BWP -3.27%: The Bunnings landlord (85% of book leased to Wesfarmers) edged lower today in a soft market despite reporting FY23 results that were inline with expectations. Revenue of $158m v $157.7m expected with earnings per share (EPS) 17.68c v 17.9c consensus. The FY dividend of 18.29 as per programmed while they saw some slight revaluations lower of their portfolio, with reported NTA at $3.75. Nothing too much to turn the dial for BWP, although shares now trading ~20c below NTA which is a rare occurrence relative to a historical premium. Weakness across the broader property sector didn’t help shares.
MM is neutral BWP, although below $3.50 starts to get interesting
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