Buy Or Sell Opportunity • May 26
Now 20% undervalued Over 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. 공고 • 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. 공고 • 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. 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 4% per year, which means it is significantly lagging earnings. New Risk • Aug 26
New major risk - Revenue and earnings growth Earnings 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 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. Buy Or Sell Opportunity • Jan 22
Now 20% overvalued after recent price rise Over 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 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 3% per year, which means it is significantly lagging earnings. New Risk • Aug 20
New minor risk - Profit margin trend The 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 03
Investor 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 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 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 18
New 90-day high: €11.35 The 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 14
New 90-day low: €9.10 The 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 25
New 90-day low: €9.58 The 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.