Ann: ASX Half Year Results Media Release HY Jan 2024, page-9

UBS still maintain a buy with a target of $33; But I got to say, looking at their forward estimates it doesn't exactly look inspiring. BKW always say how they beat the accumulation index through all periods. If you looked at a broad based index fund, BKW really accelerated after the covid period. The 10 years prior to that, BKW languished and barely kept up with the index. from 2014 to 2019 BKW experienced an average of mid single digit growth in both ROE and ROIC.

Even VAP was smashing BKW right up until covid. @IAmCoolSmart legitimately makes the point that during the rapid increase of rates, all the REITs have been smashed but BKW has had a tremendous run. No doubt thanks to SOL. For discloure, I don't hold VAS but I do hold VAP which I purchased for the first time in late October 2023. I like Goodman Group but dislike their yield (actually, I dislike REIT's in general), but I hedged my bets so to speak. Buy low...

As for BKW, I can see a reversion to the mean occurring and it wouldn't surprise me to see the green line, meet the blue line in the not too distant future.

VAS v BKW since inception;



Why compare VAP with BKW? Pretty obvious due to their 50/50 JV with Goodman Group, But to the point that @IAmCoolSmart made, you can clearly see BKW's outperformance in 2021 with the rapid rise in interest rates when the sector in general was getting hammered. I'm fully expecting a reversion of the share price at some point. Not too fussed for any negative feedback regarding my post, but for sure BKW is overvalued. No doubt about it.

VAP v BKW since inception;

UBS Estimates; Looks like a lot of catch up to made based on 2023 Actuals. Not saying that BKW isn't a bottom drawer stock. But buggered if I'd be paying up for this right now. Would love to see this sink way further. As a net buyer, I only want things cheaper and this isn't cheap.

		2023	2024(E)	2025(E)	2026(E)	2027(E)	2028(E)
1	Revenue	1181	1195	1163	1181	1194	1199
2	Net Earnings	508	(39)	190	226	168	104
3	EPS	3.33	(0.26)	1.24	1.48	1.10	0.68
4	PE	7.0	NM	23.5	19.8	26.5	42.9