Blackwall Limited (BWF) AI Stock Analysis

• Market Cap: AU$29.98M
• Dividend Yield: 4.88%
• Average Volume (3M): 85.86K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.24
• Revenue Growth: -35.47%
• EPS Growth: -216.59%
• Country: AU
• Employees: 3
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): >-0.01
• Shares Outstanding: 171,290,470
• 10 Day Avg. Volume: 171,824
• 30 Day Avg. Volume: 85,858
• PEG Ratio: <0.01
• Price to Book (P/B): 1.27
• Price to Sales (P/S): 42.97
• P/FCF Ratio: -62.40
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: AU$0.18 ▼(-13.81% Downside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is primarily weighed down by sharply weakening financial performance (large 2025 loss, revenue contraction, and negative 2025 cash flow) and a bearish technical backdrop (below key moving averages with negative MACD). A strong, low-leverage balance sheet and a moderate dividend yield provide partial support but do not offset the current earnings and cash flow deterioration.

Positive Factors

Balance Sheet Strength

Zero reported debt and a large equity base provide durable financial flexibility. Low leverage extends the company's runway to absorb operating losses, reduces refinancing risk, and allows management time to restructure, invest selectively, or support dividends without urgent funding needs.

Dividend Support

A roughly 4.65% dividend yield signals a shareholder-return policy that can stabilize the investor base and provide income support while earnings recover. Persisting dividend policy can reduce share volatility and incentivize long-term holders, aiding stability over several months.

Lean Cost Base

An extremely small headcount implies a very lean fixed-cost structure, which helps preserve cash during revenue stress. In asset management, low payroll obligations allow quicker adjustment to lower fee income and reduce cash burn, improving the company's ability to endure a protracted downturn.

Negative Factors

Revenue Contraction

A sustained and material revenue decline sharply reduces scale and fee income, limiting margin recovery and reinvestment capacity. Structural top-line erosion suggests client or product weakness and makes medium-term recovery harder without new distribution, products, or market share gains.

Negative Cash Flow

The shift to negative operating and free cash flow after years of positive conversion erodes liquidity and forces reliance on equity reserves. Prolonged negative cash generation can compel asset sales, dividend cuts, or external funding, constraining strategic options and increasing execution risk.

Earnings Volatility & Large Loss

A very large net loss and deeply negative margins have eroded equity and produced negative ROE, undermining investor and client confidence. Significant losses increase the difficulty of restoring consistent profitability and may force management to prioritize stabilization over growth investments.

Blackwall Limited Business Overview & Revenue Model

Company Description

BlackWall Limited (ASX:BWF), formerly BlackWall Property Funds Limited, conducts vertically integrated property funds management business. The firm manages, develops and finance income-producing real estate on behalf of retail, high net worth and institutional property investors. It operates two wholly-owned subsidiaries, Blackwall Property Funds and WOTSO. Blackwall Property Funds is a property development and funds management business that acquires income-producing property increase rental returns. WOTSO secures conventional office space while adding value through contemporary fit out, high-speed connections, concierge and secretarial services and community engagement. It also offers project space, function areas and meeting rooms available for hire. BlackWall Limited is based in Australia.

How the Company Makes Money

Blackwall Limited generates revenue primarily through leasing and managing commercial real estate properties. The company earns income from rental fees charged to tenants occupying its coworking and flexible office spaces. Additionally, Blackwall Limited benefits from property management fees and development projects, which contribute to its overall financial performance. Partnerships with other real estate developers and investors can enhance its revenue streams by facilitating joint ventures or property acquisitions, thereby expanding its portfolio and market presence.

Blackwall Limited Financial Statement Overview

Summary

Despite a strong, zero-debt balance sheet and high equity-to-assets, operating performance has deteriorated: revenue has fallen sharply since 2022, profitability swung to a very large loss in 2025, and operating/free cash flow turned negative in 2025—raising near-term execution and liquidity risk if weakness persists.

Income Statement

Profitability has deteriorated sharply. Revenue has contracted materially from prior years (down from ~6.4M in 2022 to ~1.45M in 2024–2025), and the latest year shows a very large net loss (2025 net margin deeply negative). Margins were strong in 2020–2022, but results have become volatile with losses in 2023 and a severe swing to losses in 2025, indicating weakened earnings quality and elevated operating risk.

Balance Sheet

Balance sheet strength is a key support: total debt is reported at zero in 2024 and 2025, with a large equity base versus assets (equity of ~48.7M on ~50.1M assets in 2025). Leverage has fallen meaningfully from 2023 levels, reducing financial risk. The main weakness is returns: the latest return on equity is strongly negative due to the net loss, and equity declined from 2024 to 2025, reflecting value erosion.

