# Charter Hall Long Wale REIT (CLW.AU)

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

Analysis as of: 2026-10-16T07:41:51.546Z. Financial observations: FY2015–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

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

Share price: AUD 3.29 per share; close as of 2026-10-15.

Estimated value: low AUD 2.81 per share, central AUD 3.19 per share, high AUD 3.71 per share. Buy at or below the central value AUD 3.19 per share. Valuation as of 2026-10-16T07:41:51.546Z; scenarios are not confidence intervals.

Expected annual return: 9.8% at the stated quote. About 9.8% 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: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 0.72×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.79×

- FY2018: 0.83×

- FY2019: 1.04×

- FY2020: 0.60×

- FY2021: 0.71×

- FY2022: 1.01×

- FY2023: -0.58×

- FY2024: 0.59×

- FY2025: 0.66×

- FY2026: 0.42×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 5.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 2.0%

- ROIC, second-lowest year: 1.3%

- Typical minus recent gross margin: 5.6 pp

- Typical gross margin (annual median): 70.5%

- Recent gross margin (lower of latest and 3-year median): 64.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: 3.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 4.3%

- FY2018: 5.3%

- FY2019: 4.8%

- FY2020: 1.7%

- FY2021: 1.6%

- FY2022: 2.3%

- FY2023: -1.7%

- FY2024: 2.0%

- FY2025: 2.0%

- FY2026: 1.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.24×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD -147M

- Net income, five-year total: AUD 606M

- Return on incremental invested capital: 1.1%

- Working capital / revenue, annual change: -37.7 pp

- Working capital / revenue, change between three-year averages: -242.0 pp

- Working capital / revenue, final three-year average: 21.0%

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

- FY2022: 0.57×

- FY2023: 1.92×

- FY2024: 1.97×

- FY2025: 1.46×

- FY2026: 1.92×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.8% vs 2.0%

- Per-share earnings: 0.16 to 0.17 (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: 23.7%

- Ordinary dilution, 5-year annual growth: 2.3%

- Market cap gain: AUD 1.8B

- Cumulative retained earnings: AUD 16M

- Diluted shares, 10-year annual growth: 23.7%

- Diluted shares, 5-year annual growth: 2.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 0.1%

- Per-share value change: AUD 0.00

- Per-share value, starting three-year median: AUD 0.16

- Per-share value, ending three-year median: AUD 0.17

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 12.5%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 0

- Cumulative net income, 10 years: AUD 1.5B

- ROIC, first three-year median: 4.8%

- ROIC, last three-year median: 2.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.16

- FY2018: AUD 0.35

- FY2019: AUD 0.11

- FY2020: AUD 0.24

- FY2021: AUD 0.97

- FY2022: AUD 1.26

- FY2023: AUD -0.26

- FY2024: AUD -0.71

- FY2025: AUD 0.17

- FY2026: AUD 0.39

### accounting: pass

- Sloan accruals: -5.1%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.92×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.4%

- FY2018: 1.5%

- FY2019: 0.3%

- FY2020: 0.5%

- FY2021: 9.7%

- FY2022: 11.2%

- FY2023: -5.9%

- FY2024: -13.3%

- FY2025: -1.1%

- FY2026: -5.1%

## Holders

## Price story

Down 39% since Apr 2022 · sales +7.1%

Story as of 2026-10-16T10:00:12.142Z; price observation 2026-10-15.

Price needs cash profits to grow 1.3% a year for ten years

### Sales · FY2025–2026

sales +7.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 84M 

- FY2018: AUD 115M 

- FY2019: AUD 85M 

- FY2020: AUD 127M 

- FY2021: AUD 155M 

- FY2022: AUD 220M 

- FY2023: AUD 221M 

- FY2024: AUD 218M 

- FY2025: AUD 182M 

- FY2026: AUD 195M 

### Gross margin · FY2026

gross margin 64.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 69.5% 

- FY2018: 70.5% 

- FY2019: 76.1% 

- FY2020: 74.0% 

- FY2021: 73.1% 

- FY2022: 72.6% 

- FY2023: 70.5% 

- FY2024: 69.2% 

- FY2025: 68.5% 

- FY2026: 64.9% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are AUD 194.5 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:51.546Z); FY2026: revenue 194522000; grossProfit 126273000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CLW.AU: Charter Hall Long WALE REIT is an Australian Real Estate Investment Trust (REIT) listed on the ASX and investing in high quality Australasian real estate assets that are predominantly leased to corporate and government tenants on long term leases. Charter Hall Long WALE REIT is managed by Charter Hall Group. Charter Hall is one of Australia's leading fully integrated property investment and funds management groups. They use their expertise to access, deploy, manage and invest equity to create value and generate superior returns for their investor customers. They've curated a diverse portfolio of high-quality properties across our core sectors " Office, Industrial & Logistics, Retail and Social Infrastructure. With partnerships and financial discipline at the heart of their approach, they create and invest in places that support their customers, people and communities to grow. Charter Hall Long WALE REIT was incorporated in Australia.

