# BWP - BWP Trust



## Muschu (21 October 2012)

I couldn't find a thread on BWP but hope this will be shifted if there is.... 

I know the share price has been higher than it is now but the chart over the past 12 months looks pretty good.  Add in a 6-7% return and it's better. [No franking though]

I don't hold BWP although I have a retired friend who has held it for many years.

Comments would be welcome although I imagine it too boring a stock for some....


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## Miss Hale (22 October 2012)

I bought some of these a few months ago and am very happy so far as the price has been going up ever since.


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## nulla nulla (20 November 2012)

BWP is on my watchlist of REIT's but is not one that I try to trade. The two year chart as at 16 November 2012 shows that BWP has enjoyed an enviable climb from the low of August 2011.





The six month chart (as at today) shows that BWP peaked at $2.15 interday on October 30, 2012 then suffered the ignominy of most REIT's subsequent to the re-election of Barak Obama and retreated to $2.03 on 13 November 2012. Since then BWP has climbed back to $2.09 and appears to be holding the upward channel.




However the table for BWP shows that BWP is paying an annual dividend of $0.135 on earnings of $0.134. The ROE is only 6.41% and the share price of $2.09 is at 12.9% premium to the NTA of $1.85. On the plus side the Price/earnings ratio is only 15.6 times.


	Share:		BWP	  	Date:		Closing 20-11-12	  	Closing Price		2.09		Issued Shares		525,255,093		Capital		1,097,783,144		Earnings $		0.1340		ROE		6.41%		Dist $		0.135		Yield %		6.46%		P/E		15.60		NTA $		1.85		Discount to NTA		-12.97%	


The biggest problem for me with BWP is the low daily turnover. The low liquidity combined with the tight daily price movement spread of 1-2 cents, in my opinion, makes it a hard share to trade.  However, if it was a share purchased in the August 2011 lows, the yield of 6.46% on the current price (better on the August 2011 price) would make it a different proposition. In those circumstances, it would be dependant on "the trend is my friend" outlook, combined with a trailing stop loss. Good luck to those that hold or want to take a punt but not for me. As always do your own research and good luck.


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## nulla nulla (23 March 2013)

BWP surged unexpectedly on Friday 15/3/2013 to a new high. However this week BWP dropped back significantly, I wonder if this is a sign that it is peaking?




BWP has been a bit of an outperformer in the A-REIT sector since August last year. Rising well above the NTA seemingly unstopable. You would think at some stage the share price would plateau but each time I think it can't sustain the rise, it moves up to a new level. 


*Share:*  *BWP*    *Date:*  *22-Mar-13*    *Closing Price* 	2.38	 *Issued Shares* 	525,255,093	 *Capital* 	1,250,107,121	 *Earnings $* 	0.1645	 *ROE* 	6.91%	 *Dist $* 	0.139	 *Yield %* 	5.83%	 *P/E* 	14.47	 *NTA $* 	1.87	 *Discount to NTA* 	-27.27%	


To rich for me and to tight a daily spread for me to trade with confidence. An excelent share for early investor holders, though I suspect a few of them will be looking at locking in profits at these levels.  As always do your own research and good luck.


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## nulla nulla (7 April 2013)

BWP seems to have leveled off in recent weeks. 





The chartist can tell us if there is a pennant forming and whether there will be a break out upward or downward. The volume analysts can tell us whether there is sell presure or buyer support building. 


*Share:*  *BWP*    *Date:*  *5-Apr-13	*   *Closing Price*  *$2.38*  *Issued Shares* 	525,255,093	 *Capital* 	1,250,107,121	 *Earnings $* 	0.1645	 *ROE* 	6.91%	 *Dist $* 	0.139	 *Yield %* 	5.83%	 *P/E* 	14.47	 *NTA $* 	1.87	 *Discount to NTA* 	-27.27%	

In the meantime the profit takers are being matched by the yield security buyers and the volitility can make for some tight trading opportunities. As always, do your own research and good luck.


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## UMike (9 November 2013)

Just bought a few for $2.28


BWP$2.30P/E Ratio12.4


Year	      2012A2013A2014E2015ENPAT ($m)70.5775.7789.1797.68EPS (c)13.5214.2414.5515.44% Change9.25.282.226.08DPS (c)13.514.1414.615.44Franking(%)0000Yield (%)7.76.466.356.71PER (x)12.9715.3815.8114.9


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## UMike (2 December 2013)

Got another lot today. @ $2.25

Divi due later this month. 3 divis in 13-14mths then I'll take another look at off-loading them.


