BWP Group Stappled Unit (BWP Trust & BWP Property Group Shares) BWP

Stock XASX Rating as of Oct 2, 2026

A$3.49 −0.04 (1.13%)

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As of Oct 2, 2026, 6:11:31 AM Delayed Price Closed

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BWP Group: Solid Outlook Underpinned by Rent Uplifts and Development Pipeline

Adrian Atkins Aug 19, 2026

For over 20 years, BWP Group (formerly BWP Trust) has consistently pursued a strategy of generating rental income from long-duration leases on warehouse properties, predominantly tenanted by the home improvement retail business Bunnings. Although BWP Group is proposing to transition some Bunnings Warehouse stores to alternative uses, the strategy is to have 80%-90% of rental income from Bunnings. Wide-moat Wesfarmers owns 100% of Bunnings and 23% of BWP Group.

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Price vs Fair Value

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BWP is trading at a LOCK|#<!SDS? premium.

Price

A$3.49

Oct 2, 2026

Fair Value

f.c

Nov 26, 2025

Uncertainty

LOCK|VV

1-Star Price: LOCK|<Y
5-Star Price: LOCK|Y^
Economic Moat: LOCK|nx
Capital Allocation: LOCK|x^!K<&X

Bulls Say, Bears Say

Bulls

BWP’s core properties are key to Bunnings’ business, and provide the foundations for a defensive rental income stream that underpins growing distributions.

Bears

BWP’s external management and fee structure is a potential source of conflicts of interest, though this is being addressed by an attempt to internalize management.

Trading Information

Previous Close Price: A$3.53
Day Range: A$3.49–3.56
52-Week Range: A$3.49–4.11
Bid/Ask: A$3.48 / A$3.58
Shares Outstanding: 785.45M
Market Cap: A$2.74B
Volume/Avg: 1M / 1M

Key Statistics

Price/Earnings (Normalized): 11.53
Price/Sales: 12.29
Dividend Yield (Trailing): 5.55%
Dividend Yield (Forward): 5.55%
Dividend Payment Schedule: Feb, Aug
Total Yield: 5.55%

Company Profile

BWP Group is an Australian REIT focused on owning warehouse or bulky goods retailing properties with relatively large sites and high visibility and access to arterial roads. The portfolio of properties it owns is diversified across most Australian states and is on long-term leases to Australia’s dominant home improvement chain: Bunnings Group. Bunnings is a wholly owned subsidiary of Wesfarmers, a top-10 ASX-listed company by market capitalization. Wesfarmers owns 23% of BWP.

Sector: Real Estate
Industry: REIT - Industrial
Stock Style Box: Mid Value
Total Number of Employees: —
Website: https://www.bwptrust.com.au

Competitors

Valuation

Metric	BWP	SCG	DXS
Price/Earnings (Normalized)	11.53	12.52	9.57
Price/Book Value	0.81	0.90	0.60
Price/Sales	12.29	6.82	9.39
Price/Cash Flow	18.95	15.41	11.40

Price/Earnings

BWP

SCG

DXS

Financial Strength

Metric	BWP	SCG	DXS
Quick Ratio	1.17	0.17	0.18
Current Ratio	1.22	0.26	0.28
Interest Coverage	10.52	2.81	2.02

Quick Ratio

BWP

SCG

DXS

Profitability

Metric	BWP	SCG	DXS
Return on Assets (Normalized)	3.43%	5.62%	3.51%
Return on Equity (Normalized)	4.49%	10.54%	5.40%
Return on Invested Capital (Normalized)	4.55%	5.77%	3.62%

Return on Assets

BWP

SCG

DXS

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