### Why customers stay

Margins ranged from 64.9% to 69.2% during 2024–26; it earns 2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:51.546Z); FY2024: grossProfit / revenue = 69.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:51.546Z); FY2025: grossProfit / revenue = 68.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:51.546Z); FY2026: grossProfit / revenue = 64.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:51.546Z); 10-year return on capital observations [[2017,0.04323652537938252],[2018,0.05309785836370176],[2019,0.04826518990252599],[2020,0.016642316546192346],[2021,0.015810698915500646],[2022,0.02302259126023673],[2023,-0.016960006022364874],[2024,0.020236955604746594],[2025,0.02004070422603713],[2026,0.013296211031410737]]; median 0.020138829915391863. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:51.546Z); FY2017: growth capex 66100000; upkeep -66100000; owner earnings 34600000. Growth capex / owner earnings = 1.9104046242774566.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:51.546Z); FY2018: growth capex 0; upkeep 0; owner earnings 83600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:51.546Z); FY2020: growth capex 183505000; upkeep -183505000; owner earnings 122415000. Growth capex / owner earnings = 1.4990401503083772.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:51.546Z); FY2021: growth capex 372542305.6281379; upkeep -372542305.6281379; owner earnings 532405305.6281379. Growth capex / owner earnings = 0.6997343972532509.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:51.546Z); FY2022: growth capex 971163573.5196551; upkeep -288004573.5196551; owner earnings 523019573.5196551. Growth capex / owner earnings = 1.856839825294146.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:51.546Z); FY2025: growth capex 0; upkeep 0; owner earnings 172107000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:51.546Z); FY2026: growth capex 0; upkeep 0; owner earnings 528673000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:51.546Z); Dividend observations: [[2017,26600000],[2018,49700000],[2019,58880000],[2020,91863000],[2021,128776000],[2022,158416000],[2023,206982000],[2024,191696000],[2025,180703000],[2026,146093000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 2.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CLW.AU SharesStats.PercentInsiders = 2.086 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:51.546Z); Ten-year compound average after fade. Initial solved rate 0.0053212474648755. Price 3.29; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -0.16060961313012895 → FY2026 0.7381394946858083. Closing-price date 2026-10-15.

