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Blackwall Property Trust

ASX:BWR
Snowflake Description

Mediocre balance sheet with limited growth.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BWR
ASX
A$192M
Market Cap
  1. Home
  2. AU
  3. Real Estate
Company description

Blackwall Property Trust is a real estate investment trust externally managed by BlackWall Fund Services Limited. The last earnings update was 48 days ago. More info.


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BWR Share Price and Events
7 Day Returns
-0.8%
ASX:BWR
0.1%
AU REITs
1.3%
AU Market
1 Year Returns
-14%
ASX:BWR
20.5%
AU REITs
9.9%
AU Market
BWR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Blackwall Property Trust (BWR) -0.8% -1.9% -1.1% -14% 2.4% 44.9%
AU REITs 0.1% 0.4% -2.8% 20.5% 23.4% 58.9%
AU Market 1.3% -0.6% -1% 9.9% 17.6% 17.8%
1 Year Return vs Industry and Market
  • BWR underperformed the REITs industry which returned 20.5% over the past year.
  • BWR underperformed the Market in Australia which returned 9.9% over the past year.
Price Volatility
BWR
Industry
5yr Volatility vs Market

Value

 Is Blackwall Property Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Blackwall Property Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Blackwall Property Trust.

ASX:BWR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Dividend Discount Model
Dividend Per Share Company Filings (2019-06-30) in AUD A$ .070000
Payout Ratio Company Filings (2019-06-30) 4358%
Discount Rate (Cost of Equity) See below 7.1%
Perpetual Growth Rate 10-Year AU Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ASX:BWR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.47
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.47 (1 + (1- 30%) (29.9%))
0.606
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (0.8 * 5.96%)
7.08%

Discounted Cash Flow Calculation for ASX:BWR using Dividend Discount Model Model

The calculations below outline how an intrinsic value for Blackwall Property Trust is arrived at by discounting future dividends to their present value. This approach is used for finance firms where free cash flow is difficult to estimate (e.g. Banks/ Insurance firms).

If the firm does not pay the majority of its earnings out as a dividend this method will often arrive at a value significantly lower than the share price.

See our documentation to learn about this calculation.

ASX:BWR Gordon Growth Model
Calculation Result
Value per share = Expected dividends per share / (Discount Rate - Perpetual growth rate)
= A$0.07 / (7.08% - 2.31%)
A$1.47
ASX:BWR Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$1.47
Current discount Discount to share price of A$1.29
= -1 x (A$1.29 - A$1.47) / A$1.47
12.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Blackwall Property Trust is available for.
Intrinsic value
12%
Share price is A$1.29 vs Future cash flow value of A$1.47
Current Discount Checks
For Blackwall Property Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Blackwall Property Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Blackwall Property Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Blackwall Property Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Blackwall Property Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:BWR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in AUD A$0.06
ASX:BWR Share Price ** ASX (2019-10-11) in AUD A$1.29
Australia REITs Industry PE Ratio Median Figure of 38 Publicly-Listed REITs Companies 15.7x
Australia Market PE Ratio Median Figure of 557 Publicly-Listed Companies 17.93x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Blackwall Property Trust.

ASX:BWR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:BWR Share Price ÷ EPS (both in AUD)

= 1.29 ÷ 0.06

22.01x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Blackwall Property Trust is overvalued based on earnings compared to the AU REITs industry average.
  • Blackwall Property Trust is overvalued based on earnings compared to the Australia market.
Price based on expected Growth
Does Blackwall Property Trust's expected growth come at a high price?
Raw Data
ASX:BWR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22.01x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
12.7%per year
Australia REITs Industry PEG Ratio Median Figure of 31 Publicly-Listed REITs Companies 1.2x
Australia Market PEG Ratio Median Figure of 357 Publicly-Listed Companies 1.69x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Blackwall Property Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Blackwall Property Trust's assets?
Raw Data
ASX:BWR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in AUD A$1.48
ASX:BWR Share Price * ASX (2019-10-11) in AUD A$1.29
Australia REITs Industry PB Ratio Median Figure of 43 Publicly-Listed REITs Companies 1.11x
Australia Market PB Ratio Median Figure of 1,705 Publicly-Listed Companies 1.8x
ASX:BWR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:BWR Share Price ÷ Book Value per Share (both in AUD)

