ASX:BWR

Stock Analysis Report

Blackwall Property Trust

Executive Summary

Blackwall Property Trust is a real estate investment trust externally managed by BlackWall Fund Services Limited.

Snowflake

Fundamentals

Slightly overvalued with limited growth.

Share Price & News

How has Blackwall Property Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

0%

BWR

-1.0%

AU REITs

1.0%

AU Market


1 Year Return

-12.2%

BWR

21.1%

AU REITs

11.7%

AU Market

Return vs Industry: BWR underperformed the Australian REITs industry which returned 21.1% over the past year.

Return vs Market: BWR underperformed the Australian Market which returned 11.7% over the past year.


Shareholder returns

BWRIndustryMarket
7 Day0%-1.0%1.0%
30 Day-1.1%0.5%-0.2%
90 Day0%-2.5%0.3%
1 Year-6.7%-12.2%27.2%21.1%18.1%11.7%
3 Year32.6%3.2%47.2%26.0%37.4%19.0%
5 Year118.4%47.7%103.7%58.4%51.7%17.6%

Price Volatility Vs. Market

How volatile is Blackwall Property Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Blackwall Property Trust undervalued compared to its fair value and its price relative to the market?

11.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: BWR (A$1.3) is trading below our estimate of fair value (A$1.47)

Significantly Undervalued: BWR is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: BWR is poor value based on its PE Ratio (22.2x) compared to the REITs industry average (15.7x).

PE vs Market: BWR is poor value based on its PE Ratio (22.2x) compared to the Australian market (17.9x).


Price to Earnings Growth Ratio

Low PEG Ratio: Insufficient data to calculate BWR's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: BWR is good value based on its PB Ratio (0.9x) compared to the AU REITs industry average (1.1x).


Next Steps

Future Growth

How is Blackwall Property Trust forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

12.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BWR's forecast earnings growth (12.7% per year) is above the savings rate (2.3%).

Earnings vs Market: BWR's earnings (12.7% per year) are forecast to grow faster than the Australian market (10.2% per year).

High Growth Earnings: BWR's earnings are forecast to grow, but not significantly.

Revenue vs Market: Insufficient data to determine if BWR's revenue is forecast to grow faster than the Australian market.

High Growth Revenue: Insufficient data to determine if BWR's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: Insufficient data to determine if BWR's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Blackwall Property Trust performed over the past 5 years?

32.8%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: BWR's earnings have grown significantly by 32.8% per year over the past 5 years.

Accelerating Growth: BWR's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: BWR had negative earnings growth (-75.6%) over the past year, making it difficult to compare to the REITs industry average (-16.3%).


Return on Equity

High ROE: BWR's Return on Equity (5.1%) is considered low.


Return on Assets

ROA vs Industry: BWR's Return on Assets is below or equal to the REITs industry average last year.


Return on Capital Employed

ROCE Improving: BWR's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Blackwall Property Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: BWR has a high level of physical assets or inventory.

Debt Coverage by Assets: BWR's debt is not covered by short term assets (assets are 0.5x debt).


Financial Institutions Analysis

Asset Level: BWR's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if BWR has a sufficient allowance for bad loans.

Low Risk Liabilities: BWR reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if BWR has an acceptable proportion of non-loan assets held.

Low Risk Deposits: BWR has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if BWR has an appropriate level of bad loans.


Next Steps

Dividend

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

5.38%

Current Dividend Yield


Dividend Yield vs Market

company5.4%marketbottom25%2.5%markettop25%5.6%industryaverage4.5%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: BWR's dividend (5.38%) is higher than the bottom 25% of dividend payers in the Australian market (2.47%).

High Dividend: BWR's dividend (5.38%) is low compared to the top 25% of dividend payers in the Australian market (5.58%).

Stable Dividend: BWR has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: BWR has only been paying a dividend for 6 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (92.2%), BWR's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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


CEO

Tim Brown 0

0yrs

Tenure

0

Mr. Timothy Brown, also known as Tim, serves as the Chief Financial Officer of Blackwall Fund Services Limited and BlackWall Limited and has been its Executive Director since January 29, 2018. Mr. Brown is ...