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## nulla nulla (11 April 2014)

BWP seems to have an intrinsic market value around $2.30. It goes up and it goes down but it always seems to fluctuate around the $2.30 mark.




Is it time to short BWP? After all, it is restricted to Bunnings Warehouse sites and has limited opportunity for future earnings growth. Or am I missing something? As always do your own research and good luck.


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## UMike (8 January 2015)

UMike said:


> Got another lot today. @ $2.25
> 
> Divi due later this month. 3 divis in 13-14mths then I'll take another look at off-loading them.




True to my word.... Out today. Stunned at the 30% plus 3 dividends.

Pity I just missed out getting more of these early October When I refused to offer any more than $2,32.


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## Toyota Lexcen (8 January 2015)

Yeah its been a run for BWP and the property sector for sure, amazing, with yields getting lower be interesting ahead


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## nulla nulla (9 January 2015)

Yesterdays Jump is a bit hard to understand.




Mind you, even at $2.90 it still has a good yield and a low price earnings ratio compared to other A-REIT's.


	Code	 *	Closing Price	* 		Capital				Earnings $				ROE				Dist $					Yield %					P/E				NTA $				Premium to NTA		           BWP  *	2.900	*​  1,855,201,995​  0.2434​  8.39%​  0.1471​  * 5.07%​ *  11.91​  2.07​  40.10%​


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## peter2 (15 March 2015)

Looking through the charts from nulla-nulla's post in the A-REIT Valuation model thread. 

There is a classic ascending triangle in the BWP chart. The AT target is 3.05 + 0.30 = 3.35


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## nulla nulla (15 March 2015)

$3.05 has been a significant resistance level over the last few months. The low may have been getting higher but the market has lacked confidence to push the highs higher.




At $3.05 BWP is probably still a good long term investment for yield chasers but I suspect it will only leap ahead on the back of an overall sector rise.



	Code	 *	Closing Price	* 		Capital				Earnings $				ROE				Dist $					Yield %					P/E				NTA $				Premium to NTA		           BWP  *	3.050	*​  1,959,270,599​  0.3155​  10.34%​  0.1555​  * 5.10%​ *  9.67​  2.18​  39.91%​ 


At $3.35 BWP would still have a low price earnings ratio compared to other A-REIT's but the income is still limited to the Bunning sites and the opportunities to boost earnings and yields is limited. Unless they bring in partners to take equity in sites while BWP retains management rights and they take up equity/management of non Bunnings sites, I think their growth prospects are limited.


	Code	 *	Closing Price	* 		Capital				Earnings $				ROE				Dist $					Yield %					P/E				NTA $				Premium to NTA		           BWP  *	3.350	*​  2,151,985,740​  0.3155​  9.42%​  0.1555​  * 4.64%​ *  10.62​  2.18​  53.67%​ 

Mind you I was surprised that the share price made it to $3.05. As always do your own research and good luck.


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## nulla nulla (28 August 2016)

This share has dropped from an interday high of $3.91 on 2/8/16 to an interday low of $3.11 (before closing on $3.32) on Friday 26/8/16. That's a 20% drop in just over 3 weeks. Any one know why?


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## So_Cynical (28 August 2016)

nulla nulla said:


> This share has dropped from an interday high of $3.91 on 2/8/16 to an interday low of $3.11 (before closing on $3.32) on Friday 26/8/16. That's a 20% drop in just over 3 weeks. Any one know why?




I heard that 6 or 7 Bunnings stores will close...something like that.


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## IrishDigger (28 August 2016)

So_Cynical said:


> I heard that 6 or 7 Bunnings stores will close...something like that.




Check ASX Website announcements on BWP re Bunnings Stores.