= 1.29 ÷ 1.48

0.87x

* Primary Listing of Blackwall Property Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Blackwall Property Trust is good value based on assets compared to the AU REITs industry average.
X
Value checks
We assess Blackwall Property Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Blackwall Property Trust has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Blackwall Property Trust expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Blackwall Property Trust, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Blackwall Property Trust expected to grow at an attractive rate?
  • Blackwall Property Trust's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Blackwall Property Trust's earnings growth is expected to exceed the Australia market average.
  • Unable to compare Blackwall Property Trust's revenue growth to the Australia market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
ASX:BWR Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:BWR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 12.7%
Australia REITs Industry Earnings Growth Rate Market Cap Weighted Average 2.5%
Australia REITs Industry Revenue Growth Rate Market Cap Weighted Average -3.7%
Australia Market Earnings Growth Rate Market Cap Weighted Average 10.2%
Australia Market Revenue Growth Rate Market Cap Weighted Average 3.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ASX:BWR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:BWR Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2019-06-30 26 7 4
2019-03-31 25 7 10
2018-12-31 25 8 15
2018-09-30 22 7 16
2018-06-30 19 7 18
2018-03-31 16 5 19
2017-12-31 12 4 20
2017-09-30 12 4 18
2017-06-30 11 3 17
2017-03-31 13 5 14
2016-12-31 15 8 11
2016-09-30 15 8 11

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Blackwall Property Trust's earnings are expected to grow by 12.7% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Blackwall Property Trust is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:BWR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Blackwall Property Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:BWR Past Financials Data
Date (Data in AUD Millions) EPS *
2019-06-30 0.06
2019-03-31 0.14
2018-12-31 0.22
2018-09-30 0.25
2018-06-30 0.27
2018-03-31 0.28
2017-12-31 0.30
2017-09-30 0.28
2017-06-30 0.27
2017-03-31 0.24
2016-12-31 0.21
2016-09-30 0.22

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Blackwall Property Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Blackwall Property Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Blackwall Property Trust has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Blackwall Property Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Blackwall Property Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Blackwall Property Trust has delivered over 20% year on year earnings growth in the past 5 years.
  • Blackwall Property Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Blackwall Property Trust's 1-year earnings growth is negative, it can't be compared to the AU REITs industry average.
Earnings and Revenue History
Blackwall Property Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Blackwall Property Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:BWR Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 25.52 4.39 2.68
2019-03-31 25.20 9.64 2.52
2018-12-31 24.89 14.89 2.36
2018-09-30 21.99 16.44 2.14
2018-06-30 19.10 17.99 1.92
2018-03-31 15.77 18.87 1.65
2017-12-31 12.44 19.75 1.37
2017-09-30 11.72 18.30 1.37
2017-06-30 11.01 16.85 1.37
2017-03-31 13.12 14.01 1.04
2016-12-31 15.23 11.18 0.71
2016-09-30 15.11 11.11 0.56
2016-06-30 15.00 11.03 0.40
2016-03-31 12.40 8.24 0.76
2015-12-31 9.81 5.45 1.11
2015-09-30 10.12 5.70 1.13
2015-06-30 10.44 5.94 1.16
2015-03-31 11.25 -3.80 1.15
2014-12-31 12.06 -13.54 1.15
2014-09-30 12.40 -3.69 1.16
2014-06-30 12.74 6.15 1.17
2014-03-31 12.48 15.44 1.12
2013-12-31 12.21 24.72 1.07
2013-09-30 12.23 14.78 1.06
2013-06-30 12.25 4.84 1.06
2013-03-31 11.55 -5.98 1.08
2012-12-31 10.86 -16.79 1.11

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Blackwall Property Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Blackwall Property Trust used its assets less efficiently than the AU REITs industry average last year based on Return on Assets.
  • Blackwall Property Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Blackwall Property Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Blackwall Property Trust has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Blackwall Property Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Blackwall Property Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Blackwall Property Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Blackwall Property Trust has no long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Blackwall Property Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Blackwall Property Trust Company Filings, last reported 3 months ago.

