# Waypoint REIT (WPR.AU)

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

Analysis as of: 2026-10-16T07:44:14.000Z. Financial observations: FY2016–FY2025.

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 2.09 per share; close as of 2026-10-15.

Estimated value: low AUD 1.85 per share, central AUD 2.10 per share, high AUD 2.44 per share. Buy at or below the central value AUD 2.10 per share. Valuation as of 2026-10-16T07:44:14.000Z; scenarios are not confidence intervals.

Expected annual return: 10.0% at the stated quote. About 10.0% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.44×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.97×

- FY2017: 0.96×

- FY2018: 0.97×

- FY2019: 1.38×

- FY2020: 1.74×

- FY2021: 2.67×

- FY2022: 0.93×

- FY2023: 0.88×

- FY2024: 0.94×

- FY2025: 0.90×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 4.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 5.7%

- ROIC, second-lowest year: 4.2%

- Typical minus recent gross margin: 4.6 pp

- Typical gross margin (annual median): 98.1%

- Recent gross margin (lower of latest and 3-year median): 93.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: 4.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.8%

- FY2017: 6.6%

- FY2018: 6.5%

- FY2019: 5.8%

- FY2020: 7.2%

- FY2021: 10.1%

- FY2022: 4.9%

- FY2023: 4.2%

- FY2024: 5.6%

- FY2025: 5.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.78×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 381M

- Net income, five-year total: AUD 489M

- Return on incremental invested capital: 15.4%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 8.8 pp

- Working capital / revenue, final three-year average: -11.5%

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

- FY2021: 1.18×

- FY2022: 0.92×

- FY2023: 1.08×

- FY2024: 0.84×

- FY2025: 0.56×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.5% vs 5.2%

- Per-share earnings: 0.23 to 0.20 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -2.0%

- Market cap gain: AUD -134M

- Cumulative retained earnings: AUD 615M

- Diluted shares, 5-year annual growth: -2.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -2.5%

- Per-share value change: AUD -0.04

- Per-share value, starting three-year median: AUD 0.23

- Per-share value, ending three-year median: AUD 0.20

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

- Average buyback yield: 5.9%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: AUD 1.0B

- ROIC, first three-year median: 6.5%

- ROIC, last three-year median: 5.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: AUD 0.00

- FY2017: AUD 0.24

- FY2018: AUD 0.23

- FY2019: AUD 0.12

- FY2020: AUD 0.13

- FY2021: AUD 0.13

- FY2022: AUD 0.19

- FY2023: AUD -0.12

- FY2024: AUD 0.20

- FY2025: AUD 0.30

### accounting: pass

- Sloan accruals: 3.1%

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.56×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.0%

- FY2017: 3.1%

- FY2018: 3.0%

- FY2019: -1.2%

- FY2020: -0.6%

- FY2021: -0.6%

- FY2022: 0.0%

- FY2023: -6.7%

- FY2024: 0.7%

- FY2025: 3.1%

## Holders

## Price story

Down 28% since Oct 2021 · sales -0.8%

Story as of 2026-10-16T10:00:12.963Z; price observation 2026-10-15.

Price needs cash profits to grow 0.8% a year for ten years

### Sales · FY2024–2025

sales -0.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: AUD 62M 

- FY2017: AUD 157M 

- FY2018: AUD 163M 

- FY2019: AUD 172M 

- FY2020: AUD 182M 

- FY2021: AUD 178M 

- FY2022: AUD 169M 

- FY2023: AUD 164M 

- FY2024: AUD 165M 

- FY2025: AUD 164M 

### Gross margin · FY2025

gross margin 93.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 98.3% 

- FY2017: 97.9% 

- FY2018: 96.7% 

- FY2022: 93.7% 

- FY2023: 93.9% 

- FY2025: 93.5% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are AUD 163.7 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:14.000Z); FY2025: revenue 163700000; grossProfit 153000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WPR.AU: Waypoint REIT is Australia's largest listed REIT owning solely fuel and convenience retail properties, with a high-quality portfolio of 394 assets across Australia as at 30 June 2026. Waypoint REIT's objective is to maximise the long-term returns from the portfolio for the benefit of all securityholders. Waypoint REIT is a stapled entity in which one share in Waypoint REIT Limited is stapled to one unit in the Waypoint REIT Trust. This ASX announcement is prepared for information purposes only and is correct at the time of release to the ASX. Factual circumstances may change following the release of this announcement. Waypoint REIT was established on 14 June 2016 and was incorporated in Australia.

