BWP Trust
Established and listed on the Australian Securities Exchange ("ASX") in 1998 (see prospectus), BWP Trust ("BWP" or "the Trust") is a real estate investment trust investing in and managing commercial properties throughout Australia. The majority of the Trust's properties are large format retailing properties, in particular, Bunnings Warehouses, leased to Bunnings Group Limited ("Bunnings"). Bunnin… Read more
BWP Trust (BUNNF) - Net Assets
Latest net assets as of December 2024: $2.80 Billion USD
Based on the latest financial reports, BWP Trust (BUNNF) has net assets worth $2.80 Billion USD as of December 2024.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($3.68 Billion) and total liabilities ($883.60 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $2.80 Billion |
| % of Total Assets | 76.01% |
| Annual Growth Rate | N/A |
| 5-Year Change | 34.17% |
| 10-Year Change | 72.58% |
| Growth Volatility | 11.57 |
BWP Trust - Net Assets Trend (1998–2025)
This chart illustrates how BWP Trust's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for BWP Trust (1998–2025)
The table below shows the annual net assets of BWP Trust from 1998 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-06-30 | $2.84 Billion | +4.88% |
| 2024-06-30 | $2.71 Billion | +12.54% |
| 2023-06-30 | $2.41 Billion | -3.24% |
| 2022-06-30 | $2.49 Billion | +17.48% |
| 2021-06-30 | $2.12 Billion | +7.50% |
| 2020-06-30 | $1.97 Billion | +5.02% |
| 2019-06-30 | $1.87 Billion | +2.27% |
| 2018-06-30 | $1.83 Billion | +4.03% |
| 2017-06-30 | $1.76 Billion | +7.09% |
| 2016-06-30 | $1.65 Billion | +14.12% |
| 2015-06-30 | $1.44 Billion | +9.94% |
| 2014-06-30 | $1.31 Billion | +26.43% |
| 2013-06-30 | $1.04 Billion | +6.49% |
| 2012-06-30 | $973.96 Million | -1.25% |
| 2011-06-30 | $986.32 Million | +24.41% |
| 2010-06-30 | $792.80 Million | +8.15% |
| 2009-06-30 | $733.02 Million | +14.76% |
| 2008-06-30 | $638.77 Million | -5.42% |
| 2007-06-30 | $675.37 Million | +33.87% |
| 2006-06-30 | $504.50 Million | +16.09% |
| 2005-06-30 | $434.58 Million | +9.93% |
| 2004-06-30 | $395.33 Million | +30.63% |
| 2003-06-30 | $302.64 Million | +18.62% |
| 2002-06-30 | $255.13 Million | +37.27% |
| 2001-06-30 | $185.85 Million | +7.32% |
| 2000-06-30 | $173.18 Million | +34.30% |
| 1999-06-30 | $128.95 Million | +380.86% |
| 1998-06-30 | $-45.91 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to BWP Trust's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 2424348.5% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (June 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $1.65 Billion | 58.06% |
| Common Stock | $1.19 Billion | 41.95% |
| Other Comprehensive Income | $-157.00K | -0.01% |
| Total Equity | $2.84 Billion | 100.00% |
BWP Trust Competitors by Market Cap
The table below lists competitors of BWP Trust ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
BOC Aviation Limited
PINK:BCVVF
|
$1.54 Billion |
|
Carmila SA
PA:CARM
|
$1.54 Billion |
|
Henan Huanghe Whirlwind Co Ltd
SHG:600172
|
$1.54 Billion |
|
Shenzhen Ysstech Info-Tech Co Ltd
SHE:300377
|
$1.54 Billion |
|
Valterra Platinum Limited
PINK:ANGPY
|
$1.54 Billion |
|
Brookfield Reinsurance Ltd.
NYSE:BNRE
|
$1.54 Billion |
|
PACS Group, Inc.
NYSE:PACS
|
$1.54 Billion |
|
HLA GROUP CORP LTD
SHG:600398
|
$1.54 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in BWP Trust's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 2,707,550,000 to 2,839,635,000, a change of 132,085,000 (4.9%).
- Net income of 265,577,000 contributed positively to equity growth.
- Dividend payments of 131,785,000 reduced retained earnings.