ASX:BWR Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 254.44 57.28 9.72
2019-03-31 254.44 57.28 9.72
2018-12-31 154.95 119.08 0.25
2018-09-30 154.95 119.08 0.25
2018-06-30 151.43 119.19 1.08
2018-03-31 151.43 119.19 1.08
2017-12-31 137.50 119.56 2.38
2017-09-30 137.50 119.56 2.38
2017-06-30 92.67 69.55 1.69
2017-03-31 92.67 69.55 1.69
2016-12-31 76.08 62.75 2.89
2016-09-30 76.08 62.75 2.89
2016-06-30 71.81 63.44 2.15
2016-03-31 71.81 63.44 2.15
2015-12-31 64.75 51.22 6.30
2015-09-30 64.75 51.22 6.30
2015-06-30 66.49 52.29 0.32
2015-03-31 66.49 52.29 0.32
2014-12-31 63.11 52.18 1.99
2014-09-30 63.11 52.18 1.99
2014-06-30 62.79 51.77 0.23
2014-03-31 62.79 51.77 0.23
2013-12-31 73.06 50.59 0.18
2013-09-30 73.06 50.59 0.18
2013-06-30 49.98 50.19 0.04
2013-03-31 49.98 50.19 0.04
2012-12-31 47.53 53.97 0.64
  • Blackwall Property Trust's level of debt (22.5%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (82.5% vs 22.5% today).
  • Debt is not well covered by operating cash flow (12.6%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.6x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Blackwall Property Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Blackwall Property Trust has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Blackwall Property Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.43%
Current annual income from Blackwall Property Trust dividends.
If you bought A$2,000 of Blackwall Property Trust shares you are expected to receive A$109 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Blackwall Property Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.5%).
  • Blackwall Property Trust's dividend is below the markets top 25% of dividend payers in Australia (5.6%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ASX:BWR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Australia REITs Industry Average Dividend Yield Market Cap Weighted Average of 40 Stocks 4.4%
Australia Market Average Dividend Yield Market Cap Weighted Average of 407 Stocks 4.2%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.6%
Australia Bottom 25% Dividend Yield 25th Percentile 2.5%
Australia Top 25% Dividend Yield 75th Percentile 5.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ASX:BWR Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2019-08-26 0.070 5.416
2019-02-26 0.100 7.376
2018-08-30 0.100 6.866
2018-02-20 0.115 8.083
2017-08-14 0.110 8.108
2016-08-24 0.100 8.164
2015-08-17 0.066 5.101
2014-08-26 0.070 6.567
2014-02-12 0.150 11.419

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Blackwall Property Trust has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Blackwall Property Trust has only been paying a dividend for 6 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Blackwall Property Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Blackwall Property Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Blackwall Property Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Blackwall Property Trust has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Blackwall Property Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tim Brown
CEO Bio

Mr. Timothy Brown, also known as Tim, serves as the Chief Financial Officer of Blackwall Fund Services Limited and BlackWall Limited and has been its Executive Director since January 29, 2018. Mr. Brown is Joint Managing Director of Blackwall Fund Services Limited. Mr. Brown has been the Joint Managing Director of BlackWall Limited since August 2019. He served as the Company Secretary of BlackWall Limited since September 23, 2016 till May 17, 2017 and as Secretary of Blackwall Fund Services Limited from September 23, 2016 to May 17, 2017. Mr. Brown is responsible for all aspects of these entities' financial reporting, debt management and accounting operations. He joined the formerly listed Pelorus Property Group Limited in 2008 as Group Financial Controller and became Chief Financial Officer in 2009. Mr. Brown started his career with Deloitte in their middle market audit division working on a wide variety of SMEs. In 2002 he joined Lend Lease Corporation and held a number of finance roles across the Lend Lease portfolio from development and retail financial management to corporate treasury, including Treasury Manager for Lend Lease's European operations based in London. Mr. Brown has a Bachelor of Commerce from the University of New South Wales, is a member of the Institute of Chartered Accountants of Australia and has a Graduate Diploma from the Financial Services Institute of Australasia.

