# BWP Trust (BWP.AU)

Canonical: https://gigainvestors.com/s/BWP.AU

Analysis as of: 2026-10-16T07:41:03.489Z. Financial observations: FY1999–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 3.56 per share; close as of 2026-10-15.

Estimated value: low AUD 2.29 per share, central AUD 2.59 per share, high AUD 2.99 per share. Buy at or below the central value AUD 2.59 per share. Valuation as of 2026-10-16T07:41:03.489Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.88×

- FY2018: 0.92×

- FY2019: 1.21×

- FY2020: 0.85×

- FY2021: 0.85×

- FY2022: 0.84×

- FY2023: 0.82×

- FY2024: 0.89×

- FY2025: 0.83×

- FY2026: 0.86×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.5%

- ROIC, second-lowest year: 3.5%

- Typical minus recent gross margin: 2.7 pp

- Typical gross margin (annual median): 86.2%

- Recent gross margin (lower of latest and 3-year median): 83.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: 4.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 3.9%

- FY2018: 4.5%

- FY2019: 8.3%

- FY2020: 3.5%

- FY2021: 5.0%

- FY2022: 3.2%

- FY2023: 4.3%

- FY2024: 4.5%

- FY2025: 4.6%

- FY2026: 4.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.55×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 761M

- Net income, five-year total: AUD 1.4B

- Return on incremental invested capital: 5.4%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -2.0 pp

- Working capital / revenue, final three-year average: -5.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.23×

- FY2023: 3.29×

- FY2024: 0.71×

- FY2025: 1.00×

- FY2026: 0.33×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.5% vs 4.6%

- Per-share earnings: 0.35 to 0.37 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.3%

- Ordinary dilution, 5-year annual growth: 2.6%

- Market cap gain: AUD 859M

- Cumulative retained earnings: AUD 1.1B

- Diluted shares, 10-year annual growth: 1.3%

- Diluted shares, 5-year annual growth: 2.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 0.8%

- Per-share value change: AUD 0.02

- Per-share value, starting three-year median: AUD 0.35

- Per-share value, ending three-year median: AUD 0.37

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.2%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 95M

- Cumulative net income, 10 years: AUD 2.5B

- ROIC, first three-year median: 4.5%

- ROIC, last three-year median: 4.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.35

- FY2018: AUD 0.29

- FY2019: AUD 0.33

- FY2020: AUD 0.33

- FY2021: AUD 0.41

- FY2022: AUD 0.76

- FY2023: AUD 0.06

- FY2024: AUD 0.27

- FY2025: AUD 0.37

- FY2026: AUD 0.56

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: 6.5%

- Receivables to sales index (DSRI): 1.74×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.33×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 4.8%

- FY2018: 3.0%

- FY2019: 4.2%

- FY2020: 4.0%

- FY2021: 5.6%

- FY2022: 12.4%

- FY2023: -2.8%

- FY2024: 1.4%

- FY2025: 3.9%

- FY2026: 6.5%

## Holders

## Price story

Price needs cash profits to grow 5.1% a year for ten years · sales +3.3%

Story as of 2026-10-16T10:00:11.780Z; price observation 2026-10-15.

