ENXTBR:QRF

Stock Analysis Report

Executive Summary

Qrf Comm. VA is a publicly owned real estate investment trust.


Snowflake Analysis

Average dividend payer and fair value.

Share Price & News

How has Qrf Comm. VA's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: QRF's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-1.1%

QRF

7.6%

BE REITs

0.4%

BE Market


1 Year Return

-35.8%

QRF

-4.7%

BE REITs

-28.6%

BE Market

Return vs Industry: QRF underperformed the Belgian REITs industry which returned -4.7% over the past year.

Return vs Market: QRF underperformed the Belgian Market which returned -28.6% over the past year.


Shareholder returns

QRFIndustryMarket
7 Day-1.1%7.6%0.4%
30 Day-37.3%-20.1%-21.1%
90 Day-42.3%-15.8%-31.5%
1 Year-33.2%-35.8%-1.7%-4.7%-27.1%-28.6%
3 Year-59.1%-62.4%27.1%11.8%-34.2%-38.6%
5 Year-59.2%-66.4%41.5%14.6%-34.5%-42.1%

Price Volatility Vs. Market

How volatile is Qrf Comm. VA's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Qrf Comm. VA undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: QRF (€9.4) is trading below our estimate of fair value (€26.98)

Significantly Below Fair Value: QRF is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: QRF is unprofitable, so we can't compare its PE Ratio to the REITs industry average.

PE vs Market: QRF is unprofitable, so we can't compare its PE Ratio to the Belgian market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate QRF's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: QRF is good value based on its PB Ratio (0.5x) compared to the BE REITs industry average (1x).


Next Steps

Future Growth

How is Qrf Comm. VA forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

-4.0%

Forecasted Real Estate industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Qrf Comm. VA has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Qrf Comm. VA performed over the past 5 years?

-62.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: QRF is currently unprofitable.

Growing Profit Margin: QRF is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: QRF is unprofitable, and losses have increased over the past 5 years at a rate of -62% per year.

Accelerating Growth: Unable to compare QRF's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: QRF is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (17.2%).


Return on Equity

High ROE: QRF has a negative Return on Equity (-15.97%), as it is currently unprofitable.


Next Steps

Financial Health

How is Qrf Comm. VA's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: QRF has a high level of physical assets or inventory.

Debt Coverage by Assets: QRF's debt is not covered by short term assets (assets are 0.4x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: QRF has been profitable on average in the past, therefore cash runway is not a concern.

Forecast Cash Runway: QRF has been profitable on average in the past, therefore cash runway is not a concern.


Financial Institutions Analysis

Asset Level: QRF's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if QRF has a sufficient allowance for bad loans.

Low Risk Liabilities: QRF reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if QRF has an acceptable proportion of non-loan assets held.

Low Risk Deposits: QRF has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if QRF has an appropriate level of bad loans.


Next Steps

Dividend

What is Qrf Comm. VA's current dividend yield, its reliability and sustainability?

8.51%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: QRF's dividend (8.51%) is higher than the bottom 25% of dividend payers in the Belgian market (2.61%).

High Dividend: QRF's dividend (8.51%) is in the top 25% of dividend payers in the Belgian market (6.3%)


Stability and Growth of Payments

Stable Dividend: QRF has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: QRF has only been paying a dividend for 5 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (50.3%), QRF's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: QRF's dividends in 3 years are forecast to be covered by earnings (82.7% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.1yrs

Average management tenure


CEO

William Vanmoerkerke (36yo)

1.08s

Tenure

Mr. William Vanmoerkerke has been a Chief Executive Officer at Qrf Comm. VA since February 2019 and serves as its Director. Mr. Vanmoerkerke started his career at eBay as a Segment Manager. In 2008, he joi ...


Leadership Team

NamePositionTenureCompensationOwnership
William Vanmoerkerke
CEO & Director1.08yrsno datano data
Tom Schockaert
Chief Financial Officer0.92yrno datano data
Michiel Gevers
Investment & Asset Manager2.17yrsno datano data

1.1yrs

Average Tenure

36yo

Average Age

Experienced Management: QRF's management team is not considered experienced ( 1.1 years average tenure), which suggests a new team.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 24.1%.


Top Shareholders

Company Information

Qrf Comm. VA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Qrf Comm. VA
  • Ticker: QRF
  • Exchange: ENXTBR
  • Founded: 2013
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: €67.241m
  • Shares outstanding: 7.15m
  • Website: https://www.qrf.be

Number of Employees


Location

  • Qrf Comm. VA
  • Museumstraat 11/211
  • Antwerp
  • Antwerp
  • 2000
  • Belgium

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
QRFENXTBR (Euronext Brussels)YesOrdinary SharesBEEURDec 2013
0QIPLSE (London Stock Exchange)YesOrdinary SharesGBEURDec 2013
2QRDB (Deutsche Boerse AG)YesOrdinary SharesDEEURDec 2013

Biography

Qrf Comm. VA is a publicly owned real estate investment trust. It invests in the real estate markets of Belgium. The firm specializes in retail properties. Qrf Comm. VA was founded in September 3, 2013 and is based in Belgium. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/28 22:23
End of Day Share Price2020/03/27 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.