CEO Compensation
  • Insufficient data for Tim to compare compensation growth.
  • Insufficient data for Tim to establish whether their remuneration is reasonable compared to companies of similar size in Australia.
Management Team

Tim Brown

TITLE
Joint MD

Jessie Glew

TITLE
Joint MD

Sophie Gowland

TITLE
Company Secretary of Blackwall Fund Services Limited
TENURE
2.4 yrs

Caroline Raw

TITLE
External Advisor of Blackwall Fund Services Limited
TENURE
3.1 yrs
Board of Directors

Seph Glew

TITLE
Chairman of Blackwall Fund Services Limited

Tim Brown

TITLE
Joint MD
TENURE
1.8 yrs

Jessie Glew

TITLE
Joint MD
TENURE
0.2 yrs

Robin Tedder

TITLE
Non-Executive Director of Blackwall Fund Services Limited

Stuart Brown

TITLE
Non-Executive Director of Blackwall Fund Services Ltd

Rick Hill

TITLE
Non-Executive Director of Blackwall Fund Services Limited
AGE
72
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Blackwall Property Trust individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
09. Oct 19 Buy Jagar Holdings Pty Ltd Company 02. Oct 19 08. Oct 19 55,000 A$1.30 A$71,251
09. Oct 19 Buy Sao Investments Pty. Ltd. Company 02. Oct 19 08. Oct 19 137,867 A$1.30 A$178,604
08. Oct 19 Buy J. R. Tresidder Individual 10. Sep 19 07. Oct 19 1,592,456 A$1.34 A$2,070,225
02. Oct 19 Buy Sao Investments Pty. Ltd. Company 25. Sep 19 01. Oct 19 232,133 A$1.30 A$301,949
02. Oct 19 Buy Joseph Glew Individual 25. Sep 19 01. Oct 19 60,000 A$1.30 A$78,046
25. Sep 19 Buy Sao Investments Pty. Ltd. Company 18. Sep 19 24. Sep 19 640,000 A$1.29 A$827,297
19. Sep 19 Buy Jagar Holdings Pty Ltd Company 12. Sep 19 16. Sep 19 121,816 A$1.30 A$158,505
11. Sep 19 Buy Jagar Holdings Pty Ltd Company 04. Sep 19 11. Sep 19 410,000 A$1.28 A$524,726
11. Sep 19 Buy Sao Investments Pty. Ltd. Company 04. Sep 19 11. Sep 19 17,226 A$1.28 A$22,046
11. Sep 19 Buy Pelorus Private Equity Limited Company 04. Sep 19 11. Sep 19 218,184 A$1.28 A$279,236
11. Sep 19 Buy Joseph Glew Individual 04. Sep 19 11. Sep 19 565,000 A$1.28 A$723,097
09. Sep 19 Buy J. R. Tresidder Individual 27. May 19 09. Sep 19 1,594,933 A$1.31 A$2,096,932
06. Sep 19 Buy Stuart Brown Individual 30. Aug 19 30. Aug 19 8,000 A$1.28 A$10,240
06. Sep 19 Buy Joseph Glew Individual 04. Sep 19 05. Sep 19 253,149 A$1.28 A$323,683
05. Sep 19 Buy Sao Investments Pty. Ltd. Company 29. Aug 19 30. Aug 19 182,774 A$1.27 A$232,123
05. Sep 19 Buy Joseph Glew Individual 29. Aug 19 30. Aug 19 12,540 A$1.27 A$15,926
02. Sep 19 Buy Robin Tedder Individual 26. Aug 19 26. Aug 19 50,000 A$1.26 A$62,969
02. Sep 19 Buy Joseph Glew Individual 26. Aug 19 28. Aug 19 172,460 A$1.28 A$220,749
