0.180 4.913
2018-07-31 0.178 5.292
2017-08-01 0.178 5.785
2017-02-07 0.173 5.875
2016-08-03 0.170 5.543
2016-06-22 0.168 4.520
2016-02-10 0.165 4.797
2015-08-05 0.158 5.057
2015-02-11 0.156 5.006
2014-08-07 0.147 5.653
2014-02-12 0.140 5.688
2013-08-07 0.141 6.220
2013-06-13 0.141 5.866
2012-08-09 0.147 6.612
2011-08-11 0.120 6.736
2011-02-10 0.122 6.938
2010-08-12 0.121 6.587
2010-02-10 0.110 5.772
2009-08-13 0.116 6.584
2009-02-19 0.134 7.902

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of BWP Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1x coverage).
X
Income/ dividend checks
We assess BWP Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can BWP Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. BWP Trust has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of BWP Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Michael Wedgwood
AGE 55
TENURE AS CEO 5 years
CEO Bio

Mr. Michael James Wedgwood, BCom, MSc (Finance), GAICD has been the Managing Director of BWP Management Limited, Responsible Entity of BWP Trust since February 24, 2014. Mr. Wedgwood serves as Managing Director and Director of BWP Trust. Mr. Wedgwood served as an Executive General Manager of Business Improvement at Wesfarmers Limited. Mr. Wedgwood joined Wesfarmers Limited in 1995 and has held a number of senior executive roles across the Wesfarmers Group including appointments as General Manager of Finance for a period of five years and also as the Chief Financial Officer of Bunnings Group Limited for a period of nine years. He has extensive knowledge of the bulky goods property sector, strong financial skills and commercial experience. Before joining Wesfarmers, he held finance roles with the HSBC Group in Australia and Hong Kong, and prior to that with Arthur Andersen.

CEO Compensation
  • Insufficient data for Michael to compare compensation growth.
  • Insufficient data for Michael to establish whether their remuneration is reasonable compared to companies of similar size in Australia.
Management Team Tenure

Average tenure of the BWP Trust management team in years:

10
Average Tenure
  • The average tenure for the BWP Trust management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Michael Wedgwood

TITLE
MD & Director
AGE
55
TENURE
5 yrs

David Hawkins

TITLE
Finance Manager
TENURE
9.2 yrs

Sarah Sampimon

TITLE
Office Manager

Karen Lange

TITLE
Company Secretary
TENURE
10.8 yrs

Andrew Ross

TITLE
Portfolio Manager of BWP Management Limited
TENURE
13.7 yrs
Board of Directors Tenure

Average tenure and age of the BWP Trust board of directors in years:

5.7
Average Tenure
62.5
Average Age
  • The tenure for the BWP Trust board of directors is about average.
Board of Directors

Erich Fraunschiel

TITLE
Chairman of the Board
AGE
72
TENURE
3.2 yrs

Michael Wedgwood

TITLE
MD & Director
AGE
55
TENURE
5 yrs

Fiona Harris

TITLE
Non-Executive External Director
AGE
57
TENURE
6.3 yrs

Rick Higgins

TITLE
Non-Executive External Director
AGE
72
TENURE
11.2 yrs

Tony Howarth

TITLE
Non-Executive Director
AGE
66
TENURE
6.3 yrs

Mike Steur

TITLE
Non-Executive External Director
AGE
59
TENURE
4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
19. Aug 18 Sell The Vanguard Group, Inc. Company 10. Mar 16 10. Aug 18 -9,538,625 A$3.75 A$-35,704,246
19. Aug 18 Buy The Vanguard Group, Inc. Company 09. Mar 16 14. Aug 18 15,991,861 A$3.83 A$60,711,445
X
Management checks
We assess BWP Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. BWP Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

What Kind Of Investor Owns Most Of BWP Trust (ASX:BWP)?

Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … We also tend to see lower insider ownership in companies that were previously publicly owned. … Taking a look at our data on the ownership groups (below), it's seems that

Simply Wall St -

Is BWP Trust's (ASX:BWP) 10.0% ROE Strong Compared To Its Industry?

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … One way to conceptualize this, is that for each A$1 of shareholders' equity it has, the company made A$0.10 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

BWP Trust (ASX:BWP): Exploring Free Cash Flows

BWP Trust (ASX:BWP) shareholders, and potential investors, need to understand how much cash the business makes from its core operational activities, as well as how much is invested back into the business. … What is free cash flow. … Free cash flow (FCF) is the amount of cash BWP Trust has left after it pays off its expenses, including its net capital expenditures, which is what the company needs to spend each year to maintain or grow its business operations.

