The issue with BKW is actually probably more market perception. A lot of the day to day punters see it purely as the building products business and their guidance in that area was patchy at the recent result. Realistically building products could have a poor couple of years and BKW as a whole might still do really well and grow dividends of the back of SOL and their Industrial Property (which in my opinion is probably the best part of BKW). I see it as a great way to get access to excellent commercial property while still receiving franked dividends which you don't get with a similar REIT like Goodman). I suppose it comes down to the old debate as to whether they are actually reducing the value of the company by having it all merged together. BKW is now going to come back under pressure over their structure having been given a bit of breathing space after the Perpetual Court ruling.
SOL Price at posting:
$26.36 Sentiment: Hold Disclosure: Held
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