19. Jul 19 Buy Joseph Glew Individual 12. Jul 19 16. Jul 19 161,771 A$1.30 A$210,610
12. Jul 19 Buy Sao Investments Pty. Ltd. Company 05. Jul 19 11. Jul 19 125,000 A$1.29 A$161,250
12. Jul 19 Buy Joseph Glew Individual 05. Jul 19 11. Jul 19 88,229 A$1.29 A$113,815
05. Jul 19 Sell Vintage Capital Pty. Ltd. Company 04. Jul 19 04. Jul 19 -3,361,043 A$1.48 A$-4,974,343
05. Jul 19 Buy Sao Investments Pty. Ltd. Company 28. Jun 19 01. Jul 19 81,906 A$1.33 A$109,233
05. Jul 19 Buy Pelorus Private Equity Limited Company 28. Jun 19 01. Jul 19 200,000 A$1.33 A$266,727
01. Jul 19 Buy Robin Tedder Individual 24. Jun 19 24. Jun 19 50,000 A$1.26 A$63,000
28. Jun 19 Buy Sao Investments Pty. Ltd. Company 24. Jun 19 26. Jun 19 43,094 A$1.30 A$56,022
28. Jun 19 Buy Pelorus Private Equity Limited Company 24. Jun 19 26. Jun 19 50,000 A$1.30 A$65,000
21. Jun 19 Buy Jagar Holdings Pty Ltd Company 17. Jun 19 20. Jun 19 28,378 A$1.35 A$38,310
21. Jun 19 Buy Sao Investments Pty. Ltd. Company 17. Jun 19 20. Jun 19 57,000 A$1.35 A$76,950
21. Jun 19 Buy Joseph Glew Individual 17. Jun 19 20. Jun 19 27,027 A$1.35 A$36,486
14. Jun 19 Buy Sao Investments Pty. Ltd. Company 07. Jun 19 13. Jun 19 68,000 A$1.35 A$91,800
13. Jun 19 Buy Stuart Brown Individual 06. Jun 19 07. Jun 19 15,082 A$1.37 A$20,662
07. Jun 19 Buy Sao Investments Pty. Ltd. Company 03. Jun 19 06. Jun 19 83,000 A$1.40 A$116,200
07. Jun 19 Buy Joseph Glew Individual 03. Jun 19 06. Jun 19 67,832 A$1.40 A$94,965
03. Jun 19 Buy Sao Investments Pty. Ltd. Company 27. May 19 29. May 19 27,730 A$1.40 A$38,822
03. Jun 19 Buy Joseph Glew Individual 27. May 19 29. May 19 7,168 A$1.40 A$10,035
22. May 19 Buy Sao Investments Pty. Ltd. Company 16. May 19 16. May 19 394 A$1.40 A$552
22. May 19 Buy Joseph Glew Individual 16. May 19 16. May 19 48,179 A$1.40 A$67,451
20. May 19 Buy Joseph Glew Individual 13. May 19 15. May 19 51,821 A$1.40 A$72,550
13. May 19 Buy Sao Investments Pty. Ltd. Company 06. May 19 07. May 19 27,327 A$1.40 A$38,258
03. May 19 Buy Sao Investments Pty. Ltd. Company 26. Apr 19 30. Apr 19 3,487 A$1.40 A$4,882
18. Apr 19 Buy Sao Investments Pty. Ltd. Company 11. Apr 19 15. Apr 19 119,186 A$0.98 A$116,860
07. Jan 19 Buy Pelorus Private Equity Limited Company 23. Mar 18 03. Jan 19 677,607 A$1.44 A$975,589
30. Nov 18 Buy Robin Tedder Individual 23. Nov 18 23. Nov 18 9,089 A$1.35 A$12,270
25. Nov 18 Buy Stuart Brown Individual 19. Nov 18 19. Nov 18 10,000 A$1.40 A$14,000
X
Management checks
We assess Blackwall Property Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Blackwall Property Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Investors Who Bought Blackwall Property Trust (ASX:BWR) Shares Five Years Ago Are Now Up 36%

