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). While it’s an incredibly reliable, solid operator, trading at such a big premium to their asset base has MM uninterested.
MM is neutral BWP at best
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