Emerging Companies Portfolio – Amendments
We are making several changes to the Emerging Companies Portfolio.
BWP Trust (BWP)
BWP $3.74
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Performance
Advanced charting functionality with the ability to amend timeframes, chart type & indicator selection, powered by TradingView.
Share price activity
Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
- Last (Price)
- 3.74
- Change
- ▲ 0.05 (1.36)
- Bid / Ask
- 3.72 - 3.74
- Volume
- 1,031,067
- Turnover
- 3,845,352
- Open
- 3.70
- Day Range
- 3.70 - 3.74
- VWAP
- 3.73
- Prev Close
- 3.69
- Last Trade
- 12/11 4:10pm
Key information
Displays key information on the security, sourced from Morningstar.
- Sector
- Real Estate
- Shares Issued
- 785,446,710
- NTA/Share
- 4.11
- Last Dividend
- 0.10
- Dividend Ex Date
- 29 JUN 2026
- Dividend Pay Date
- 27 AUG 2026
Current (AUD) · FY2026
Displays key financial data for the most recent fiscal year, in millions. Note - Per share data is in local currency terms irrespective of reporting currency, and may be different to the stated currency, sourced from Morningstar.
- Revenue
- 207.30
- EBITDA
- 449.52
- Profit
- 408.40
- Earnings Per Share (EPS)
- 0.56
- Dividend Per Share (DPS)
- 0.19
- Yield %
- 5.28
- Market Cap
- 2,937.57
- Price to Earnings Ratio (P/E)
- 6.69
Estimates (AUD) · FY2027
Displays consensus analyst’s estimates for key measures for the next fiscal year, sourced from Morningstar.
- Revenue
- —
- EBITDA
- —
- Profit
- 150.79
- Earnings Per Share (EPS)
- 0.19
- Dividend Per Share (DPS)
- 0.20
Quantitative rating
Displays Morningstar’s Quantitative Equity Research Rating for the security: a star rating from 1 (overvalued) to 5 (undervalued) from the share price against a fair value estimated by a statistical model of Morningstar’s analyst ratings, with the model’s economic moat, financial health and fair value uncertainty, sourced from Morningstar.
Undervalued
- Economic Moat
- None
- Financial Health
- Strong
- Uncertainty
- Low
Morningstar Quantitative Rating as of 9 NOV 2026.
Quantitative Equity Rating Methodology – view here
Fair value estimate
Displays Morningstar’s quantitative fair value estimate for the security against the current share price, with the band around it: the five-star price below which the model would rate the stock five stars and the one-star price above which it would rate it one star, sourced from Morningstar.
Five-star price 3.54 Fair value 3.87 One-star price 4.23
Morningstar Quantitative Rating as of 9 NOV 2026.
Quantitative valuation
Displays where the share price sits in Morningstar’s quantitative fair value band, from the five-star price (undervalued) to the one-star price (overvalued), with the fair value estimate, the price to fair value ratio, the model’s valuation label and its uncertainty rating, sourced from Morningstar.
Buy
Sell
- Fair Value
- 3.87
- Price / Fair Value
- 0.95
- Valuation
- Undervalued
- Uncertainty
- Low
Morningstar Quantitative Rating as of 9 NOV 2026. The slider runs from the five-star price (3.54) to the one-star price (4.23).
Displays useful ratios for the security, NB the pricing date used, sourced from Morningstar.
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
Price, volume and trading statistics for the security, sourced from Morningstar.
| Price - closing or last bid | 3.67 |
| Price - 12 month high | 4.11 |
| Price - 12 month low | 3.40 |
| Pricing date | 9 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 0.94 |
| Market capitalization | 2,882.59 |
| 12 Month High price date | 23 DEC 2025 |
| 12 Month Low price date | 5 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 1.09 |
| Price - 1 Day % Change | 0.00% |
| Price - 13 week price percent change | -6.14% |
| Price - 26 week price percent change | -4.92% |
| Price - 5 Day % Change | 2.23% |
| Price - 52 week price percent change | -4.36% |
| Price - YTD price percent change | -6.54% |
| Price % Change Month To Date | 2.23% |
Earnings, dividends, cash flow and book value per share, sourced from Morningstar.