For example, long term Blackwall Property Trust (ASX:BWR) shareholders have enjoyed a 36% share price rise over the last half decade, well in excess of the market return of around 6.8% (not including dividends). … During five years of share price growth, Blackwall Property Trust actually saw its EPS drop 28% per year. … We note that for Blackwall Property Trust the TSR over the last 5 years was 104%, which is better than the share price return mentioned above.

Simply Wall St -

Investing In Blackwall Property Trust (ASX:BWR): What You Need To Know

Blackwall Property Trust is a AU$191m small-cap, real estate investment trust (REIT) based in Neutral Bay, Australia. … See our latest analysis for Blackwall Property Trust REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities. … Instead of the P/E ratio, P/FFO is used instead, which is very common for REIT stocks.

Simply Wall St -

Need To Know: Blackwall Property Trust (ASX:BWR) Insiders Have Been Buying Shares

As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.' See our latest analysis for Blackwall Property Trust Blackwall Property Trust Insider Transactions Over The Last Year Non-Executive Director of Blackwall Fund Services Limited Joseph Glew made the biggest insider purchase in the last 12 months. … ASX:BWR Recent Insider Trading, July 12th 2019 Blackwall Property Trust Insiders Bought Stock Recently Over the last three months, we've seen significant insider buying at Blackwall Property Trust. … Insider Ownership of Blackwall Property Trust I like to look at how many shares insiders own in a company, to help inform my view of how aligned they are with insiders.

Simply Wall St -

Blackwall Property Trust (ASX:BWR) Has A Pretty Healthy Balance Sheet

Check out our latest analysis for Blackwall Property Trust What Is Blackwall Property Trust's Net Debt? … Because it carries more debt than cash, we think it's worth watching Blackwall Property Trust's balance sheet over time. … Looking at all this data makes us feel a little cautious about Blackwall Property Trust's debt levels.

Simply Wall St -

These 4 Measures Indicate That Blackwall Property Trust (ASX:BWR) Is Using Debt Reasonably Well

We can see that Blackwall Property Trust (ASX:BWR) does use debt in its business. … Either way, since Blackwall Property Trust does have more debt than cash, it's worth keeping an eye on its balance sheet. … Our View We weren't impressed with Blackwall Property Trust's interest cover, and its net debt to EBITDA made us cautious.

Simply Wall St -

Do Investors Have Good Reason To Be Wary Of Blackwall Property Trust's (ASX:BWR) 7.3% Dividend Yield?