Price needs cash profits to grow 5.1% a year for ten years

### Sales · FY2025–2026

sales +3.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 152M 

- FY2018: AUD 153M 

- FY2019: AUD 156M 

- FY2020: AUD 156M 

- FY2021: AUD 152M 

- FY2022: AUD 153M 

- FY2023: AUD 158M 

- FY2024: AUD 174M 

- FY2025: AUD 203M 

- FY2026: AUD 209M 

### Gross margin · FY2026

gross margin 91.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 88.7% 

- FY2018: 91.7% 

- FY2019: 87.2% 

- FY2020: 90.8% 

- FY2021: 85.2% 

- FY2022: 84.4% 

- FY2023: 82.9% 

- FY2024: 83.5% 

- FY2025: 83.1% 

- FY2026: 91.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are AUD 209.3 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); FY2026: revenue 209326000; grossProfit 190988000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 83.1% to 91.2% during 2024–26; it earns 4.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); FY2024: grossProfit / revenue = 83.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); FY2025: grossProfit / revenue = 83.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); FY2026: grossProfit / revenue = 91.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); 10-year return on capital observations [[2017,0.03921926996765543],[2018,0.04546319775557766],[2019,0.08283413840160303],[2020,0.034795674227446824],[2021,0.050479007597727575],[2022,0.03153552690310773],[2023,0.04349140688371654],[2024,0.045162462205038514],[2025,0.04622765225790792],[2026,0.046500421115666456]]; median 0.045312829980308084. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 71% of cash earnings; earns 5.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); FY2017: growth capex 31231398.803631127; upkeep -31231398.803631127; owner earnings 120564398.80363113. Growth capex / owner earnings = 0.2590432923279381.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); FY2018: growth capex 13445839.930842457; upkeep -13445839.930842457; owner earnings 61860839.93084246. Growth capex / owner earnings = 0.21735624582327495.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); FY2019: growth capex 0; upkeep 0; owner earnings 110179000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); FY2020: growth capex 0; upkeep 0; owner earnings 109674000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); FY2021: growth capex 0; upkeep 0; owner earnings 112350000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); FY2022: growth capex 827000; upkeep -827000; owner earnings 111863000. Growth capex / owner earnings = 0.007392971760099407.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); FY2023: growth capex 827000; upkeep -827000; owner earnings 120579000. Growth capex / owner earnings = 0.0068585740468904205.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); FY2024: growth capex 0; upkeep 0; cash acquisitions 0; owner earnings 128763000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); FY2025: growth capex 3300000; upkeep -3300000; owner earnings 265577000. Growth capex / owner earnings = 0.0124257748223679.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); FY2026: growth capex 0; upkeep 0; cash acquisitions 95483000; owner earnings 134498000. Growth capex plus acquisitions / owner earnings = 0.7099213371202546.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); Incremental return on capital 0.053557295510516065, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); Dividend observations: [[2017,110041000],[2018,113446000],[2019,115372000],[2020,126935000],[2021,117492000],[2022,117492000],[2023,117492000],[2024,117492000],[2025,131785000],[2026,135443000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); FY2026: cash repurchases 1534000 AUD.

### Are managers owners

Insiders own 24.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BWP.AU SharesStats.PercentInsiders = 24.102999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.1% yearly over ten years; actual decline was 7.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:03.489Z); Ten-year compound average after fade. Initial solved rate 0.059773884892111995. Price 3.56; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.3902579528524291 → FY2026 0.1841948259150526. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 2.96 per share

