View ValuationQrf Comm. VA 향후 성장Future 기준 점검 1/6Qrf Comm. VA 의 수익은 연간 21% 감소할 것으로 예상되는 반면, 연간 수익은 8.3% 로 증가할 것으로 예상됩니다. EPS는 연간 30.8% 만큼 쇠퇴할 것으로 예상됩니다. 자기자본이익률은 3년 후 7.4% 로 예상됩니다.핵심 정보-21.0%이익 성장률-30.82%EPS 성장률Retail REITs 이익 성장7.1%매출 성장률8.3%향후 자기자본이익률7.40%애널리스트 커버리지Low마지막 업데이트24 Apr 2026최근 향후 성장 업데이트업데이트 없음모든 업데이트 보기Recent updatesBuy Or Sell Opportunity • May 26Now 20% undervaluedOver the last 90 days, the stock has risen 3.2% to €11.30. The fair value is estimated to be €14.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.9% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 8.3% per annum. Earnings are forecast to decline by 21% per annum over the same time period.공시 • Oct 02Qrf Comm. VA announces Annual dividendQrf Comm. VA announced Annual dividend of EUR 0.4410 per share, ex-date on October 02, 2025 and record date on October 03, 2025.공시 • Sep 03+ 3 more updatesQrf Comm. VA to Report First Half, 2026 Results on Aug 27, 2026Qrf Comm. VA announced that they will report first half, 2026 results on Aug 27, 2026공시 • May 22Qrf Comm. VA announces Annual dividend, payable on May 27, 2025Qrf 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.공시 • Sep 27+ 4 more updatesQrf Comm. VA to Report Q3, 2025 Results on Oct 23, 2025Qrf Comm. VA announced that they will report Q3, 2025 results on Oct 23, 2025Reported Earnings • Aug 28First 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 4% per year, which means it is significantly lagging earnings.New Risk • Aug 26New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 10.0% 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 10.0% 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 (€81.1m market cap, or US$90.8m).Reported Earnings • Apr 11Full 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 04New minor risk - Financial data availabilityThe 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 01Insufficient new directorsNo 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.Buy Or Sell Opportunity • Jan 22Now 20% overvalued after recent price riseOver the last 90 days, the stock has risen 5.0% to €9.72. The fair value is estimated to be €8.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 12% in 2 years. Earnings are forecast to decline by 12% in the next 2 years.Reported Earnings • Aug 23First 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 3% per year, which means it is significantly lagging earnings.New Risk • Aug 20New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 41% Last year net profit margin: 76% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. 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 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 (41% net profit margin). Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Market cap is less than US$100m (€77.2m market cap, or US$84.0m).Valuation Update With 7 Day Price Move • Mar 03Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €10.85, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 10x in the REITs industry in Europe. Total loss to shareholders of 12% over the past three years.Reported Earnings • Apr 25Full 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 29% 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.Is New 90 Day High Low • Nov 18New 90-day high: €11.35The company is up 7.0% from its price of €10.65 on 20 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 2.0% over the same period.Is New 90 Day High Low • Oct 14New 90-day low: €9.10The company is down 23% from its price of €11.75 on 16 July 2020. The German 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 down 2.0% over the same period.Is New 90 Day High Low • Sep 25New 90-day low: €9.58The company is down 10.0% from its price of €10.70 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 5.0% over the same period.이익 및 매출 성장 예측DB:2QR - 애널리스트 향후 추정치 및 과거 재무 데이터 (EUR Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/20281911811212/31/20271811610212/31/20261712510212/31/2025141866N/A9/30/2025141188N/A6/30/20251431010N/A3/31/20251471010N/A12/31/202414111010N/A9/30/202416111010N/A6/30/20241911910N/A3/31/20241941010N/A12/31/202320-21111N/A9/30/20231821212N/A6/30/20231761212N/A3/31/20231591111N/A12/31/202214131010N/A9/30/202213111010N/A6/30/20221291010N/A3/31/202212699N/A12/31/202113299N/A9/30/202113-188N/A6/30/202113-577N/A3/31/202113-577N/A12/31/202014-577N/A9/30/202014-466N/A6/30/202015-366N/A3/31/202016-1277N/A12/31/201916-2099N/A9/30/201917-19N/A9N/A6/30/201917-18N/A10N/A3/31/201917-9N/A9N/A12/31/2018171N/A7N/A9/30/2018171N/A5N/A6/30/2018171N/A3N/A3/31/2018163N/A2N/A12/31/2017165N/A1N/A9/30/2017166N/A3N/A6/30/2017156N/A4N/A3/31/2017157N/A5N/A12/30/2016148N/A5N/A9/30/2016137N/A4N/A6/30/2016126N/A3N/A3/31/2016115N/A3N/A12/30/2015105N/A3N/A9/30/2015104N/A3N/A6/30/201594N/A4N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: 2QR 의 수익은 향후 3년간 감소할 것으로 예상됩니다(연간 -21%).