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## Miner (29 August 2016)

BWP is probably sold under panic. What I read about seven stores that BWP was compensated for lease break out and per BWP management report, it is not a significant issue for their profitability.
Notwithstanding Motley Fool has still kept it as BUY (please double check) and Shaw Brokers has published SELL recommendation today 
I personally sold BWP few months ago but I am never an astute trader or investor by my own performance . SO DYOR

"BWP Trust (BWP)

*Rating: Sell | Risk: Low | Price Target: $2.89*Bunnings vacating ~7 BWP properties; FY17 guidance unchanged; Medium term impact TBD

Event: Bunnings has advised BWP of its intention to vacate “up to seven” existing properties owned by BWP.  This event was largely foreshadowed by the announcement from Bunnings on 24 Aug 2016.  BWP has reaffirmed FY17 DPS guidance of “about 3 %” growth.

Recommendation: There is no shorter term impact on BWP’s earnings as Bunnings is responsible for paying rent up until the end of its existing lease term at each property.  The medium to long term potential earning impact of these departures is dependent upon whether BWP: (1) looks to re-lease the properties to other tenants (i.e. bulky good retailers); (2) redevelop the sites for alternative uses; or (3) sell the properties.   Clearly options 2 & 3 would be EPS dilutive until either redevelopment is completed or funds are reinvested.  Quantifying the exact impact is difficult at present given the lack of detail.  By way of sensitivity, if we assume the stores are smaller-sized (say $15m average value) and average about $1.3m pa of rent, then under a sale scenario there would be a ~2.5% dilutive impact to EPS on an annualised basis (pre any reinvestment of proceeds).  We will revisit our EPS estimates as/when more detail is provided.  *Regardless, we continue to see BWP as fully valued and retain our SELL.*"


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## So_Cynical (29 August 2016)

Miner said:


> BWP is probably sold under panic. What I read about seven stores that BWP was compensated for lease break out and per BWP management report, it is not a significant issue for their profitability.




BWP is a large REIT and like most large conservatively run trusts they have many conservative share holders, conservative = easily spooked,  institutions, superfunds etc.


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## UMike (8 February 2017)

Haven't owned these since I sold out mid 2014.

Looking to get back in with the SMSF since the results look better than solid.


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## peter2 (20 September 2017)

The recent BO-HR after a long basing pattern is interesting. 
I've included it in a conservative 'low activity' portfolio.


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## Miner (4 August 2020)

Listening to Wesfarmers saga today and published result check BWP presentation.
https://www.asx.com.au/asxpdf/20200804/pdf/44l55yhtfwnr4b.pdf
Interestingly the net profit rise is primarily due to the increase in the valuation of properties and not necessarily from sales. I realise  BWP Trust is a REIT  and I should not mix up with  Bunnings owned by Wesfarmers.
A freebie published news (beware it is from MF meant for free publication and not for paid subscribers !)  https://www.fool.com.au/2020/08/04/...elivers-distribution-growth-despite-covid-19/
https://www.fool.com.au/2020/07/29/3-quality-asx-dividend-shares-to-buy-in-august/
Market price only rose by a little more than 1 pc. ; Latest price is 3.87 ($2.88 was on the last posting from @peter2 - about three years back). DNH


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## divs4ever (4 August 2021)