### Why customers stay

Margins ranged from 93.5% to 100% during 2023–25; it earns 5.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:14.000Z); FY2023: grossProfit / revenue = 93.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:14.000Z); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:14.000Z); FY2025: grossProfit / revenue = 93.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:14.000Z); 10-year return on capital observations [[2016,0.01838072362804017],[2017,0.06643124798960144],[2018,0.06469159916920476],[2019,0.05810233755980187],[2020,0.07174925582209771],[2021,0.10053744235890108],[2022,0.049429600016738066],[2023,0.04220907079646018],[2024,0.056118446402552154],[2025,0.052321038442336494]]; median 0.05711039198117701. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back AUD 50.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:14.000Z); FY2017: growth capex 152318000; upkeep -152318000; owner earnings 170497000. Growth capex / owner earnings = 0.8933764230455667.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:14.000Z); FY2018: growth capex 123986202.94016807; upkeep -123986202.94016807; owner earnings 132945202.94016807. Growth capex / owner earnings = 0.932611333076591.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:14.000Z); FY2019: growth capex 0; upkeep 0; owner earnings 158862000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:14.000Z); FY2020: growth capex 0; upkeep 0; owner earnings 116800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:14.000Z); FY2021: growth capex 0; upkeep 0; owner earnings 121200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:14.000Z); FY2022: growth capex 0; upkeep 0; owner earnings 123300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:14.000Z); FY2024: growth capex 0; upkeep 0; owner earnings 110800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:14.000Z); FY2025: growth capex 0; upkeep 0; owner earnings 111100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:14.000Z); Dividend observations: [[2016,0],[2017,84339000],[2018,98630000],[2019,93252000],[2020,97300000],[2021,152900000],[2022,119300000],[2023,110200000],[2024,110600000],[2025,110300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:14.000Z); FY2025: cash repurchases 50100000 AUD.

### Are managers owners

Insiders own 1.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WPR.AU SharesStats.PercentInsiders = 1.4989999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:14.000Z); Ten-year compound average after fade. Initial solved rate -0.0008795709763657835. Price 2.09; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-11: AUD 2.36 per share

