Reported Earnings • Apr 21
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €2.18 (up from €1.40 in FY 2024). Revenue: €14.4m (up 1.5% from FY 2024). Net income: €18.3m (up 67% from FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 108%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 4.3% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Apr 21
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.1% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 110% Cash payout ratio: 220% Earnings are forecast to decline by an average of 21% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Minor Risk Large one-off items impacting financial results. New Risk • Apr 19
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 110% Cash payout ratio: 165% Dividend yield: 11% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.1% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 110% Cash payout ratio: 165% Earnings are forecast to decline by an average of 21% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. New Risk • Mar 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (23% net profit margin). Market cap is less than US$100m (€86.6m market cap, or US$98.9m). New Risk • Mar 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €85.4m (US$99.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (23% net profit margin). Market cap is less than US$100m (€85.4m market cap, or US$99.2m). Annuncio • Oct 02
Qrf Comm. VA announces Annual dividend Qrf Comm. VA announced Annual dividend of EUR 0.4410 per share, ex-date on October 02, 2025 and record date on October 03, 2025. Reported Earnings • Sep 03
First half 2025 earnings released: EPS: €0.45 (vs €1.44 in 1H 2024) First half 2025 results: EPS: €0.45 (down from €1.44 in 1H 2024). Revenue: €6.97m (up 1.0% from 1H 2024). Net income: €3.53m (down 69% from 1H 2024). Profit margin: 51% (down from 162% in 1H 2024). Revenue is forecast to stay flat during the next 3 years compared to a 3.1% growth forecast for the Retail REITs industry in Belgium. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. New Risk • Sep 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 47% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (22% net profit margin). Market cap is less than US$100m (€82.3m market cap, or US$96.4m). Annuncio • May 22
Qrf Comm. VA announces Annual dividend, payable on May 27, 2025 Qrf Comm. VA announced Annual dividend of EUR 0.5880 per share payable on May 27, 2025, ex-date on May 23, 2025 and record date on May 26, 2025. New Risk • Apr 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€81.0m market cap, or US$92.0m). Reported Earnings • Apr 24
Full year 2024 earnings released: EPS: €1.40 (vs €0.32 loss in FY 2023) Full year 2024 results: EPS: €1.40 (up from €0.32 loss in FY 2023). Revenue: €13.8m (down 30% from FY 2023). Net income: €10.9m (up €13.4m from FY 2023). Profit margin: 79% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.4% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Mar 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings are forecast to decline by an average of 4.4% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€82.3m market cap, or US$89.2m). Reported Earnings • Aug 28
First half 2024 earnings released: EPS: €1.44 (vs €0.32 loss in 1H 2023) First half 2024 results: EPS: €1.44 (up from €0.32 loss in 1H 2023). Revenue: €6.90m (down 15% from 1H 2023). Net income: €11.2m (up €13.7m from 1H 2023). Revenue is expected to fall by 8.6% p.a. on average during the next 3 years compared to a 3.3% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 21
Price target decreased by 9.3% to €12.25 Down from €13.50, the current price target is an average from 2 analysts. New target price is 18% above last closing price of €10.40. Stock is up 2.5% over the past year. The company is forecast to post earnings per share of €2.18 next year compared to a net loss per share of €0.32 last year. Reported Earnings • Apr 11
Full year 2023 earnings released: €0.32 loss per share (vs €1.68 profit in FY 2022) Full year 2023 results: €0.32 loss per share (down from €1.68 profit in FY 2022). Revenue: €15.1m (up 11% from FY 2022). Net loss: €2.46m (down 120% from profit in FY 2022). Revenue is forecast to stay flat during the next 2 years compared to a 3.3% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Mar 04
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (9.7% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (36% net profit margin). Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Market cap is less than US$100m (€75.5m market cap, or US$81.8m). Board Change • Mar 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Non-Executive Non-Independent Director Stefanie Broucke was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 23
First half 2023 earnings released: €0.32 loss per share (vs €0.56 profit in 1H 2022) First half 2023 results: €0.32 loss per share (down from €0.56 profit in 1H 2022). Revenue: €8.12m (up 70% from 1H 2022). Net loss: €2.46m (down 160% from profit in 1H 2022). Revenue is expected to fall by 25% p.a. on average during the next 2 years compared to a 3.0% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €11.00, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 7x in the REITs industry in Belgium. Total loss to shareholders of 15% over the past three years. Price Target Changed • Nov 16
Price target increased to €13.50 Up from €12.50, the current price target is provided by 1 analyst. New target price is 46% above last closing price of €9.22. Stock is down 17% over the past year. The company posted earnings per share of €0.32 last year. Price Target Changed • Apr 27
Price target increased to €13.50 Up from €12.50, the current price target is provided by 1 analyst. New target price is 16% above last closing price of €11.60. Stock is down 2.5% over the past year. The company posted a net loss per share of €0.74 last year. Reported Earnings • Apr 25
Full year 2020 earnings released: €0.74 loss per share (vs €2.91 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: €13.8m (down 16% from FY 2019). Net loss: €5.31m (loss narrowed 74% from FY 2019). Net asset value (NAV) per share: €16.43 (down 8.2% from FY 2019). The current share price is 27% lower than NAV per share. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Price Target Changed • Mar 01
Price target raised to €13.50 Up from €12.50, the current price target is provided by 1 analyst. The new target price is 8.4% above the current share price of €12.45. As of last close, the stock is down 13% over the past year. Annuncio • Dec 02
Qrf Comm. VA (ENXTBR:QRF) entered into an agreement to acquire State Archives Bruges from Leasinvest Real Estate SCA (ENXTBR:LEAS) for €20.6 million. Qrf Comm. VA (ENXTBR:QRF) entered into an agreement to acquire State Archives Bruges from Leasinvest Real Estate SCA (ENXTBR:LEAS) for €20.6 million on December 1, 2020. Is New 90 Day High Low • Nov 17
New 90-day high: €11.60 The company is up 6.0% from its price of €10.90 on 19 August 2020. The Belgian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is up 2.0% over the same period. Is New 90 Day High Low • Oct 27
New 90-day low: €8.98 The company is down 17% from its price of €10.80 on 29 July 2020. The Belgian market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 1.0% over the same period. Is New 90 Day High Low • Oct 08
New 90-day low: €9.34 The company is down 23% from its price of €12.20 on 10 July 2020. The Belgian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 6.0% over the same period. Is New 90 Day High Low • Sep 22
New 90-day low: €9.82 The company is down 9.0% from its price of €10.85 on 24 June 2020. The Belgian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 7.0% over the same period.