Simply Wall St -

What Should We Expect From BWP Trust's (ASX:BWP) Earnings In The Years Ahead?

In June 2018, BWP Trust (ASX:BWP) announced its latest earnings update, whicha … confirmed … business

Simply Wall St -

Investing In BWP Trust (ASX:BWP): What You Need To Know

real estate investment trust (REIT) based in Perth, Australia. … REIT shares give you ownership of the company than owns and manages various income-producing property, whether it be commercial, industrial or residential. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.

Simply Wall St -

Did BWP Trust (ASX:BWP) Create Value For Investors Over The Past Year?

This analysis is intended to introduce important early concepts to people who are starting to invest. … and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … Check out our latest analysis for BWP Trust

Simply Wall St -

Is It The Right Time To Buy BWP Trust (ASX:BWP)?

saw a decent share price growth in the teens level on the ASX over the last few months. … With many analysts covering the stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price? … Today I will analyse the most recent data on BWP Trust’s outlook and valuation to see if the opportunity still exists

Simply Wall St -

Should BWP Trust (ASX:BWP) Be Part Of Your Portfolio?

BWP Trust (ASX:BWP) has returned to shareholders over the past 10 years, an average dividend yield of 6.00% annually. … Does BWP Trust tick all the boxes of a great dividend stock? … How I analyze a dividend stock

Simply Wall St -

When Should You Buy BWP Trust (ASX:BWP)?

BWP Trust (ASX:BWP), a reits company based in Australia, saw a decent share price growth in the teens level on the ASX over the last few months. … According to my valuation model, BWP Trust seems to be fairly priced at around 10% above my intrinsic value, which means if you buy BWP Trust today, you’d be paying a relatively reasonable price for it. … The price seems to be trading at fair value, which means there’s less benefit from mispricing.

Simply Wall St -

How Does BWP Trust (ASX:BWP) Fare As A Dividend Stock?

See our latest analysis for BWP Trust Here's how I find good dividend stocks When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas: Does it pay an annual yield higher than 75% of dividend payers? … If dividend is a key criteria in your investment consideration, then you need to make sure the dividend stock you're eyeing out is reliable in its payments. … Compared to its peers, BWP Trust has a yield of 5.78%, which is high for REITs stocks.Next Steps: Taking into account the dividend metrics, BWP Trust ticks most of the boxes as a strong dividend investment, putting it in my list of top dividend payers.

Simply Wall St -

Company Info

Map
Description

Established and listed on the Australian Securities Exchange (“ASX”) in 1998, BWP Trust (“BWP” or “the Trust”) is a real estate investment trust investing in and managing commercial properties throughout Australia. The majority of the Trust’s properties are large format retailing properties, in particular, Bunnings Warehouses, leased to Bunnings Group Limited (“Bunnings”). Bunnings is the leading retailer of home improvement and outdoor living products in Australia and New Zealand, and a major supplier to project builders, commercial trades people, and the housing industry. Full details on the Trust’s property portfolio can be found in the Our Properties section of this website. The Trust is managed by an external responsible entity, BWP Management Limited (“the responsible entity”) which is appointed under the Trust’s constitution and operates under an Australian Financial Services Licence. The responsible entity is committed to managing the Trust solely and is paid an annual fee based on the gross assets of the Trust. Both Bunnings and the responsible entity are wholly-owned subsidiaries of Wesfarmers Limited (“Wesfarmers”), one of Australia’s largest listed companies. Wesfarmers also owns approximately 24.75 per cent of the issued units in the Trust.

Details
Name: BWP Trust
BWP
Exchange: ASX
Founded: 1998
A$2,408,939,261
642,383,803
Website: http://www.bwptrust.com.au
Address: BWP Trust
Brookfield Place Tower 2,
Level 14,
Perth,
Western Australia, 6000,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX BWP Ordinary Units Australian Securities Exchange AU AUD 16. Sep 1998
Number of employees
Current staff
Staff numbers
0
BWP Trust employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/18 10:31
End of day share price update: 2019/02/18 00:00
Last estimates confirmation: 2019/02/10
Last earnings filing: 2019/02/05
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.