Insider Trading

Insider Buying: BWR insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyAU$71,25109 Oct 19
Jagar Holdings Pty Ltd
EntityCompany
Shares55,000
Max PriceAU$1.30
BuyAU$178,60409 Oct 19
Sao Investments Pty. Ltd.
EntityCompany
Shares137,867
Max PriceAU$1.30
BuyAU$2,070,22508 Oct 19
J. R. Tresidder
EntityIndividual
Shares1,592,456
Max PriceAU$1.34
BuyAU$301,94902 Oct 19
Sao Investments Pty. Ltd.
EntityCompany
Shares232,133
Max PriceAU$1.30
BuyAU$78,04602 Oct 19
Joseph Glew
EntityIndividual
Role
Chairman of the Board
Chairman of Blackwall Fund Services Limited
Shares60,000
Max PriceAU$1.30
BuyAU$827,29725 Sep 19
Sao Investments Pty. Ltd.
EntityCompany
Shares640,000
Max PriceAU$1.29
BuyAU$158,50519 Sep 19
Jagar Holdings Pty Ltd
EntityCompany
Shares121,816
Max PriceAU$1.30
BuyAU$279,23611 Sep 19
Pelorus Private Equity Limited
EntityCompany
Shares218,184
Max PriceAU$1.28
BuyAU$524,72611 Sep 19
Jagar Holdings Pty Ltd
EntityCompany
Shares410,000
Max PriceAU$1.28
BuyAU$22,04611 Sep 19
Sao Investments Pty. Ltd.
EntityCompany
Shares17,226
Max PriceAU$1.28
BuyAU$723,09711 Sep 19
Joseph Glew
EntityIndividual
Role
Chairman of the Board
Chairman of Blackwall Fund Services Limited
Shares565,000
Max PriceAU$1.28
BuyAU$2,096,93209 Sep 19
J. R. Tresidder
EntityIndividual
Shares1,594,933
Max PriceAU$1.31
BuyAU$323,68306 Sep 19
Joseph Glew
EntityIndividual
Role
Chairman of the Board
Chairman of Blackwall Fund Services Limited
Shares253,149
Max PriceAU$1.28
BuyAU$10,24006 Sep 19
Stuart Brown
EntityIndividual
Role
Member of the Board of Directors
Non-Executive Director of Blackwall Fund Services Ltd
Shares8,000
Max PriceAU$1.28
BuyAU$232,12305 Sep 19
Sao Investments Pty. Ltd.
EntityCompany
Shares182,774
Max PriceAU$1.27
BuyAU$15,92605 Sep 19
Joseph Glew
EntityIndividual
Role
Chairman of the Board
Chairman of Blackwall Fund Services Limited
Shares12,540
Max PriceAU$1.27
BuyAU$220,74902 Sep 19
Joseph Glew
EntityIndividual
Role
Chairman of the Board
Chairman of Blackwall Fund Services Limited
Shares172,460
Max PriceAU$1.28
BuyAU$62,96902 Sep 19
Robin Tedder
EntityIndividual
Role
Member of the Board of Directors
Non-Executive Director of Blackwall Fund Services Limited
Shares50,000
Max PriceAU$1.26
BuyAU$210,61019 Jul 19
Joseph Glew
EntityIndividual
Role
Chairman of the Board
Chairman of Blackwall Fund Services Limited
Shares161,771
Max PriceAU$1.30
BuyAU$113,81512 Jul 19
Joseph Glew
EntityIndividual
Role
Chairman of the Board
Chairman of Blackwall Fund Services Limited
Shares88,229
Max PriceAU$1.29
BuyAU$161,25012 Jul 19
Sao Investments Pty. Ltd.
EntityCompany
Shares125,000
Max PriceAU$1.29
SellAU$4,974,34305 Jul 19
Vintage Capital Pty. Ltd.
EntityCompany
Shares3,361,043
Max PriceAU$1.48
BuyAU$266,72705 Jul 19
Pelorus Private Equity Limited
EntityCompany
Shares200,000
Max PriceAU$1.33
BuyAU$109,23305 Jul 19
Sao Investments Pty. Ltd.
EntityCompany
Shares81,906
Max PriceAU$1.33
BuyAU$63,00001 Jul 19
Robin Tedder
EntityIndividual
Role
Member of the Board of Directors
Non-Executive Director of Blackwall Fund Services Limited
Shares50,000
Max PriceAU$1.26
BuyAU$65,00028 Jun 19
Pelorus Private Equity Limited
EntityCompany
Shares50,000
Max PriceAU$1.30
BuyAU$56,02228 Jun 19
Sao Investments Pty. Ltd.
EntityCompany
Shares43,094
Max PriceAU$1.30
BuyAU$36,48621 Jun 19
Joseph Glew
EntityIndividual
Role
Chairman of the Board
Chairman of Blackwall Fund Services Limited
Shares27,027
Max PriceAU$1.35
BuyAU$76,95021 Jun 19
Sao Investments Pty. Ltd.
EntityCompany
Shares57,000
Max PriceAU$1.35
BuyAU$38,31021 Jun 19
Jagar Holdings Pty Ltd
EntityCompany
Shares28,378
Max PriceAU$1.35
BuyAU$91,80014 Jun 19
Sao Investments Pty. Ltd.
EntityCompany
Shares68,000
Max PriceAU$1.35
BuyAU$20,66213 Jun 19
Stuart Brown
EntityIndividual
Role
Member of the Board of Directors
Non-Executive Director of Blackwall Fund Services Ltd
Shares15,082
Max PriceAU$1.37
BuyAU$94,96507 Jun 19
Joseph Glew
EntityIndividual
Role
Chairman of the Board
Chairman of Blackwall Fund Services Limited
Shares67,832
Max PriceAU$1.40
BuyAU$116,20007 Jun 19
Sao Investments Pty. Ltd.
EntityCompany
Shares83,000
Max PriceAU$1.40
BuyAU$10,03503 Jun 19
Joseph Glew
EntityIndividual
Role
Chairman of the Board
Chairman of Blackwall Fund Services Limited
Shares7,168
Max PriceAU$1.40
BuyAU$38,82203 Jun 19
Sao Investments Pty. Ltd.
EntityCompany
Shares27,730
Max PriceAU$1.40
BuyAU$55222 May 19
Sao Investments Pty. Ltd.
EntityCompany
Shares394
Max PriceAU$1.40
BuyAU$67,45122 May 19
Joseph Glew
EntityIndividual
Role
Chairman of the Board
Chairman of Blackwall Fund Services Limited
Shares48,179
Max PriceAU$1.40
BuyAU$72,55020 May 19
Joseph Glew
EntityIndividual
Role
Chairman of the Board
Chairman of Blackwall Fund Services Limited
Shares51,821
Max PriceAU$1.40
BuyAU$38,25813 May 19
Sao Investments Pty. Ltd.
EntityCompany
Shares27,327
Max PriceAU$1.40
BuyAU$4,88203 May 19
Sao Investments Pty. Ltd.
EntityCompany
Shares3,487
Max PriceAU$1.40
BuyAU$116,86018 Apr 19
Sao Investments Pty. Ltd.
EntityCompany
Shares119,186
Max PriceAU$0.98
BuyAU$975,58907 Jan 19
Pelorus Private Equity Limited
EntityCompany
Shares677,607
Max PriceAU$1.44
BuyAU$12,27030 Nov 18
Robin Tedder
EntityIndividual
Role
Member of the Board of Directors
Non-Executive Director of Blackwall Fund Services Limited
Shares9,089
Max PriceAU$1.35
BuyAU$14,00025 Nov 18
Stuart Brown
EntityIndividual
Role
Member of the Board of Directors
Non-Executive Director of Blackwall Fund Services Ltd
Shares10,000
Max PriceAU$1.40

