ENXTBR:QRF

Stock Analysis Report

Executive Summary

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

Snowflake

Fundamentals

Average dividend payer and fair value.

Risks

  • Qrf Comm. VA is covered by less than 3 analysts.

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


Market Performance


7 Day Return

-1.0%

ENXTBR:QRF

1.3%

BE REITs

-1.1%

BE Market


1 Year Return

-22.9%

ENXTBR:QRF

17.7%

BE REITs

-5.2%

BE Market

QRF underperformed the REITs industry which returned 17.7% over the past year.

QRF underperformed the Market in Belgium which returned -5.2% over the past year.


Share holder returns

QRFIndustryMarket
7 Day-1.0%1.3%-1.1%
30 Day-1.3%1.9%1.4%
90 Day1.0%8.4%4.8%
1 Year-19.8%-22.9%23.3%17.7%-3.1%-5.2%
3 Year-38.8%-45.8%37.7%20.1%-4.5%-11.3%
5 Year-27.7%-40.3%83.0%47.1%22.4%7.6%

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 based on future cash flows and its price relative to the stock market?

42%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Qrf Comm. VA's share price is below the future cash flow value, and at a moderate discount (> 20%).

Qrf Comm. VA's share price is below the future cash flow value, and at a substantial discount (> 40%).


Price Based on Earnings

Qrf Comm. VA is overvalued based on earnings compared to the BE REITs industry average.

Qrf Comm. VA is overvalued based on earnings compared to the Belgium market.


Price Based on Expected Growth

Unable to calculate PEG ratio for Qrf Comm. VA, we can't assess if its growth is good value.


Price Based on Value of Assets

Qrf Comm. VA is good value based on assets compared to the BE REITs industry average.


Next Steps

Future Growth

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

23.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Unable to determine if Qrf Comm. VA is high growth as no revenue estimate data is available.

Qrf Comm. VA's earnings are expected to grow significantly at over 20% yearly.

Unable to compare Qrf Comm. VA's revenue growth to the Belgium market average as no estimate data is available.

Qrf Comm. VA's earnings growth is expected to exceed the Belgium market average.

Qrf Comm. VA's earnings growth is expected to exceed the low risk savings rate of 0.8%.


Earnings per Share Growth Estimates


Future Return on Equity

Unable to establish if Qrf Comm. VA will efficiently use shareholders’ funds in the future without estimates of Return on Equity.


Next Steps

Past Performance

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

14.7%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Qrf Comm. VA's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.

Qrf Comm. VA's 1-year earnings growth is negative, it can't be compared to the 5-year average.

Qrf Comm. VA's 1-year earnings growth is negative, it can't be compared to the BE REITs industry average.


Return on Equity

Qrf Comm. VA has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Qrf Comm. VA used its assets less efficiently than the BE REITs industry average last year based on Return on Assets.


Return on Capital Employed

Qrf Comm. VA has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Qrf Comm. VA's financial position?


Financial Position Analysis

Qrf Comm. VA's short term (1 year) commitments are greater than its holdings of cash and other short term assets.

Qrf Comm. VA's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

Qrf Comm. VA's level of debt (110%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has increased over the past 5 years (53.9% vs 110% today).

Debt is not well covered by operating cash flow (5.2%, less than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 4.2x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is not covered by short term assets, assets are 0x debt.


Next Steps

Dividend

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

6.42%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Qrf Comm. VA's pays a higher dividend yield than the bottom 25% of dividend payers in Belgium (2.26%).

Qrf Comm. VA's dividend is above the markets top 25% of dividend payers in Belgium (4.76%).

Qrf Comm. VA has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).

Qrf Comm. VA has only been paying a dividend for 4 years, and since then dividends per share have fallen.


Current Payout to Shareholders

Dividends paid are covered by earnings (1.1x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be covered by earnings (1.3x coverage).


Next Steps

Management

What is the CEO of Qrf Comm. VA's salary, the management and board of directors tenure and is there insider trading?

0.5yrs

Average management tenure


CEO

William Vanmoerkerke (36yo)

0.5yrs

Tenure

Mr. William Vanmoerkerke has been a Co-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  ...


Management Age and Tenure

0.5yrs

Average Tenure

36yo

Average Age

The average tenure for the Qrf Comm. VA management team is less than 2 years, this suggests a new team.


Insider Trading

No 3 month open market individual insider trading information.


Ownership Breakdown


Management Team

  • Tom Schockaert (35yo)

    Chief Financial Officer

    • Tenure: 0.3yrs
  • Michiel Gevers (36yo)

    Investment & Asset Manager

    • Tenure: 1.6yrs
  • William Vanmoerkerke (36yo)

    Co-CEO & Director

    • Tenure: 0.5yrs

Board Members

  • Francis Vanderhoydonck (61yo)

    Director

    • Tenure: 0.6yrs
  • Frank De Moor (57yo)

    Non-Executive Independent Director

    • Compensation: 21.50k
  • Jan Brouwers (45yo)

    Non-Executive - Independent Director

    • Compensation: 19.75k
  • Inge Boets (57yo)

    Chairman of the Board

    • Compensation: 35.25k
  • William Vanmoerkerke (36yo)

    Co-CEO & Director

    • Tenure: 0.6yrs

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: €105.869m
  • Shares outstanding: 7.15m
  • Website: Click here

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
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 ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/17 21:51
End of Day Share Price2019/08/16 00:00
Earnings2018/12/31
Annual Earnings2018/12/31


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.