- Other comprehensive income decreased equity by 422,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $265.58 Million | +9.35% |
| Dividends Paid | $131.78 Million | -4.64% |
| Other Comprehensive Income | $-422.00K | -0.01% |
| Other Changes | $-1.28 Million | -0.05% |
| Total Change | $- | 4.88% |
Book Value vs Market Value Analysis
This analysis compares BWP Trust's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.78x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 2.56x to 0.78x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1998-06-30 | $1.21 | $3.10 | x |
| 1999-06-30 | $1.13 | $3.10 | x |
| 2000-06-30 | $1.12 | $3.10 | x |
| 2001-06-30 | $0.97 | $3.10 | x |
| 2002-06-30 | $1.12 | $3.10 | x |
| 2003-06-30 | $1.15 | $3.10 | x |
| 2004-06-30 | $1.32 | $3.10 | x |
| 2005-06-30 | $1.37 | $3.10 | x |
| 2006-06-30 | $1.59 | $3.10 | x |
| 2007-06-30 | $2.13 | $3.10 | x |
| 2008-06-30 | $2.01 | $3.10 | x |
| 2009-06-30 | $2.30 | $3.10 | x |
| 2010-06-30 | $1.87 | $3.10 | x |
| 2011-06-30 | $2.16 | $3.10 | x |
| 2012-06-30 | $1.85 | $3.10 | x |
| 2013-06-30 | $1.94 | $3.10 | x |
| 2014-06-30 | $2.14 | $3.10 | x |
| 2015-06-30 | $2.25 | $3.10 | x |
| 2016-06-30 | $2.56 | $3.10 | x |
| 2017-06-30 | $2.74 | $3.10 | x |
| 2018-06-30 | $2.85 | $3.10 | x |
| 2019-06-30 | $2.92 | $3.10 | x |
| 2020-06-30 | $3.06 | $3.10 | x |
| 2021-06-30 | $3.29 | $3.10 | x |
| 2022-06-30 | $3.87 | $3.10 | x |
| 2023-06-30 | $3.75 | $3.10 | x |
| 2024-06-30 | $4.10 | $3.10 | x |
| 2025-06-30 | $3.98 | $3.10 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently BWP Trust utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 9.35%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 131.02%
- • Asset Turnover: 0.05x
- • Equity Multiplier: 1.32x
- Recent ROE (9.35%) is below the historical average (10.23%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1999 | 7.38% | 0.00% | 0.00x | 1.44x | $-3.37 Million |
| 2000 | 8.01% | 0.00% | 0.00x | 1.41x | $-3.45 Million |
| 2001 | 8.90% | 0.00% | 0.00x | 1.55x | $-2.04 Million |
| 2002 | 8.26% | 72.97% | 0.08x | 1.37x | $-4.43 Million |
| 2003 | 8.70% | 73.57% | 0.08x | 1.56x | $-3.92 Million |
| 2004 | 8.16% | 72.74% | 0.08x | 1.46x | $-7.28 Million |
| 2005 | 8.24% | 70.86% | 0.08x | 1.44x | $-7.65 Million |
| 2006 | 14.88% | 136.58% | 0.08x | 1.45x | $24.63 Million |
| 2007 | 30.65% | 347.86% | 0.06x | 1.43x | $139.44 Million |
| 2008 | 0.11% | 1.05% | 0.07x | 1.53x | $-63.19 Million |
| 2009 | -1.59% | -16.04% | 0.07x | 1.36x | $-84.99 Million |
| 2010 | 11.63% | 118.14% | 0.08x | 1.29x | $12.90 Million |
| 2011 | 8.26% | 96.89% | 0.07x | 1.26x | $-17.13 Million |
| 2012 | 7.18% | 68.79% | 0.08x | 1.37x | $-27.47 Million |
| 2013 | 10.66% | 101.36% | 0.08x | 1.35x | $6.85 Million |
| 2014 | 11.37% | 116.99% | 0.07x | 1.40x | $17.95 Million |
| 2015 | 14.57% | 145.01% | 0.07x | 1.40x | $65.90 Million |
| 2016 | 18.87% | 206.73% | 0.07x | 1.34x | $145.97 Million |
| 2017 | 12.70% | 146.80% | 0.07x | 1.31x | $47.58 Million |
| 2018 | 9.99% | 119.36% | 0.06x | 1.29x | $-211.90K |
| 2019 | 9.04% | 108.39% | 0.07x | 1.27x | $-18.08 Million |
| 2020 | 10.70% | 135.22% | 0.06x | 1.30x | $13.77 Million |
| 2021 | 12.43% | 172.86% | 0.06x | 1.26x | $51.53 Million |
| 2022 | 19.57% | 317.51% | 0.05x | 1.22x | $238.00 Million |
| 2023 | 1.53% | 23.20% | 0.05x | 1.23x | $-203.90 Million |
| 2024 | 6.66% | 103.30% | 0.05x | 1.32x | $-90.53 Million |
| 2025 | 9.35% | 131.02% | 0.05x | 1.32x | $-18.39 Million |
Industry Comparison
This section compares BWP Trust's net assets metrics with peer companies in the REIT - Industrial industry.
Industry Context
- Industry: REIT - Industrial
- Average net assets among peers: $8,812,470,333
- Average return on equity (ROE) among peers: 8.94%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| BWP Trust (BUNNF) | $2.80 Billion | 7.38% | 0.32x | $1.54 Billion |
| Ascendas Real Estate Investment Trust (ACDSF) | $10.31 Billion | 7.41% | 0.77x | $9.40 Billion |
| Big Yellow Group Plc (BYLOF) | $1.45 Billion | 18.24% | 0.27x | $2.16 Billion |
| Fibra Terrafina (CBAOF) | $24.78 Billion | 3.83% | 0.61x | $1.16 Billion |
| ESR-REIT (CGIUF) | $1.66 Billion | 0.37% | 0.95x | $119.59 Million |
| Americold Realty Trust (COLD) | $706.75 Million | 6.79% | 2.58x | $3.22 Billion |
| CubeSmart (CUBE) | $2.95 Billion | 13.24% | 1.16x | $8.79 Billion |
| FIBRA Macquarie México (DBMBF) | $36.33 Billion | 10.92% | 0.46x | $1.13 Billion |
| DHAWF (DHAWF) | $549.25 Million | 4.93% | 1.21x | $146.66 Million |
| Dream Industrial Real Estate Investment Trust (DREUF) | $570.82 Million | 14.71% | 1.79x | $2.10 Billion |