Ownership Breakdown


Management Team

  • Caroline Raw

    External Advisor of Blackwall Fund Services Limited

    • Tenure: 3.1yrs
  • Tim Brown

    Joint MD

    • Tenure: 0yrs
  • Sophie Gowland

    Company Secretary of Blackwall Fund Services Limited

    • Tenure: 2.4yrs
  • Jessie Glew

    Joint MD

    • Tenure: 0.2yrs

Board Members

  • Rick Hill (72yo)

    Non-Executive Director of Blackwall Fund Services Limited

    • Tenure: 0yrs
  • Seph Glew

    Chairman of Blackwall Fund Services Limited

    • Tenure: 0yrs
  • Robin Tedder

    Non-Executive Director of Blackwall Fund Services Limited

    • Tenure: 0yrs
  • Stuart Brown

    Non-Executive Director of Blackwall Fund Services Ltd

    • Tenure: 0yrs
  • Tim Brown

    Joint MD

    • Tenure: 0yrs
  • Jessie Glew

    Joint MD

    • Tenure: 0.2yrs

Company Information

Blackwall Property Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Blackwall Property Trust
  • Ticker: BWR
  • Exchange: ASX
  • Founded:
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: AU$191.586m
  • Shares outstanding: 148.52m
  • Website: https://www.blackwall.com.au/?et_fb=1#BWR

Location

  • Blackwall Property Trust
  • 50 Yeo Street
  • Neutral Bay
  • New South Wales
  • 2089
  • Australia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BWRASX (Australian Securities Exchange)YesUnitsAUAUDOct 2011

Biography

Blackwall Property Trust is a real estate investment trust externally managed by BlackWall Fund Services Limited. It invests in the real estate markets across Australia. It primarily invests in the industr ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/14 10:34
End of Day Share Price2019/10/14 00:00
Earnings2019/06/30
Annual Earnings2019/06/30


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.