Bunnings downgraded to Hold

The share price of Bunnings Warehouse Property Trust has been surprisingly volatile over the past year for such a predictable business. After rising from $2.19 to a peak of $2.64 in July last year, it then fell to a low of $2.14 last Christmas before climbing back to $2.59. There’s been no material announcements since we upgraded the stock in Bunnings upgraded to Buy on 17 Dec 13 (Buy – $2.18), other than the company issued $200m of medium term notes expiring in 2019 at a low rate of 4.5%. Bunnings currently offers a pedestrian 5.4% yield, so with...

The share price of Bunnings Warehouse Property Trust has been surprisingly volatile over the past year for such a predictable business. After rising from $2.19 to a peak of $2.64 in July last year, it then fell to a low of $2.14 last Christmas before climbing back to $2.59.

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