수익 vs 시장: 2QR 의 수익은 향후 3년간 감소할 것으로 예상됩니다(연간 -21%).고성장 수익: 2QR 의 수익은 향후 3년간 감소할 것으로 예상됩니다.수익 대 시장: 2QR 의 수익(연간 8.3%)이 German 시장(연간 6.7%)보다 빠르게 성장할 것으로 예상됩니다.고성장 매출: 2QR 의 수익(연간 8.3%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: 2QR의 자본 수익률은 3년 후 7.4%로 낮을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YReal-estate 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/06/17 00:11종가2026/06/17 00:00수익2025/12/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 세부 정보는 당사의 Github 페이지에서 확인하실 수 있으며, 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공하고 있습니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Qrf Comm. VA는 2명의 분석가가 다루고 있습니다. 이 중 2명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Vincent KoppmairDegroof PetercamLynn HautekeeteKBC Securities NV
Buy Or Sell Opportunity • May 26Now 20% undervaluedOver the last 90 days, the stock has risen 3.2% to €11.30. The fair value is estimated to be €14.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.9% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 8.3% per annum. Earnings are forecast to decline by 21% per annum over the same time period.
공시 • Oct 02Qrf Comm. VA announces Annual dividendQrf Comm. VA announced Annual dividend of EUR 0.4410 per share, ex-date on October 02, 2025 and record date on October 03, 2025.
공시 • Sep 03+ 3 more updatesQrf Comm. VA to Report First Half, 2026 Results on Aug 27, 2026Qrf Comm. VA announced that they will report first half, 2026 results on Aug 27, 2026
공시 • May 22Qrf Comm. VA announces Annual dividend, payable on May 27, 2025Qrf 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.
공시 • Sep 27+ 4 more updatesQrf Comm. VA to Report Q3, 2025 Results on Oct 23, 2025Qrf Comm. VA announced that they will report Q3, 2025 results on Oct 23, 2025
Reported Earnings • Aug 28First 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 4% per year, which means it is significantly lagging earnings.
New Risk • Aug 26New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 10.0% 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 10.0% 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 (€81.1m market cap, or US$90.8m).
Reported Earnings • Apr 11Full 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 04New minor risk - Financial data availabilityThe 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 01Insufficient new directorsNo 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.
Buy Or Sell Opportunity • Jan 22Now 20% overvalued after recent price riseOver the last 90 days, the stock has risen 5.0% to €9.72. The fair value is estimated to be €8.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 12% in 2 years. Earnings are forecast to decline by 12% in the next 2 years.
Reported Earnings • Aug 23First 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 3% per year, which means it is significantly lagging earnings.
New Risk • Aug 20New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 41% Last year net profit margin: 76% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. 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 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 (41% net profit margin). Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Market cap is less than US$100m (€77.2m market cap, or US$84.0m).
Valuation Update With 7 Day Price Move • Mar 03Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €10.85, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 10x in the REITs industry in Europe. Total loss to shareholders of 12% over the past three years.
Reported Earnings • Apr 25Full 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 29% 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.
Is New 90 Day High Low • Nov 18New 90-day high: €11.35The company is up 7.0% from its price of €10.65 on 20 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 2.0% over the same period.
Is New 90 Day High Low • Oct 14New 90-day low: €9.10The company is down 23% from its price of €11.75 on 16 July 2020. The German 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 down 2.0% over the same period.
Is New 90 Day High Low • Sep 25New 90-day low: €9.58The company is down 10.0% from its price of €10.70 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 5.0% over the same period.