Lower Interest Rates Driving BWP Share Price Gains, FVE Unchanged
We think historically low interest rates are driving no-moat BWP Trust’s recent share price gains. An update from management prompts no material changes to our view on the company’s fundamentals. Consequently, our fair value estimate remains AUD 3.30 per share. We expect what has changed is the broader macroeconomic outlook on interest rates. The Reserve Bank of Australia, or RBA, cut the cash rate by 25 basis points earlier in 2019. There is also growing consensus it will do so again at least o...BWP Trust is a real estate investment trust, investing in and managing commercial properties throughout Australia. Co. invests in properties with long-term leases to substantial tenants, predominantly in the bulky goods retail sector. The majority of Co.'s properties are retailing properties, in particular, Bunnings Warehouses, leased to Bunnings Group Limited.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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