| EPS excluding extraordinary items - most recent fiscal year | 0.559 |
| EPS excluding extraordinary items - trailing 12 month | 0.559 |
| EPS Normalized - most recent fiscal year | 0.189 |
| Revenue/share - most recent fiscal year | 0.284 |
| Revenue/share - trailing 12 month | 0.284 |
| Book value per share - most recent fiscal year | 4.283 |
| Book value per share - most recent half-year | 4.283 |
| Book value (tangible) per share - most recent fiscal year | 4.112 |
| Book value (tangible) per share - most recent half-year | 4.112 |
| Cash per share - most recent fiscal year | 0.149 |
| Cash per share - most recent half-year | 0.149 |
| Cash Flow per share - most recent fiscal year | 0.184 |
| Cash Flow per share - trailing 12 month | 0.184 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.194 |
| EBITD per share - trailing 12 month | 0.616 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.559 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.559 |
| EPS including extraordinary items - most recent fiscal year | 0.559 |
| EPS including extraordinary items - trailing 12 month | 0.559 |
| Free Cash Flow per share - trailing 12 month | 0.184 |
Valuation multiples such as P/E, price to sales, price to book and enterprise value ratios, sourced from Morningstar.
| P/E excluding extraordinary items, most recent fiscal year | 6.56 |
| P/E Normalized, most recent fiscal year | 19.41 |
| Price to sales - most recent fiscal year | 12.93 |
| Price to Tangible Book - most fiscal year | 0.89 |
| Price to Free Cash Flow per Share - most recent fiscal year | 19.92 |
| Price to Cash Flow per share - trailing 12 month | 19.92 |
| Price to Book - most recent fiscal year | 0.86 |
| P/E excluding extraordinary items high, trailing 12 months | 11.02 |
| P/E excluding extraordinary items low, trailing 12 months | 6.13 |
| Net Debt, LFI | 926.07 |
| Net Debt, LFY | 641.35 |
| Dividend Yield - 5 Year Average | 4.96% |
| Dividend Yield - indicated annual dividend divided by closing price | 5.25% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 5.28% |
Cash flow, liquidity and leverage measures, sourced from Morningstar.
| Free Cash Flow - most recent fiscal year | 134.50 |
| LT debt/equity - most recent fiscal year | 22.56% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 22.56% |
| LT debt/equity - most recent half-year | 27.37% |
| Total debt/total equity - most recent half-year | 32.37% |
| Free Cash Flow - trailing 12 month | 134.50 |
| Payout ratio - trailing 12 month | — |
Key income statement lines for the most recent fiscal year, in millions, sourced from Morningstar.
| Revenue - most recent fiscal year | 207.30 |
| Revenue - trailing 12 month | 207.30 |
| EBITD - most recent fiscal year | 449.52 |
| EBITD - trailing 12 month | 449.52 |
| Earnings before taxes - most recent fiscal year | 408.80 |
| Earnings before taxes - trailing 12 month | 408.80 |
| Net Income available to common - most recent fiscal year | 408.40 |
| Net Income available to common - trailing 12 months | 408.40 |
| Earnings before taxes Normalized - most recent fiscal year | 138.21 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.19 |
Profitability margins for the most recent fiscal year, sourced from Morningstar.
| Net Profit Margin % - 1st historical fiscal year | 197.01% |
| Net Profit Margin % - trailing 12 month | 197.01% |
| Operating margin - 1st historical fiscal year | 87.45% |
| Operating margin - trailing 12 month | 87.45% |
| Pretax margin - trailing 12 month | 197.20% |
| Pretax margin - 1st historical fiscal year | 197.20% |
| Operating Margin - 5 year average | 83.82% |
| Pretax Margin - 5 year average | 154.56% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 70.76% |
| Free Operating Cash Flow/Revenue, TTM | 64.88% |
| Net Profit Margin - 5 year average | 154.52% |
Returns on average assets and equity for the fiscal year, the trailing 12 months and as 5 year averages, and net income and revenue per employee in whole currency, sourced from Morningstar.
| Return on average assets - most recent fiscal year | 10.14% |
| Return on average assets - trailing 12 month | 10.14% |
| Return on average equity - most recent fiscal year | 13.27% |
| Return on average equity - trailing 12 month | 13.27% |
| Return on average assets - 5 year average | 8.22% |
| Return on average equity - 5 year average | 10.35% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
Growth in revenue, earnings, dividends and book value over recent periods, sourced from Morningstar.
