Waypoint REIT Ltd. (AU:WPR)
ASX:WPR
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Waypoint REIT Ltd.
(Sydney:WPR)
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Rating:71Outperform
Price Target:
AU$3.00
▲(18.58% Upside)
Action:Upgraded
Date:03/03/26
The score is driven primarily by sound financial fundamentals for a REIT (steady cash flow and moderate leverage), partially offset by volatile reported earnings and a significant 2025 revenue decline. Valuation is a clear positive (low P/E and high yield), while technical indicators are neutral and do not materially strengthen the case.
Positive Factors
Stable cash generation
Consistent operating and free cash flow around A$109–121m supports durable distributable income for a REIT. Steady cash generation underpins dividend coverage, funds maintenance capex and debt service, and provides resilience versus reported earnings swings driven by non-cash items.
Negative Factors
Sharp 2025 revenue drop
A ~27% revenue reduction in 2025 signals a meaningful erosion of recurring top-line cash flow that may reflect asset disposals, lost tenants or contract changes. Sustained revenue contraction would pressure distributable income, reinvestment capacity and the REIT's ability to grow or maintain payouts.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable cash generation
Consistent operating and free cash flow around A$109–121m supports durable distributable income for a REIT. Steady cash generation underpins dividend coverage, funds maintenance capex and debt service, and provides resilience versus reported earnings swings driven by non-cash items.
Read all positive factors
Waypoint REIT Ltd. (WPR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.62B
Dividend Yield6.3%
Average Volume (3M)2.20M
Price to Earnings (P/E)8.3
Beta (1Y)0.29
Revenue Growth-0.79%
EPS Growth54.01%
CountryAU
Employees8
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)0.30
Shares Outstanding653,073,550
10 Day Avg. Volume2,290,676
30 Day Avg. Volume2,200,004
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)0.89
Price to Sales (P/S)10.32
P/FCF Ratio15.21
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$2.59Price Target Upside2.24% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering3
EPS Forecast (FY)0.17
Revenue Forecast (FY)AU$168.53M
Waypoint REIT Ltd. Business Overview & Revenue Model
Company Description
Waypoint REIT operates as Australia's foremost publicly listed real estate investment trust, concentrating solely on service station and convenience retail assets. Its extensive, high-quality portfolio encompasses all Australian states and mainlan...
How the Company Makes Money
Waypoint REIT generates revenue primarily through the rental income derived from its portfolio of commercial properties. The company enters into long-term lease agreements with tenants, which provide a consistent and predictable cash flow. Additio...
Waypoint REIT Ltd. Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
74
Positive
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 163.70M | 165.00M | 164.30M | 168.60M | 178.40M |
| Gross Profit | 153.00M | 165.00M | 154.20M | 157.90M | 168.50M |
| EBITDA | 248.60M | 157.90M | 144.90M | 157.90M | 168.50M |
| Net Income | 200.10M | 131.50M | -79.10M | 133.80M | 443.60M |
Balance Sheet | |||||
| Total Assets | 2.88B | 2.83B | 2.80B | 2.99B | 3.13B |
| Cash, Cash Equivalents and Short-Term Investments | 14.40M | 14.70M | 13.30M | 14.00M | 19.00M |
| Total Debt | 932.80M | 919.50M | 892.70M | 884.50M | 929.50M |
| Total Liabilities | 986.40M | 970.20M | 965.30M | 959.70M | 999.90M |
| Stockholders Equity | 1.89B | 1.85B | 1.83B | 2.03B | 2.13B |
Cash Flow | |||||
| Free Cash Flow | 111.10M | 110.80M | 109.20M | 116.20M | 121.20M |
| Operating Cash Flow | 111.10M | 110.80M | 109.20M | 116.20M | 121.20M |
| Investing Cash Flow | 37.60M | 2.50M | -200.00K | 159.60M | 127.60M |
| Financing Cash Flow | -149.00M | -111.90M | -109.70M | -280.80M | -245.30M |
Waypoint REIT Ltd. Technical Analysis
Positive
2.53
Price Trends
2.44
Positive
2.43
Positive
2.49
Negative
Market Momentum
0.02
Negative
55.96
Neutral
64.10
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WPR, the sentiment is Positive. The current price of 2.53 is above the 20-day moving average (MA) of 2.43, above the 50-day MA of 2.44, and above the 200-day MA of 2.49, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 55.96 is Neutral, neither overbought nor oversold. The STOCH value of 64.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:WPR.