- 2016-11: AUD 2.90 per share

- 2016-12: AUD 2.98 per share

- 2017-01: AUD 2.91 per share

- 2017-02: AUD 2.84 per share

- 2017-03: AUD 2.84 per share

- 2017-04: AUD 2.91 per share

- 2017-05: AUD 3.03 per share

- 2017-06: AUD 2.97 per share

- 2017-07: AUD 2.89 per share

- 2017-08: AUD 2.93 per share

- 2017-09: AUD 2.94 per share

- 2017-10: AUD 3.08 per share

- 2017-11: AUD 3.19 per share

- 2017-12: AUD 3.08 per share

- 2018-01: AUD 2.99 per share

- 2018-02: AUD 2.90 per share

- 2018-03: AUD 3.01 per share

- 2018-04: AUD 3.12 per share

- 2018-05: AUD 3.19 per share

- 2018-06: AUD 3.24 per share

- 2018-07: AUD 3.30 per share

- 2018-08: AUD 3.22 per share

- 2018-09: AUD 3.33 per share

- 2018-10: AUD 3.45 per share

- 2018-11: AUD 3.48 per share

- 2018-12: AUD 3.52 per share

- 2019-01: AUD 3.63 per share

- 2019-02: AUD 3.69 per share

- 2019-03: AUD 3.73 per share

- 2019-04: AUD 3.69 per share

- 2019-05: AUD 3.59 per share

- 2019-06: AUD 3.67 per share

- 2019-07: AUD 3.75 per share

- 2019-08: AUD 3.89 per share

- 2019-09: AUD 3.94 per share

- 2019-10: AUD 4.14 per share

- 2019-11: AUD 4.25 per share

- 2019-12: AUD 3.91 per share

- 2020-01: AUD 4.10 per share

- 2020-02: AUD 3.78 per share

- 2020-03: AUD 3.34 per share

- 2020-04: AUD 3.52 per share

- 2020-05: AUD 3.77 per share

- 2020-06: AUD 3.82 per share

- 2020-07: AUD 3.84 per share

- 2020-08: AUD 4.05 per share

- 2020-09: AUD 4.03 per share

- 2020-10: AUD 4.00 per share

- 2020-11: AUD 4.30 per share

- 2020-12: AUD 4.41 per share

- 2021-01: AUD 4.29 per share

- 2021-02: AUD 3.79 per share

- 2021-03: AUD 3.94 per share

- 2021-04: AUD 4.12 per share

- 2021-05: AUD 4.26 per share

- 2021-06: AUD 4.25 per share

- 2021-07: AUD 4.10 per share

- 2021-08: AUD 4.05 per share

- 2021-09: AUD 3.99 per share

- 2021-10: AUD 4.23 per share

- 2021-11: AUD 4.11 per share

- 2021-12: AUD 4.14 per share

- 2022-01: AUD 3.96 per share

- 2022-02: AUD 4.01 per share

- 2022-03: AUD 4.02 per share

- 2022-04: AUD 4.15 per share

- 2022-05: AUD 4.12 per share

- 2022-06: AUD 3.88 per share

- 2022-07: AUD 4.27 per share

- 2022-08: AUD 3.97 per share

- 2022-09: AUD 3.69 per share

- 2022-10: AUD 4.07 per share

- 2022-11: AUD 4.09 per share

- 2022-12: AUD 3.90 per share

- 2023-01: AUD 3.91 per share

- 2023-02: AUD 3.87 per share

- 2023-03: AUD 3.77 per share

- 2023-04: AUD 3.87 per share

- 2023-05: AUD 3.72 per share

- 2023-06: AUD 3.62 per share

- 2023-07: AUD 3.66 per share

- 2023-08: AUD 3.69 per share

- 2023-09: AUD 3.34 per share

- 2023-10: AUD 3.24 per share

- 2023-11: AUD 3.42 per share

- 2023-12: AUD 3.52 per share

- 2024-01: AUD 3.43 per share

- 2024-02: AUD 3.48 per share

- 2024-03: AUD 3.60 per share

- 2024-04: AUD 3.56 per share

- 2024-05: AUD 3.72 per share

- 2024-06: AUD 3.45 per share

- 2024-07: AUD 3.57 per share

- 2024-08: AUD 3.61 per share

- 2024-09: AUD 3.74 per share

- 2024-10: AUD 3.44 per share

- 2024-11: AUD 3.38 per share

- 2024-12: AUD 3.27 per share

- 2025-01: AUD 3.39 per share

- 2025-02: AUD 3.45 per share

- 2025-03: AUD 3.44 per share

- 2025-04: AUD 3.57 per share

- 2025-05: AUD 3.53 per share

- 2025-06: AUD 3.51 per share

- 2025-07: AUD 3.57 per share

- 2025-08: AUD 3.54 per share

- 2025-09: AUD 3.71 per share

- 2025-10: AUD 3.83 per share

- 2025-11: AUD 3.80 per share

- 2025-12: AUD 3.93 per share

- 2026-01: AUD 3.73 per share

- 2026-02: AUD 3.85 per share

- 2026-03: AUD 3.71 per share

- 2026-04: AUD 3.90 per share

- 2026-05: AUD 3.78 per share

- 2026-06: AUD 3.79 per share

- 2026-07: AUD 3.89 per share

- 2026-08: AUD 3.67 per share

- 2026-09: AUD 3.60 per share

- 2026-10: AUD 3.56 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 4.04 per share, central AUD 4.92 per share, high AUD 5.73 per share

- FY2018: low AUD 3.80 per share, central AUD 4.32 per share, high AUD 5.02 per share

- FY2019: low AUD 4.25 per share, central AUD 5.34 per share, high AUD 6.23 per share

- FY2020: low AUD 4.97 per share, central AUD 6.24 per share, high AUD 7.27 per share

- FY2021: low AUD 1.88 per share, central AUD 2.13 per share, high AUD 2.47 per share

- FY2022: low AUD 1.86 per share, central AUD 2.11 per share, high AUD 2.45 per share

- FY2023: low AUD 2.15 per share, central AUD 2.65 per share, high AUD 3.09 per share

- FY2024: low AUD 2.16 per share, central AUD 2.45 per share, high AUD 2.84 per share

- FY2025: low AUD 2.32 per share, central AUD 2.63 per share, high AUD 3.05 per share

- FY2026: low AUD 2.47 per share, central AUD 2.79 per share, high AUD 3.21 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:46:47.880Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations