The Australian

Company at a Glance

Industry:: Real Estate Investment Trusts (REITs)
Fiscal Year-End:: Jun 10

Company Overview

CWT is a property trust specialising in established premium vineyards and other wine infrastructure investments leased to quality wine industry participants. CWT owns more than thirty vineyards.

Company History

CWT was listed on the ASX in July 1999. In late 1999 Beston Pacific Vineyard Management Ltd, the management company of CWT, was acquired by Challenger International.

CWT operates in the Australian wine industry. The assets of CWT are chiefly established premium vineyards. The Trust holds in its investments portfolio a number of premium Australian vineyards leased to established wineries.

Differentiating Factor

CWT invests primarily in well established vineyards. It aims to provide capital for wine companies by purchasing and leasing back vineyards and other wine assets. CWT maintains long-term leases with reputable wine companies.

Major Customers & Competitors

Under its leasing arrangements CWT provides vineyards and other wine assets to various wine companies including, Southcorp, Delegat's, McGuigan Simeon Wines, Evans and Tate and Grant Burge Wines. CWT competes with other Vineyards and wine processors.

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Market Statistics

Market Cap ($M):: 36.2

Equiv. Shares (M):: 170.3

% All Ords:: n/a

12Mth Range ($):: 0.16 - 0.36

Turnover ($M pa):: 9.9

Index:: n/a

Sector:: Financials

Industry Group:: Real Estate

Industry:: Real Estate Investment Trusts (REITs)

Sub Industry:: Specialized REITs

Last 5 Market Sensitive Announcements

Date: Announcment

10-Jun-10 09:30: CWT Update

05-Mar-10 08:30: SandP Announces March SP/ASX Index Rebalance

04-Feb-10 09:19: CWT Appendix 4D

04-Dec-09 09:29: CWT Estimated Interim Distribution

04-Dec-09 09:27: CWT Update

Calendar Of Events

Date: Event

30-Aug-10: Dividend Date Payable for Final Year Result (1c 0% franked)

30-Jun-10: Dividend Record Date for Final Year Result (1c 0% franked)

24-Jun-10: Dividend Ex-Dividend Date for Final Year Result (1c 0% franked)

09-Feb-10: Dividend Date Payable for Half Yearly Result (3.25c 0% franked)

31-Dec-09: Dividend Record Date for Half Yearly Result (3.25c 0% franked)

Directors

Name: Position

R I Bacon: Director

J C Barry: Director

W E Ireland: Director

K A Weir: Director

I M Martens: Director

I R Moore: Director

G McWilliam: Director

B Shanahan: Chairman

B O'Connor: Executive Director

M Cole: Independent director

Management

Name: Position

C J Atkins: Managing Director

Substantial Shareholders

Name: % Holding

Challenger Financial Services: 27.3

HSBC: 9.2

LIBJ Asset Management: 8.4

Commonwealth Bank: 6.6

Peer Recommendation Comparison

	P/E (x)	EPS Chg (%)	Dividend Yield (%)	MktCap ($M)	Price ($)	Consensus Rec
	09A	09A	09A
Ale Property	7.0	317.3	13.6	315.9	2.06	none
Ardent Leisure Group	12.9	(36.1)	10.1	315.3	1.02	none
Australian Education Trust	(41.8)	n/a	15.7	74.9	0.56	none
ING Real Estate Healthcare	(13.5)	n/a	12.1	53.7	0.76	none
Challenger Wine	(1.9)	n/a	26.3	36.2	0.19	none

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Company Information

Company at a Glance

Company Overview

Company History

Industries Of Operation

Differentiating Factor

Major Customers & Competitors

Market Statistics

Last 5 Market Sensitive Announcements

Calendar Of Events

Directors

Management

Substantial Shareholders

Peer Recommendation Comparison

Tools

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Wealth

Go for growth assets

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