| Revenue growth rate, 5 year | 6.37% |
| EPS growth rate, 5 year | 6.49% |
| Growth rate% - dividend, 3 year | 2.06% |
| Revenue/share (5 yr growth) | 3.75% |
| Growth rate% - Revenue, 3 year | 9.49% |
| Growth rate% - EPS, 3 year | 114.20% |
| Book value per share growth rate, 5 year | 5.46% |
| Capital Spending growth rate, 5 year | — |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 10.08% |
Displays analyst’s forecasts for key measures. The estimates can be expanded to see the spread of the calls. Full lines = reported, and dotted lines are forward estimates. Click a measure to add or remove it from the chart, sourced from Morningstar.
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | ||||||
| Estimate breakdown | ||||||||
Financial metrics can be plotted on the graph to see trends. Multiple metrics from multiple statements can be plotted against each other, sourced from Morningstar.
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Opinion
BWP Trust (BWP) $3.45
BWP +4.86%: A good/solid result from the predominately Bunnings Warehouse landlord, with rental growth feeding into higher distributions for this defensive REIT, that has been unloved;
BWP Trust (BWP) $3.61
A well-run REIT, conservatively managed now with some growth upside from the NPR acquisition.
BWP Trust (BWP) $3.68
The Bunnings landlord has been on the radar for the Emerging Companies Portfolio since January when we took a closer look at their takeover of retail landlord Newmark Property (NPR) covered here. Ultimately, we have held off adding BWP to the portfolio, preferring to hold Centuria Capital (CNI) for property exposure while the deal played out. NPR shares were suspended yesterday on compulsory acquisition grounds, given more than 90% of shares were now controlled by BWP.
Trade Alerts – Emerging Companies Portfolio
We are making a number of changes to the Emerging Companies Portfolio. Selling FCL & GL1, trimming SLX, SFR, CNI & SRG, buying LTR & BWP, and adding to AD8 & C79.
BWP Trust (BWP) $3.37
BWP has a portfolio of 65 core properties, which, for the most part, are leased to Bunnings Warehouse. The $2.6b company has low gearing, highly favourable lease agreements with long-term tenants, and low gearing of just ~16%. They are expected to pay ~5.5% yield over the next 12 months, while we are also seeing some opportunities to grow earnings from here.
BWP Trust (BWP) $3.55
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.
BWP Trust (BWP) $4.01
BWP -2.20%: The property trust was out with their full year result today and it was very much business as usual. Attributable profit was inline at $117.5m (v$116m exp), dividend of 18.3c inline, gearing low at 17.7%, property values up marginally however it continues to trade at a ~25% premium to the value of its assets (NTA of $3.29).
Action
Updated
05/03/2025
11:08
BWP
Updated 05/03/2025 11:08
MM are selling BWP in the Emerging Companies Portfolio, taking a small loss around $3.45
Updated
05/02/2025
17:37
BWP
Updated 05/02/2025 17:37
MM is bullish BWP following todays update
Updated
14/08/2024
16:49
BWP
Updated 14/08/2024 16:49
MM is bullish & long BWP
Updated
22/05/2024
09:45
BWP
Updated 22/05/2024 09:45
MM are buying BWP Trust (BWP) in the Emerging Companies Portfolio, targeting a 4% weighting around $3.68
Updated
22/05/2024
09:42
BWP
Updated 22/05/2024 09:42
MM is bullish BWP
Updated
31/01/2024
15:47
BWP
Updated 31/01/2024 15:47
MM is interested in BWP from a defensive mid-cap perspective
Updated
02/08/2023
16:42
BWP
Updated 02/08/2023 16:42
MM is neutral BWP, although below $3.50 starts to get interesting
Updated
05/08/2021
09:08
BWP
Updated 05/08/2021 09:08
MM is neutral BWP at best
Business Summary
BWP Group is an Australian REIT focused on owning warehouse or bulky goods retailing properties with relatively large sites and high visibility and access to arterial roads. The portfolio of properties it owns is diversified across most Australian states and is 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. Wesfarmers owns 23% of BWP.
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