FULL-YEAR RESULTS TO 30 JUNE 2021

The directors of BWP Management Limited, the responsible entity for the BWP Trust (“the Trust”),
today announced the results of the Trust for the 12 months to 30 June 2021.
The Trust made good progress in improving Bunnings Warehouse properties and repositioning
ex-Bunnings properties in the portfolio during the year. Upgrades were completed for the Croydon
and Port Melbourne properties. The Port Macquarie property has been repositioned for large format
retail and is now fully leased. A non-binding agreement has been entered into for the Cairns property
to be utilised as a film studio, and the Trust has entered into an arrangement with the New South
Wales State Government for the recently vacated Belmont North property to be used as a COVID-19
vaccination centre for up to two years. The re-zoning of the Belmont North property has recently been
approved and work is underway to determine the best longer-term use for that property. The Midland
property has been leased to a car dealership on expiry of the Bunnings lease in September 2021.
Options to extend Bunnings leases were exercised for the Belmont, Caroline Springs, Cockburn,
Fairfield Waters, Mount Gravatt, Pakenham, Smithfield, Wagga Wagga, Broadmeadows and Dubbo
properties.
For the year ended 30 June 2021, the assessed valuation of the Trust’s property portfolio increased by
$149.2 million, a 6.0 per cent increase over the prior year, reflecting the ongoing attractiveness of
Bunnings Warehouse properties to investors.
The COVID-19 pandemic (“COVID-19”) continued during the year with ongoing outbreaks which
resulted in lockdowns or activity restrictions on a state basis for varying periods of time. Bunnings was
able to operate on an unrestricted basis from the properties leased from the Trust for the majority of
the year. The Trust has leases with a small number of tenants such as gym operators which were
subject to COVID-19 closure by State governments for periods of time during the year. Rent
abatements totalling $473,571 were granted for the year ended 30 June 2021. The Trust received
99.6 per cent of rent due for the year, taking into account COVID-19 impacts.
The Trust pays out 100 per cent of distributable profit (which includes any capital profits released)
every six months. Divestments and the repositioning of vacated properties can impact the amount of
distributable profit available in any particular reporting period. Net profit before revaluation gains for
the year ended 30 June 2021 was $114 million, a 3.0 per cent reduction from the prior financial year.
This reflects the one-off impact of deposit payments forfeited by prospective purchasers of
BWP-owned properties that resulted in a higher net profit in the 2020 financial year. For the year
ended 30 June 2021, BWP reported a full-year ordinary distribution of 18.29 cents per unit, the same
as reported for the previous year. Capital profits were utilised to offset the lower net profit to maintain
the same distribution.

Page 2
2020/21 full-year highlights
 Final distribution of 9.27 cents, bringing the full-year ordinary distribution to 18.29 cents, in line
with the previous year
 16 market rent reviews (including 13 Bunnings Warehouse properties) finalised during the year
with rents broadly in line with the market
 Like-for-like rental growth of 1.6 per cent for the 12 months to 30 June 2021, taking into account
the average inflation on Consumer Price Index (“CPI”) linked leases of 0.5 per cent
 Weighted average cost of debt of 3.1 per cent for the year, 3.3 per cent at year end
 Weighted average lease expiry of 4.2 years at 30 June 2021
 Portfolio 97.8 per cent leased
 Net revaluation gains on the property investment portfolio of $149.2 million for the year
 Net tangible assets of $3.29 per unit at 30 June 2021 (2020: $3.06 per unit), up 7.5 per cent on
the previous year
 Gearing (debt/total assets) 17.7 per cent at 30 June 2021

courtesy of Bell Direct
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DYOR

i hold BWP ( DRPed )

pretty much as what you could have expected

interesting to see they are diversifying the tenant mix ( this MIGHT be a future game-changer )

sure SCP started doing similar a couple of years back , but BWP specialize in huge sheds


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## divs4ever (17 December 2021)

DECEMBER 2021 DISTRIBUTION ESTIMATE

The Directors of BWP Management Limited, the responsible entity for the BWP Trust (“the Trust”), today announced the following preliminary distribution estimate and other relevant distribution details for the six month period to 31 December 2021. Relevant dates:
• the ex-distribution date is 30 December 2021,
• the record date is 31 December 2021,
• the last date for elections for the distribution reinvestment plan is 4 January 2022.
In accordance with the Trust’s constitution all distributable profit will be distributed. The estimated distribution, based on unaudited accounts, is 9.02 cents per unit (including approximately 0.26 cents of capital profits). It is expected that there will be no conduit foreign income included in the distribution.
The actual distribution will be confirmed by the Board on 9 February 2022 and payment of the distribution entitlement is expected to be made on 25 February 2022.
The distribution will be subject to the Trust’s distribution reinvestment plan (DRP). The allocation price for the units under the DRP will be calculated as the average of the daily volume weighted average unit price on each of the 20 consecutive trading days from and including 6 January 2022 to 3 February 2022. 
The directors have determined that no discount shall apply to the allocation price and the DRP will not be underwritten. 
Units to be allocated under the DRP will be acquired on-market and transferred to participants on 25 February 2022. A broker will be engaged to assist in this process.
Participation in the DRP is open to all unitholders whose addresses are in Australia and New Zealand. For further information regarding the DRP please go to the Investors, Distribution Reinvestment Plan, section of the Trust’s website, www.bwptrust.com.au. Alternatively contact the registry, Computershare at www.investorcentre.com/bwp or by telephone on 1300 136 972 (within Australia).

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DYOR

i hold BWP ( DRPed )


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