Cash Flow

Cash generation has weakened and turned negative most recently. Operating cash flow and free cash flow were positive and generally healthy in 2020–2024, but 2025 shows negative operating and free cash flow (about -1.0M), alongside a steep decline versus the prior year. This reversal increases funding and liquidity pressure if losses persist, despite the historically better cash conversion in prior periods.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	1.45M	1.45M	1.54M	6.36M	5.72M
Gross Profit	255.00K	711.00K	5.50M	5.15M	4.66M
EBITDA	255.00K	-3.27M	-36.00K	2.08M	2.02M
Net Income	-13.27M	4.66M	-1.01M	1.65M	3.03M
Balance Sheet
Total Assets	50.14M	72.94M	26.96M	27.53M	26.84M
Cash, Cash Equivalents and Short-Term Investments	24.00K	1.41M	5.79M	1.17M	3.13M
Total Debt	0.00	0.00	5.33M	466.00K	596.00K
Total Liabilities	1.33M	2.87M	8.71M	4.97M	4.85M
Stockholders Equity	48.71M	70.07M	18.26M	22.56M	22.00M
Cash Flow
Free Cash Flow	-995.00K	1.74M	2.13M	1.10M	3.76M
Operating Cash Flow	-995.00K	1.74M	2.20M	1.13M	3.79M
Investing Cash Flow	1.51M	-3.49M	867.00K	-801.00K	-429.00K
Financing Cash Flow	-1.90M	-2.63M	1.56M	-2.29M	-2.97M

Blackwall Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.21
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BWF, the sentiment is Positive. The current price of 0.21 is above the 20-day moving average (MA) of 0.16, above the 50-day MA of 0.16, and below the 200-day MA of 0.21, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 62.15 is Neutral, neither overbought nor oversold. The STOCH value of 20.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:BWF.

Blackwall Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MAM	72 Outperform	AU$68.59M	7.05	32.22%	6.39%	22.67%	19.47%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SB2	61 Neutral	AU$63.06M	-40.11	3.57%	6.89%	30.36%	-31.47%
CAF	60 Neutral	AU$76.41M	16.74	15.40%	7.14%	13.65%	-33.93%
PFG	55 Neutral	AU$59.73M	9.20	8.35%	7.22%	21.16%	47.24%
BWF	46 Neutral	AU$29.98M	-2.30	-22.44%	4.88%	-35.47%	-216.59%

Blackwall Limited Corporate Events

BlackWall director Seph Glew lifts indirect stake with on‑market share purchases

BlackWall director JR (Seph) Glew has increased his indirect stake in the company through a series of on‑market trades conducted between 16 and 18 February 2026 via three associated entities. The transactions lifted his total holding from 50,541,000 to 51,266,000 ordinary shares in BlackWall, reinforcing substantial insider ownership and signalling continued confidence in the company’s prospects to market stakeholders.

Through Seno Management Pty Ltd accounts and Jagar Holdings Pty Ltd, Glew acquired a combined 725,000 BWF shares at an aggregate consideration exceeding A$150,000. The enlarged position may be interpreted by investors as a positive governance signal, as director buying often reflects alignment with shareholder interests and conviction regarding future company performance.

The most recent analyst rating on (AU:BWF) stock is a Sell with a A$0.18 price target. To see the full list of analyst forecasts on Blackwall Limited stock, see the AU:BWF Stock Forecast page.

BlackWall Tightens Disclosure on Chairman’s Share Purchases

BlackWall Limited has issued an amendment to its previously released Change of Director’s Interest Notice for chairman JR (Seph) Glew, providing a more detailed breakdown of recent share purchases made through associated entities Jagar Holdings Pty Ltd and Seno Management Pty Ltd. The revised disclosure clarifies the specific entities involved, the dates of each purchase, the cost and number of shares acquired, and the updated closing balances, enhancing transparency around director-related trading activity for shareholders and the market.

The most recent analyst rating on (AU:BWF) stock is a Sell with a A$0.19 price target. To see the full list of analyst forecasts on Blackwall Limited stock, see the AU:BWF Stock Forecast page.

BlackWall Director Seph Glew Boosts Stake in On-Market Purchase

BlackWall Limited, an Australian real estate funds manager and property investment platform, focuses on managing specialized funds and providing property services to income-focused investors. Director JR (Seph) Glew increased his indirect holding by 500,000 ordinary shares via on-market trades worth $101,250 between 29 January and 2 February 2026, lifting his stake to 50.541 million shares, signaling continued insider confidence in the company’s long-term strategy.

The most recent analyst rating on (AU:BWF) stock is a Sell with a A$0.19 price target. To see the full list of analyst forecasts on Blackwall Limited stock, see the AU:BWF Stock Forecast page.

BlackWall Director Seph Glew Increases Indirect Shareholding

BlackWall Limited has disclosed a change in the shareholding of director JR (Seph) Glew, whose relevant interest is held indirectly through Seno Management Pty Ltd . Between 16 and 21 January 2026, Glew acquired 500,000 ordinary shares in BlackWall via on‑market trades for a total consideration of $103,750, increasing his holding from 49,541,000 to 50,041,000 shares; the company confirmed the transactions did not occur during a closed trading period, indicating compliance with its trading policies and providing investors with updated visibility on director alignment with shareholder interests.

The most recent analyst rating on (AU:BWF) stock is a Sell with a A$0.19 price target. To see the full list of analyst forecasts on Blackwall Limited stock, see the AU:BWF Stock Forecast page.

BlackWall Limited Director Increases Shareholding

BlackWall Limited has announced a change in the director’s interest, with JR (Seph) Glew acquiring an additional 250,000 ordinary shares through an on-market trade, increasing his total holdings to 49,541,000 shares. This acquisition, valued at $50,000, reflects a strategic move by the director, potentially indicating confidence in the company’s future performance and stability, which may influence stakeholder perceptions positively.