BWP Trust (BWP) Fair Value & Analysis
Real Estate · AU · Market cap A$3.0B
Fair value as of: Jul 16, 2026
From 13 valuation models · updated 25 days ago
Share price +2.4% over the past month.
A solid business, currently priced close to our fair value.
What matters now
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- A fairly wide model range (A$2.52 to A$4.87) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.
How to read this chart
60‑month range A$2.78 – A$3.95 · fair‑value band A$2.52 – A$4.87 · the A$3.91 price screens above the A$3.53 fair value. Dashed = 300-day average. As of Jul 16, 2026.
Analysis
BWP Trust (BWP) currently trades at A$3.91, while our model-based Fair Value estimate is A$3.53, implying the stock looks roughly 9.7% fairly valued today. The Quality Score stands at 59/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Trailing-twelve-month revenue stands at A$206M. Revenue grew 3.0% year over year. It earns a return on equity of 11.3%. Net debt stands at A$782M. Fundamentals as of Jul 16, 2026
Our scenario range runs from A$2.52 (bear case) to A$4.87 (bull case); at A$3.91, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 3% below its 52-week high and 16% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -45% fair-value upside, at -10%, BWP screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 13 models by family
Widest divergence: Economic Profit (A$3.37) versus Growth DCF (A$1.23). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 70
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
BWP Trust was established and listed on the Australian Securities Exchange (ASX). BWP Trust is a real estate investment trust investing in and managing commercial properties throughout Australia.
Full company description
BWP Trust was established and listed on the Australian Securities Exchange (ASX). BWP Trust is a real estate investment trust investing in and managing commercial properties throughout Australia. Since its inception, and prior to management internalization on 1 August 2025, BWP Trust was externally managed by BWP Management Limited (BWPM), the appointed responsible entity, with 100 per cent of BWPM's share capital owned by Wesfarmers Limited (Wesfarmers). On 28 July 2025, unitholders approved the internalization of the management of BWP, where BWP Management Limited and its subsidiaries were purchased from Wesfarmers by BWP Trust unitholders through a new entity, BWP Property Group Limited (BWP Property Group). This resulted in the formation of a stapled group comprising BWP and BWP Property Group (the Group). BWP is managed by the responsible entity, BWP Management Limited (the Responsible Entity or the RE), now a subsidiary of BWP Property Group, which is appointed under the Trust's constitution and operates under an Australian Financial Services License (AFSL). The responsible entity is solely committed to managing the respective trusts and during the 2024/25 financial year a quarterly fee was paid based on the gross assets of the respective trusts. Most of the Group's properties are well located large format retailing properties, in particular, Bunnings Warehouses leased to Bunnings Group Limited (Bunnings or BGL). Bunnings is the leading retailer of home improvement and lifestyle products in Australia and New Zealand and a major supplier to project builders, commercial tradespeople, and the housing industry. Bunnings is a wholly owned subsidiary of Wesfarmers, one of Australia's largest listed companies. Through one of its subsidiaries, Wesfarmers also owned 22.3 per cent of the issued units in BWP as at 30 June 2025. BWP Trust was established on June 18, 1998 and incorporated in Australia.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
BWP Trust reported revenue of A$203M in FY2025 versus A$152M in FY2021, a compound +7.4%/yr. Reported net income was A$266M in FY2025, compounding +0.2%/yr from FY2021.
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Peer Group
REIT - Industrial · 63 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Industrial median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Industrial stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Prologis, Inc PLD | $143.42 | $61.28 | -57% |
| Public Storage, a member of the S&P 500, PSA | $322.48 | $172.80 | -46% |
| Extra Space Storage Inc EXR | $147.71 | $78.38 | -47% |
| EastGroup Properties, Inc EGP | $213.10 | $81.41 | -62% |
| Lineage, Inc LINE | $41.42 | $47.91 | +16% |
| CapitaLand Ascendas REIT (CLAR) A17U | 2.51 SGD | 2.00 SGD | -20% |
| CubeSmart CUBE | $42.09 | $25.06 | -40% |
| First Industrial Realty Trust, Inc FR | $66.99 | $21.48 | -68% |
| Rexford Industrial Realty, Inc REXR | $39.00 | $21.35 | -45% |
| STAG Industrial, Inc STAG | $41.11 | $24.31 | -41% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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