Blackwall Limited (BWF) AI Stock Analysis

• Market Cap: AU$36.83M
• Dividend Yield: 4.88%
• Average Volume (3M): 85.86K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.09
• Revenue Growth: -35.47%
• EPS Growth: -216.59%
• Country: US
• Employees: 3
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): -0.07
• 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$0.21 ▼(-1.90% Downside)

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

A zero-debt balance sheet enhances financial stability and flexibility, allowing the company to navigate challenging periods without the burden of debt obligations.

Director Confidence

The director's increased shareholding signals confidence in the company's future prospects, potentially boosting stakeholder trust and market perception.

Dividend Distribution

The in-specie dividend distribution reflects a commitment to returning value to shareholders, supporting long-term investor relations and financial transparency.

Negative Factors

Revenue Contraction

Significant revenue decline indicates weakening market position and demand, posing risks to future growth and profitability if not addressed.

Cash Flow Deterioration

Negative cash flow pressures liquidity and operational flexibility, potentially leading to funding challenges and impacting long-term sustainability.

Profitability Decline

A severe swing to losses undermines earnings quality, increasing operational risk and necessitating strategic adjustments to restore profitability.

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	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.45M	1.45M	1.45M	1.54M	6.36M	5.72M
Gross Profit	255.00K	255.00K	711.00K	5.50M	5.15M	4.66M
EBITDA	255.00K	255.00K	-3.27M	-36.00K	2.08M	2.02M
Net Income	-13.27M	-13.27M	4.66M	-1.01M	1.65M	3.03M
Balance Sheet
Total Assets	50.14M	50.14M	72.94M	26.96M	27.53M	26.84M
Cash, Cash Equivalents and Short-Term Investments	24.00K	24.00K	1.41M	5.79M	1.17M	3.13M
Total Debt	0.00	0.00	0.00	5.33M	466.00K	596.00K
Total Liabilities	1.33M	1.33M	2.87M	8.71M	4.97M	4.85M
Stockholders Equity	48.71M	48.71M	70.07M	18.26M	22.56M	22.00M
Cash Flow
Free Cash Flow	-995.00K	-995.00K	1.74M	2.13M	1.10M	3.76M
Operating Cash Flow	-995.00K	-995.00K	1.74M	2.20M	1.13M	3.79M
Investing Cash Flow	1.51M	1.51M	-3.49M	867.00K	-801.00K	-429.00K
Financing Cash Flow	-1.90M	-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: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 0.21, below the 50-day MA of 0.21, and below the 200-day MA of 0.29, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 57.36 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, 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$77.08M	10.81	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$65.16M	21.47	3.57%	6.89%	30.36%	-31.47%
CAF	60 Neutral	AU$81.30M	15.06	15.40%	7.14%	13.65%	-33.93%
PFG	55 Neutral	AU$60.37M	12.57	8.35%	7.22%	21.16%	47.24%
BWF	46 Neutral	AU$36.83M	-2.71	-22.44%	4.88%	-35.47%	-216.59%

Blackwall Limited Corporate Events

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.

BlackWall Limited Director Increases Shareholding

BlackWall Limited announced a change in the director’s interest, with JR (Seph) Glew acquiring 250,000 ordinary shares through an on-market trade, increasing his total holdings to 49,291,000 shares. This acquisition reflects a strategic move within the company, potentially impacting its market positioning and signaling confidence in its future prospects.

BlackWall Limited Director Increases Shareholding

BlackWall Limited announced a change in the director’s interest, with JR (Seph) Glew acquiring an additional 550,000 ordinary shares through on-market trade, increasing his total holdings to 49,041,000 shares. This acquisition, valued at $114,000, reflects a strategic move by the director, potentially signaling confidence in the company’s future performance and impacting its market positioning positively.

BlackWall Limited Director Increases Shareholding

BlackWall Limited has announced a change in the director’s interest in securities. JR (Seph) Glew, a director, has increased his indirect interest in the company by acquiring 150,000 ordinary shares through an on-market trade, bringing his total to 48,491,000 shares. This acquisition, valued at $34,500, reflects a strategic move by the director, potentially indicating confidence in the company’s future performance.

BlackWall Limited Announces Successful AGM Resolutions

BlackWall Limited announced that all four resolutions proposed at its Annual General Meeting were successfully passed by the requisite majority of shareholders. This outcome reflects strong shareholder support and may positively impact the company’s strategic initiatives and governance, reinforcing its position in the market.

BlackWall Limited Announces Director’s Interest Change

BlackWall Limited has announced a change in the director’s interest notice, specifically regarding JR (Seph) Glew. On November 3, 2025, an indirect interest transaction occurred where 19,465 ordinary shares were acquired through an on-market trade, increasing the total number of shares held to 48,341,000. This change reflects a minor adjustment in the director’s holdings, potentially signaling confidence in the company’s future prospects.

BlackWall Limited Announces Director’s Share Acquisition

BlackWall Limited has announced a change in the director’s interest, with JR (Seph) Glew acquiring an additional 19,514 ordinary shares through an on-market trade, bringing his total to 48,321,535 shares. This change reflects ongoing investment activities within the company, potentially impacting its market positioning and signaling confidence in its financial strategies.

BlackWall Limited Director Increases Shareholding

BlackWall Limited has announced a change in the director’s interest, with JR (Seph) Glew acquiring an additional 48,318 ordinary shares through an on-market trade. This change increases his total holdings to 48,216,000 shares, reflecting a continued commitment to the company’s growth and stability, potentially impacting stakeholder confidence positively.

BlackWall Limited Director Increases Shareholding

BlackWall Limited announced a change in the director’s interest, with JR (Seph) Glew acquiring an additional 28,112 ordinary shares through an on-market trade. This change reflects a slight increase in the director’s holdings, now totaling 48,167,682 shares, which may indicate confidence in the company’s future performance and stability.

BlackWall Limited Director Increases Shareholding

BlackWall Limited has announced a change in the director’s interest, specifically involving JR (Seph) Glew, who has acquired an additional 23,570 ordinary shares through an on-market trade. This change increases his total shareholding to 48,139,570 shares, reflecting a continued commitment to the company. The transaction, valued at $5,656.80, signifies a strategic move that could impact the company’s market perception and stakeholder confidence.

BlackWall Limited Director Increases Shareholding

BlackWall Limited announced a change in the director’s interest, with JR (Seph) Glew acquiring an additional 35,000 ordinary shares through an on-market trade, bringing his total to 48,116,000 shares. This acquisition reflects a continued confidence in the company’s performance and could impact stakeholder perceptions positively, suggesting a stable or growing market position.