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General Information

BWP Trust
BWP
http://www.bwptrust.com.au
Industrial Real Estate Investment Trusts
2,017
642

Current Price Data+

Current Price Open High Low Last Close Volume Price Movement
$3.14 $3.12 $3.16 $3.12 $3.10 1591652 $0.04 ( 1.29% )
  • +Security prices are delayed by least 20 minutes and are indicative only.

Current Broker Consensus Recommendation

Strong Sell
21/05/2015
3

Company Overview

Business Description
BWP Trust (BWP) is a listed managed investment scheme which invests in commercial real estate throughout Australia. The majority of its properties are Bunnings Warehouse properties tenanted by Bunnings Group Limited, a wholly owned subsidiary of Wesfarmers Limited. The BWP Trust is managed by unlisted responsible entity, BWP Management Limited.
Strategy Analysis
Being the only trust solely focusing on the bulky goods retail sub-sector, BWP seeks to provide unitholders with a secure, growing income stream underpinned by long term inflation linked leases. Properties are simple, requiring little maintenance capex. Tenant led development/extensions often occur as leases roll over. Management is becoming more active with increasing acquisitions and divestments to diversify and refine the portfolio towards higher growth areas. Exposure to non-Wesfarmers related tenants will increase, though new tenants won’t exceed 20% of income. BWP Trust reported NPAT up 52.8% to $48.83m for the half-year ended 31 December 2012. Revenues from ordinary activities were $54.0m, up 9.3% from the same period last year. The increase in revenues was mainly due to growth of the property portfolio during or since the corresponding period - from acquisitions and improvements to investment properties (adding approximately $3.2m) and rent reviews (adding approximately $1.5m). Basic and Diluted EPS was 9.2 cents compared to 6.15 cents last year. Net operating cash flow was $36.87m compared to $34.92m last year. The interim dividend declared was 7.00 cents compared with 6.63 cents last year. Property income for the second half of 2012/13 will include a full six months rental income the Bunnings Warehouse-anchored homemaker centre in Gladstone, Qld, acquired in September 2012.

Financial Summary

Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016 F 105.1 16.3 2.6% 19.2 16.3 5.2% 0.0%
2015 F 101.7 15.9 5.9% 19.7 15.9 5.1% 0.0%
2014 A 92.0 15.0 5.5% 15.7 14.7 6.2% 0.0%

Peer Comparison

Company Mkt Cap EPS Growth (%) P/E (%) Dividend Yield (%)
2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
Australian Industrial REIT (ANI) $226M 0.0000 0.0000 0.0000 20.1371 0.0000 0.0000 4.85% 0.00% 0.00%
BWP Trust (BWP) $1,991M -0.2727 0.0606 0.0232 20.6529 19.4724 19.0301 4.75% 5.12% 5.25%
Goodman Gp (GMG) $11,062M 0.0702 0.0752 0.0643 18.4019 17.1142 16.0805 3.28% 3.51% 3.79%
Industria REIT (IDR) $258M 0.0000 0.0000 0.0000 16.7072 0.0000 0.0000 4.63% 0.00% 0.00%
360 Captial (TIX) $373M -0.2222 0.0000 0.0000 12.2618 0.0000 0.0000 7.38% 0.00% 0.00%

Financial Summary

Earnings P/E Ratio P/B Ratio P/E Growth
Company 1.53 19.80 1.52 4.75
Market 0.99 17.00 1.32 1.59
Sector 1.57 15.00 1.18 2.36

Directors

Name Position Start Date
Mr Michael James Wedgwood Managing Director 24/02/2014
Mr Erich Fraunschiel Non-Executive Director 01/02/2015
Mr Anthony (Tony) John Howarth Non-Executive Director 01/10/2012
Ms Fiona Elizabeth Harris Non-Executive Director 01/10/2012
Mr John King Atkins Non-Executive Director 01/04/2014
Mr Richard David Higgins Non-Executive Director 05/12/2007
Mr Michael (Mike) Steur Non-Executive Director 01/02/2015
Mr John Ambrose Austin Non-Executive Director, Non-Executive Chairman 10/09/2004

Management

Name Position
Karen A Lange Company Secretary

Substantial Shareholders

Holding Name
151,863,632 (23.94%) Wesfarmers Group

Calendar of Events

Date Event
10 February 2016 Report (Interim)
06 August 2015 Report (Prelim)
06 August 2015 Report (Annual)
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