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Undervalued
Morningstar Quantitative Rating as of 23 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 2.46 Fair value 2.75 One-star price 3.06
Morningstar Quantitative Rating as of 23 OCT 2026.
Morningstar Quantitative Rating as of 23 OCT 2026. The slider runs from the five-star price (2.46) to the one-star price (3.06).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 2.14 |
| Price - 12 month high | 2.74 |
| Price - 12 month low | 2.01 |
| Pricing date | 22 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 1.50 |
| Market capitalization | 1,397.58 |
| 12 Month High price date | 23 OCT 2025 |
| 12 Month Low price date | 5 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 1.58 |
| Price - 1 Day % Change | 2.39% |
| Price - 13 week price percent change | -12.65% |
| Price - 26 week price percent change | -13.71% |
| Price - 5 Day % Change | 2.39% |
| Price - 52 week price percent change | -20.15% |
| Price - YTD price percent change | -16.08% |
| Price % Change Month To Date | -3.17% |
| EPS excluding extraordinary items - most recent fiscal year | 0.302 |
| EPS excluding extraordinary items - trailing 12 month | 0.194 |
| EPS Normalized - most recent fiscal year | 0.149 |
| Revenue/share - most recent fiscal year | 0.245 |
| Revenue/share - trailing 12 month | 0.244 |
| Book value per share - most recent fiscal year | 2.901 |
| Book value per share - most recent half-year | 2.915 |
| Book value (tangible) per share - most recent fiscal year | 2.901 |
| Book value (tangible) per share - most recent half-year | 2.915 |
| Cash per share - most recent fiscal year | 0.022 |
| Cash per share - most recent half-year | 0.024 |
| Cash Flow per share - most recent fiscal year | 0.167 |
| Cash Flow per share - trailing 12 month | 0.167 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.170 |
| EBITD per share - trailing 12 month | 0.271 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.302 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.195 |
| EPS including extraordinary items - most recent fiscal year | 0.302 |
| EPS including extraordinary items - trailing 12 month | 0.195 |
| Free Cash Flow per share - trailing 12 month | 0.167 |
| P/E excluding extraordinary items, most recent fiscal year | 11.01 |
| P/E Normalized, most recent fiscal year | 10.97 |
| Price to sales - most recent fiscal year | 8.77 |
| Price to Tangible Book - most fiscal year | 0.73 |
| Price to Free Cash Flow per Share - most recent fiscal year | 12.79 |
| Price to Cash Flow per share - trailing 12 month | 12.79 |
| Price to Book - most recent fiscal year | 0.73 |
| P/E excluding extraordinary items high, trailing 12 months | 12.50 |
| P/E excluding extraordinary items low, trailing 12 months | 7.73 |
| Net Debt, LFI | 910.90 |
| Net Debt, LFY | 918.40 |
| Dividend Yield - 5 Year Average | 7.29% |
| Dividend Yield - indicated annual dividend divided by closing price | 8.14% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 7.95% |
| Free Cash Flow - most recent fiscal year | 111.10 |
| LT debt/equity - most recent fiscal year | 49.25% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 49.25% |
| LT debt/equity - most recent half-year | 48.66% |
| Total debt/total equity - most recent half-year | 48.66% |
| Free Cash Flow - trailing 12 month | 110.50 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 162.60 |
| Revenue - trailing 12 month | 161.20 |
| EBITD - most recent fiscal year | 247.50 |
| EBITD - trailing 12 month | 179.10 |
| Earnings before taxes - most recent fiscal year | 200.30 |
| Earnings before taxes - trailing 12 month | 129.00 |
| Net Income available to common - most recent fiscal year | 200.10 |
| Net Income available to common - trailing 12 months | 128.80 |
| Earnings before taxes Normalized - most recent fiscal year | 99.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.20 |
| Net Profit Margin % - 1st historical fiscal year | 123.06% |
| Net Profit Margin % - trailing 12 month | 79.90% |
| Operating margin - 1st historical fiscal year | 93.42% |
| Operating margin - trailing 12 month | 93.11% |
| Pretax margin - trailing 12 month | 80.02% |
| Pretax margin - 1st historical fiscal year | 123.19% |
| Operating Margin - 5 year average | 93.86% |
| Pretax Margin - 5 year average | 96.69% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 67.98% |
| Free Operating Cash Flow/Revenue, TTM | 68.55% |
| Net Profit Margin - 5 year average | 96.65% |
| Return on average assets - most recent fiscal year | 6.97% |
| Return on average assets - trailing 12 month | 4.45% |
| Return on average equity - most recent fiscal year | 10.62% |
| Return on average equity - trailing 12 month | 6.78% |
| Return on average assets - 5 year average | 4.89% |
| Return on average equity - 5 year average | 12.50% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | -2.19% |
| EPS growth rate, 5 year | -4.60% |
| Growth rate% - dividend, 3 year | 0.08% |
| Revenue/share (5 yr growth) | -0.20% |
| Growth rate% - Revenue, 3 year | -1.12% |
| Growth rate% - EPS, 3 year | 16.66% |
| Book value per share growth rate, 5 year | 1.81% |
| Capital Spending growth rate, 5 year | — |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | -4.71% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | ||||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
We have taken some poetic licence here due to the fascinating nature of its business model, with WPR expected to yield closer to 6.9% over the coming years. This REIT owns a portfolio of more than 400 fuel and convenience assets.
WPR owns a portfolio of Fuel & Convenience assets valued at +$2.7bn across +400 properties. The key tenant is Viva Energy (VEA), which operates around 1300 Shell and Liberty branded outlets, supplying 25% of Australia’s fuel. WPR owns the underlying properties, structured as a Real Estate Investment Trust (REIT), and is expected to pay a yield above 7% for the coming 12 months. While some property companies have enjoyed a stellar FY24, with the local real-estate sector up over 20%, WPR has not, with the stock languishing near the bottom of its 52-week trading range.
Waypoint REIT owns an AUD 3 billion portfolio of service station properties across Australia. About 80% of the portfolio by value is in capital cities and other major urban areas, with about 10% on highways and a similar proportion in small towns. About 95% of rental income comes from ASX-listed Viva Energy, and 90% of the leases are triple net, where the tenant pays all property outgoings. Management is internal.
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