Waypoint REIT Ltd. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | AU$2.74B | 7.13 | 11.96% | 6.09% | 5.78% | 79.44% | |
71 Outperform | AU$1.62B | 8.33 | 21.02% | 6.30% | -0.79% | 54.01% | |
71 Outperform | AU$1.32B | 8.77 | 11.87% | 5.14% | 13.45% | 75.99% | |
70 Outperform | AU$1.94B | 14.16 | 5.63% | 4.85% | 2.44% | 42.65% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
57 Neutral | AU$911.53M | 42.46 | 0.74% | 7.11% | 4.64% | ― | |
53 Neutral | AU$1.73B | 47.33 | 1.57% | 8.12% | -0.81% | ― |
* Real Estate Sector Average
AU:WPR
Waypoint REIT Ltd.
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Waypoint REIT Ltd. Corporate Events
Waypoint REIT Performance Rights Lapse Trims Potential Equity Dilution
Mar 3, 2026
Waypoint REIT has reported the lapse of 316,067 performance rights, identified under the ASX code WPRAA, after the conditions attached to these rights were not met or became incapable of being satisfied. The cessation of these securities, effectiv...
Waypoint REIT Seeks ASX Quotation for New Employee Incentive Securities
Mar 1, 2026
Waypoint REIT has applied for quotation on the ASX of 139,095 fully paid ordinary stapled securities, to be issued on 3 March 2026 under its employee incentive scheme. The additional securities, which are not subject to transfer restrictions, mode...
Waypoint REIT outlines cautionary framework in FY25 results presentation
Feb 25, 2026
Waypoint REIT has released a FY25 results presentation prepared by its managing director, CEO and CFO as an information-only update for investors on the ASX. The document emphasises that it is a summary rather than a complete disclosure, and that ...
Waypoint REIT Lifts NTA and Profit as Viva Energy Extends Leases and Buyback Supports Returns
Feb 25, 2026
Waypoint REIT reported FY25 distributable earnings per security of 16.64 cents, up 1% and in line with guidance, with statutory net profit rising to $200.1 million on the back of $102.2 million in valuation gains across its $2.86 billion portfolio...
Waypoint REIT boosts profit on valuation gains as tenant renewals secure income
Feb 25, 2026
Waypoint REIT reported largely steady operating performance for the year to 31 December 2025, with distributable earnings edging 0.4% lower to $110.3 million even as distributable earnings per security rose 1.0% to 16.64 cents, helped by an on-mar...
Waypoint REIT Sets Date for Full-Year 2025 Results and Investor Briefing
Jan 29, 2026
Waypoint REIT, Australia’s largest listed REIT specialising in fuel and convenience retail properties, operates a nationwide portfolio designed to deliver long-term returns to its securityholders. The company has scheduled the release of its...
Waypoint REIT Posts Slight Portfolio Value and NTA Uplift in December Valuation
Jan 29, 2026
Waypoint REIT has completed its 31 December 2025 portfolio valuation, reporting a modest net increase of $3.2 million, or about 0.1%, lifting the total value of its 395-property portfolio to $2.86 billion and slightly firming the weighted average ...
Waypoint REIT Secures Viva Energy Leases and Extends Debt Maturities
Dec 22, 2025
Waypoint REIT has strengthened its leasing profile with Viva Energy Australia, as the fuel retailer has exercised ten-year options on 21 of 26 leases expiring in 2026, securing occupancy through to August 2036 and delivering a 12.3% uplift in rent...
Waypoint REIT Announces New Dividend Distribution
Dec 11, 2025
Waypoint REIT has announced a new dividend distribution of AUD 0.042 per fully paid ordinary unit, with the ex-date set for December 30, 2025, and the record date on December 31, 2025. The payment is scheduled for March 10, 2026, and relates to th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.