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

- 2016-11: AUD 3.72 per share

- 2016-12: AUD 3.93 per share

- 2017-01: AUD 3.77 per share

- 2017-02: AUD 3.89 per share

- 2017-03: AUD 3.90 per share

- 2017-04: AUD 3.91 per share

- 2017-05: AUD 3.95 per share

- 2017-06: AUD 4.05 per share

- 2017-07: AUD 4.06 per share

- 2017-08: AUD 3.98 per share

- 2017-09: AUD 4.14 per share

- 2017-10: AUD 4.08 per share

- 2017-11: AUD 4.18 per share

- 2017-12: AUD 4.09 per share

- 2018-01: AUD 3.84 per share

- 2018-02: AUD 3.74 per share

- 2018-03: AUD 3.84 per share

- 2018-04: AUD 4.02 per share

- 2018-05: AUD 4.13 per share

- 2018-06: AUD 4.33 per share

- 2018-07: AUD 4.19 per share

- 2018-08: AUD 4.21 per share

- 2018-09: AUD 4.13 per share

- 2018-10: AUD 4.05 per share

- 2018-11: AUD 4.06 per share

- 2018-12: AUD 4.23 per share

- 2019-01: AUD 4.31 per share

- 2019-02: AUD 4.40 per share

- 2019-03: AUD 4.51 per share

- 2019-04: AUD 4.55 per share

- 2019-05: AUD 4.85 per share

- 2019-06: AUD 4.95 per share

- 2019-07: AUD 5.13 per share

- 2019-08: AUD 5.85 per share

- 2019-09: AUD 5.68 per share

- 2019-10: AUD 5.69 per share

- 2019-11: AUD 5.63 per share

- 2019-12: AUD 5.48 per share

- 2020-01: AUD 5.66 per share

- 2020-02: AUD 5.54 per share

- 2020-03: AUD 4.38 per share

- 2020-04: AUD 4.47 per share

- 2020-05: AUD 4.37 per share

- 2020-06: AUD 4.27 per share

- 2020-07: AUD 4.62 per share

- 2020-08: AUD 4.94 per share

- 2020-09: AUD 5.01 per share

- 2020-10: AUD 4.76 per share

- 2020-11: AUD 4.83 per share

- 2020-12: AUD 4.64 per share

- 2021-01: AUD 4.61 per share

- 2021-02: AUD 4.61 per share

- 2021-03: AUD 4.71 per share

- 2021-04: AUD 4.88 per share

- 2021-05: AUD 4.78 per share

- 2021-06: AUD 4.75 per share

- 2021-07: AUD 4.92 per share

- 2021-08: AUD 5.24 per share

- 2021-09: AUD 4.94 per share

- 2021-10: AUD 4.86 per share

- 2021-11: AUD 4.84 per share

- 2021-12: AUD 5.05 per share

- 2022-01: AUD 4.82 per share

- 2022-02: AUD 5.14 per share

- 2022-03: AUD 5.32 per share

- 2022-04: AUD 5.36 per share

- 2022-05: AUD 4.92 per share

- 2022-06: AUD 4.27 per share

- 2022-07: AUD 4.55 per share

- 2022-08: AUD 4.47 per share

- 2022-09: AUD 3.97 per share

- 2022-10: AUD 4.35 per share

- 2022-11: AUD 4.45 per share

- 2022-12: AUD 4.43 per share

- 2023-01: AUD 4.56 per share

- 2023-02: AUD 4.60 per share

- 2023-03: AUD 4.19 per share

- 2023-04: AUD 4.35 per share

- 2023-05: AUD 4.31 per share

- 2023-06: AUD 4.01 per share

- 2023-07: AUD 4.11 per share

- 2023-08: AUD 3.54 per share

- 2023-09: AUD 3.22 per share

- 2023-10: AUD 3.02 per share

- 2023-11: AUD 3.36 per share

- 2023-12: AUD 3.76 per share

- 2024-01: AUD 3.75 per share

- 2024-02: AUD 3.73 per share

- 2024-03: AUD 3.82 per share

- 2024-04: AUD 3.39 per share

- 2024-05: AUD 3.47 per share

- 2024-06: AUD 3.25 per share

- 2024-07: AUD 3.56 per share

- 2024-08: AUD 3.89 per share

- 2024-09: AUD 4.00 per share

- 2024-10: AUD 3.90 per share

- 2024-11: AUD 4.04 per share

- 2024-12: AUD 3.74 per share

- 2025-01: AUD 3.90 per share

- 2025-02: AUD 3.85 per share

- 2025-03: AUD 3.69 per share

- 2025-04: AUD 3.84 per share

- 2025-05: AUD 4.13 per share

- 2025-06: AUD 4.08 per share

- 2025-07: AUD 4.15 per share

- 2025-08: AUD 4.57 per share

- 2025-09: AUD 4.40 per share

- 2025-10: AUD 4.25 per share

- 2025-11: AUD 4.10 per share

- 2025-12: AUD 4.08 per share

- 2026-01: AUD 3.90 per share

- 2026-02: AUD 3.76 per share

- 2026-03: AUD 3.35 per share

- 2026-04: AUD 3.50 per share

- 2026-05: AUD 3.46 per share

- 2026-06: AUD 3.65 per share

- 2026-07: AUD 3.81 per share

- 2026-08: AUD 3.50 per share

- 2026-09: AUD 3.30 per share

- 2026-10: AUD 3.28 per share

## Annual estimated value (AUD per share)

- FY2020: low AUD 1.19 per share, central AUD 1.34 per share, high AUD 1.55 per share

- FY2021: low AUD 2.05 per share, central AUD 2.31 per share, high AUD 2.67 per share

- FY2022: low AUD 3.23 per share, central AUD 3.67 per share, high AUD 4.26 per share

- FY2023: low AUD 3.26 per share, central AUD 3.70 per share, high AUD 4.30 per share

- FY2024: low AUD 3.23 per share, central AUD 3.67 per share, high AUD 4.26 per share

- FY2025: low AUD 2.72 per share, central AUD 3.08 per share, high AUD 3.57 per share

- FY2026: low AUD 2.83 per share, central AUD 3.22 per share, high AUD 3.74 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 2026-10-15T06:47:44.052Z 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.