BWP Trust (BWP) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of BWP Trust A$2.85, price A$3.59, upside -20.6%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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BWP Trust
BWP · AUOvervalued / MonitorQuality is not strong enough to offset the price risk.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range A$2.78 – A$3.95 · fair‑value band A$2.13 – A$4.26 · the A$3.59 price screens above the A$2.85 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Company profile
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.
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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.
Stock analysis
BWP Trust (BWP) currently trades at A$3.59, while our model-based Fair Value estimate is A$2.85, implying the stock looks roughly 26.0% overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of A$4.55 per share, and 3 of the 11 models we run sit above the A$3.59 price.
Bear case: the Growth DCF group reads lowest at A$1.35, and 8 of the 11 models stay below the price. Evidence for this calculation is high.
Scenario range: A$2.13 (bear) to A$4.26 (bull), the price of A$3.59 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
BWP Trust reported revenue of A$209M in FY2026 versus A$153M in FY2022, a compound +8.1%/yr. Reported net income was A$408M in FY2026, compounding −4.3%/yr from FY2022.
Key figures
Market cap A$2.7B (≈ $1.9B) · P/E ratio 6.4 · P/S ratio 12.5 · EPS (TTM) A$0.5600 · Dividend yield 5.4% · Net margin 195% · Return on equity 13.2% · Return on assets (EBIT) 4.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (medium confidence).
What moves the price
The share trades about 9% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −11% fair-value upside, at −21%, BWP screens richer than that median.
Fair Value models
All 11 models by family
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Set up alert →Quality Score breakdown
Of which business quality 58 · Market factors (momentum, volatility) 53
Revenue & earnings trend
Growth Forecast
BWP screens 26% overvalued. Compare with Public Storage, a member of the S&P 500, →
Compare BWP Trust with another stock
Price, fair value, quality and upside side by side.
Peer Groupⓘ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.REIT - Industrial · 55 stocks
Valuation Multiplesvs REIT - Industrial median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Real Estate sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Real Estate
- Valuation of the Australia market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more REIT - Industrial stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Public Storage, a member of the S&P 500, PSA | $289.71 | $231.14 | −20% |
| Prologis, Inc PLDGP | $51.15 | $79.51 | +55% |
| Extra Space Storage Inc EXR | $134.99 | $201.02 | +49% |
| EastGroup Properties, Inc EGP | $203.44 | $131.66 | −35% |
| Lineage, Inc LINE | $37.40 | $31.03 | −17% |
| CapitaLand Ascendas REIT (CLAR) A17U | 2.33 SGD | 2.92 SGD | +25% |
| CubeSmart CUBE | $38.56 | $34.32 | −11% |
| First Industrial Realty Trust, Inc FR | $61.89 | $18.56 | −70% |
| Rexford Industrial Realty, Inc REXR | $38.23 | $18.04 | −53% |
| STAG Industrial, Inc STAG | $37.32 | $49.85 | +34% |
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Key figures of BWP Trust
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