Dividend paying stocks like Blackwall Property Trust (ASX:BWR) tend to be popular with investors, and for good reason - some research suggests a significant amount of all stock market returns come from reinvested dividends. On the other hand, investors have been known to buy a stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. With a goodly-sized dividend yield despite a relatively short payment history, investors might be wondering if Blackwall Property Trust is a new dividend aristocrat in the making. We'd agree the yield does look enticing. There are a few simple ways to reduce the risks of buying Blackwall Property Trust for its dividend, and we'll go through these below. Click the interactive chart for our full dividend analysis ASX:BWR Historical Dividend Yield, June 6th 2019 Payout ratios Dividends are usually paid out of company earnings. If a company is paying more than it earns, then the dividend might become unsustainable - hardly an ideal situation. As a result, we should always investigate whether a company can afford its dividend, measured as a percentage of a company's net income after tax. Looking at the data, we can see that 88% of Blackwall Property Trust's profits were paid out as dividends in the last 12 months. Paying out a majority of its earnings limits the amount that can be reinvested in the business. This may indicate a commitment to paying a dividend, or a dearth of investment opportunities. In addition to comparing dividends against profits, we should inspect whether the company generated enough cash to pay its dividend. Blackwall Property Trust paid out 159% of its free cash flow last year, suggesting the dividend is poorly covered by cash flow. Paying out more than 100% of your free cash flow in dividends is generally not a long-term, sustainable state of affairs, so we think shareholders should watch this metric closely. Blackwall Property Trust paid out less in dividends than it reported in profits, but unfortunately it didn't generate enough free cash flow to cover the dividend. Were it to repeatedly pay dividends that were not well covered by cash flow, this could be a risk to Blackwall Property Trust's ability to maintain its dividend. Is Blackwall Property Trust's Balance Sheet Risky? As Blackwall Property Trust has a meaningful amount of debt, we need to check its balance sheet to see if the company might have debt risks. A rough way to check this is with these two simple ratios: a) net debt divided by EBITDA (earnings before interest, tax, depreciation and amortisation), and b) net interest cover. Net debt to EBITDA is a measure of a company's total debt. Net interest cover measures the ability to meet interest payments on debt. Essentially we check that a) a company does not have too much debt, and b) that it can afford to pay the interest. … Blackwall Property Trust has been paying a dividend for the past five years. … Earnings per share are down, and Blackwall Property Trust's dividend has been cut at least once in the past, which is disappointing.

Simply Wall St -

Is Blackwall Property Trust (ASX:BWR) A High Quality Stock To Own?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Blackwall Property Trust: 18% = AU$15m ÷ AU$155m (Based on the trailing twelve months to December 2018.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Does Blackwall Property Trust Have A Good Return On Equity? … Blackwall Property Trust's Debt And Its 18% ROE Blackwall Property Trust has a debt to equity ratio of 0.77, which is far from excessive.

Simply Wall St -

Should You Take Comfort From Insider Transactions At Blackwall Property Trust (ASX:BWR)?

So before you buy or sell Blackwall Property Trust (ASX:BWR), you may well want to know whether insiders have been buying or selling. … The Last 12 Months Of Insider Transactions At Blackwall Property Trust. … Overall, Blackwall Property Trust insiders were net buyers last year

Simply Wall St -

Volatility 101: Should Blackwall Property Trust (ASX:BWR) Shares Have Dropped 37%?

While the Blackwall Property Trust (ASX:BWR) share price is down 37% over half a decade, the total return to shareholders (which includes dividends) was 67%. … Looking back five years, both Blackwall Property Trust's share price and EPS declined; the latter at a rate of 28% per year. … Dive deeper into the earnings by checking this interactive graph of Blackwall Property Trust's earnings, revenue and cash flow.

Simply Wall St -

Blackwall Property Trust (ASX:BWR) Delivered A Better ROE Than Its Industry

Our data shows Blackwall Property Trust has a return on equity of 15% for the last year. … One way to conceptualize this, is that for each A$1 of shareholders' equity it has, the company made A$0.15 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Company Info

Description

Blackwall Property Trust is a real estate investment trust externally managed by BlackWall Fund Services Limited. It invests in the real estate markets across Australia. It primarily invests in the industrial, retail and commercial Australian properties, and unlisted property securities. Blackwall Property Trust is based in Australia.

Details
Name: Blackwall Property Trust
BWR
Exchange: ASX
Founded:
A$191,585,710
148,516,055
Website: http://www.blackwall.com.au/?et_fb=1#BWR
Address: Blackwall Property Trust
50 Yeo Street,
Neutral Bay,
New South Wales, 2089,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX BWR Units Australian Securities Exchange AU AUD 28. Oct 2011
Number of employees
Current staff
Staff numbers
0
Blackwall Property Trust employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/13 10:35
End of day share price update: 2019/10/11 00:00
Last earnings filing: 2019/08/26
Last earnings reported: 2019/06/30
Last annual earnings reported: 2019/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.