- 2016-12: AUD 2.56 per share

- 2017-01: AUD 2.40 per share

- 2017-02: AUD 2.56 per share

- 2017-03: AUD 2.54 per share

- 2017-04: AUD 2.57 per share

- 2017-05: AUD 2.57 per share

- 2017-06: AUD 2.42 per share

- 2017-07: AUD 2.30 per share

- 2017-08: AUD 2.31 per share

- 2017-09: AUD 2.25 per share

- 2017-10: AUD 2.28 per share

- 2017-11: AUD 2.32 per share

- 2017-12: AUD 2.41 per share

- 2018-01: AUD 2.22 per share

- 2018-02: AUD 2.15 per share

- 2018-03: AUD 2.13 per share

- 2018-04: AUD 2.15 per share

- 2018-05: AUD 2.19 per share

- 2018-06: AUD 2.40 per share

- 2018-07: AUD 2.32 per share

- 2018-08: AUD 2.30 per share

- 2018-09: AUD 2.34 per share

- 2018-10: AUD 2.32 per share

- 2018-11: AUD 2.21 per share

- 2018-12: AUD 2.40 per share

- 2019-01: AUD 2.41 per share

- 2019-02: AUD 2.58 per share

- 2019-03: AUD 2.71 per share

- 2019-04: AUD 2.62 per share

- 2019-05: AUD 2.76 per share

- 2019-06: AUD 2.77 per share

- 2019-07: AUD 2.84 per share

- 2019-08: AUD 3.14 per share

- 2019-09: AUD 3.04 per share

- 2019-10: AUD 3.08 per share

- 2019-11: AUD 2.97 per share

- 2019-12: AUD 2.84 per share

- 2020-01: AUD 2.95 per share

- 2020-02: AUD 2.90 per share

- 2020-03: AUD 2.45 per share

- 2020-04: AUD 2.57 per share

- 2020-05: AUD 2.82 per share

- 2020-06: AUD 2.77 per share

- 2020-07: AUD 2.70 per share

- 2020-08: AUD 2.85 per share

- 2020-09: AUD 2.89 per share

- 2020-10: AUD 2.86 per share

- 2020-11: AUD 2.87 per share

- 2020-12: AUD 2.91 per share

- 2021-01: AUD 2.74 per share

- 2021-02: AUD 2.55 per share

- 2021-03: AUD 2.68 per share

- 2021-04: AUD 2.65 per share

- 2021-05: AUD 2.76 per share

- 2021-06: AUD 2.79 per share

- 2021-07: AUD 2.80 per share

- 2021-08: AUD 2.97 per share

- 2021-09: AUD 2.93 per share

- 2021-10: AUD 2.91 per share

- 2021-11: AUD 2.57 per share

- 2021-12: AUD 2.83 per share

- 2022-01: AUD 2.71 per share

- 2022-02: AUD 2.73 per share

- 2022-03: AUD 2.67 per share

- 2022-04: AUD 2.69 per share

- 2022-05: AUD 2.50 per share

- 2022-06: AUD 2.32 per share

- 2022-07: AUD 2.62 per share

- 2022-08: AUD 2.63 per share

- 2022-09: AUD 2.37 per share

- 2022-10: AUD 2.73 per share

- 2022-11: AUD 2.78 per share

- 2022-12: AUD 2.75 per share

- 2023-01: AUD 2.78 per share

- 2023-02: AUD 2.73 per share

- 2023-03: AUD 2.59 per share

- 2023-04: AUD 2.61 per share

- 2023-05: AUD 2.67 per share

- 2023-06: AUD 2.59 per share

- 2023-07: AUD 2.62 per share

- 2023-08: AUD 2.50 per share

- 2023-09: AUD 2.25 per share

- 2023-10: AUD 2.12 per share

- 2023-11: AUD 2.36 per share

- 2023-12: AUD 2.44 per share

- 2024-01: AUD 2.48 per share

- 2024-02: AUD 2.35 per share

- 2024-03: AUD 2.55 per share

- 2024-04: AUD 2.35 per share

- 2024-05: AUD 2.36 per share

- 2024-06: AUD 2.17 per share

- 2024-07: AUD 2.53 per share

- 2024-08: AUD 2.61 per share

- 2024-09: AUD 2.64 per share

- 2024-10: AUD 2.49 per share

- 2024-11: AUD 2.51 per share

- 2024-12: AUD 2.33 per share

- 2025-01: AUD 2.44 per share

- 2025-02: AUD 2.41 per share

- 2025-03: AUD 2.37 per share

- 2025-04: AUD 2.56 per share

- 2025-05: AUD 2.60 per share

- 2025-06: AUD 2.46 per share

- 2025-07: AUD 2.52 per share

- 2025-08: AUD 2.65 per share

- 2025-09: AUD 2.70 per share

- 2025-10: AUD 2.65 per share

- 2025-11: AUD 2.65 per share

- 2025-12: AUD 2.55 per share

- 2026-01: AUD 2.45 per share

- 2026-02: AUD 2.55 per share

- 2026-03: AUD 2.35 per share

- 2026-04: AUD 2.47 per share

- 2026-05: AUD 2.38 per share

- 2026-06: AUD 2.43 per share

- 2026-07: AUD 2.49 per share

- 2026-08: AUD 2.35 per share

- 2026-09: AUD 2.18 per share

- 2026-10: AUD 2.08 per share

## Annual estimated value (AUD per share)

- FY2020: low AUD 2.51 per share, central AUD 2.86 per share, high AUD 3.32 per share

- FY2021: low AUD 2.79 per share, central AUD 3.17 per share, high AUD 3.68 per share

- FY2022: low AUD 2.43 per share, central AUD 2.77 per share, high AUD 3.21 per share

- FY2023: low AUD 2.49 per share, central AUD 2.83 per share, high AUD 3.28 per share

- FY2024: low AUD 1.82 per share, central AUD 2.07 per share, high AUD 2.40 per share

- FY2025: low AUD 1.85 per share, central AUD 2.10 per share, high AUD 2.43 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

## 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.