DB:2QR

Stock Analysis Report

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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: 2QR has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

2.5%

2QR

-3.3%

DE REITs

0.2%

DE Market


1 Year Return

-17.3%

2QR

8.8%

DE REITs

4.5%

DE Market

Return vs Industry: 2QR underperformed the German REITs industry which returned 9.7% over the past year.

Return vs Market: 2QR underperformed the German Market which returned 3.9% over the past year.


Shareholder returns

2QRIndustryMarket
7 Day2.5%-3.3%0.2%
30 Day7.5%-2.8%6.4%
90 Day8.9%5.2%16.9%
1 Year-13.0%-17.3%9.3%8.8%6.8%4.5%
3 Year-43.0%-50.3%-1.6%-14.7%3.0%-5.0%
5 Year-40.2%-51.4%3.4%-17.8%9.9%-4.8%

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

No news available

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: 2QR (€12.2) is trading below our estimate of fair value (€24.47)

Significantly Below Fair Value: 2QR is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: 2QR is unprofitable, so we can't compare its PE Ratio to the DE REITs industry average.

PE vs Market: 2QR is unprofitable, so we can't compare its PE Ratio to the German market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate 2QR's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: 2QR is good value based on its PB Ratio (0.7x) compared to the DE REITs industry average (1.5x).


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?

1.4%

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: 2QR is currently unprofitable.

Growing Profit Margin: 2QR is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: 2QR is unprofitable, and losses have increased over the past 5 years at a rate of -62% per year.

Accelerating Growth: Unable to compare 2QR's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: 2QR is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (25.3%).


Return on Equity

High ROE: 2QR 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?


Financial Position Analysis

Short Term Liabilities: 2QR's short term assets (€49.5M) exceed its short term liabilities (€35.7M).

Long Term Liabilities: 2QR's short term assets (€49.5M) do not cover its long term liabilities (€92.4M).


Debt to Equity History and Analysis

Debt Level: 2QR's debt to equity ratio (96.7%) is considered high.

Reducing Debt: 2QR's debt to equity ratio has increased from 83.7% to 96.7% over the past 5 years.

Debt Coverage: 2QR's debt is not well covered by operating cash flow (7.3%).

Interest Coverage: 2QR is unprofitable, therefore interest payments are not well covered by earnings.


Balance Sheet


Next Steps

Dividend

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

6.69%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: 2QR's dividend (6.69%) is higher than the bottom 25% of dividend payers in the German market (1.24%).

High Dividend: 2QR's dividend (6.69%) is in the top 25% of dividend payers in the German market (3.82%)


Stability and Growth of Payments

Stable Dividend: 2QR has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 2QR 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%), 2QR's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 2QR'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?

1.4yrs

Average management tenure


CEO

William Vanmoerkerke (37yo)

1.42yrs

Tenure

Mr. William Vanmoerkerke has been a Chief Executive Officer at Qrf Comm. VA since February 19, 2019 and serves as its Director since January 30, 2019. Mr. Vanmoerkerke started his career at eBay as a Segme ...


Leadership Team

NamePositionTenureCompensationOwnership
William Vanmoerkerke
CEO & Director1.42yrsno datano data
Tom Schockaert
Chief Financial Officer1.25yrsno datano data
Michiel Gevers
Investment & Asset Manager2.5yrsno datano data

1.4yrs

Average Tenure

37yo

Average Age

Experienced Management: 2QR's management team is not considered experienced ( 1.4 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
William Vanmoerkerke
CEO & Director1.42yrsno datano data
Francis Vanderhoydonck
Non-Independent Non-Executive Director1.5yrs€19.25k0.016% 13.7k
Frank De Moor
Non-Executive Independent Director2.83yrs€17.50kno data
Jan Brouwers
Non-Executive Independent Director2.83yrs€13.75kno data
Ingeborg Boets
Independent Chairman of the Board2.83yrs€29.25kno data

2.8yrs

Average Tenure

58yo

Average Age

Experienced Board: 2QR's board of directors are not considered experienced ( 2.8 years average tenure), which suggests a new board.


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 not been meaningfully diluted in the past year.


Top Shareholders

Company Information

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


Key Information

  • Name: Qrf Comm. VA
  • Ticker: 2QR
  • Exchange: DB
  • Founded: 2013
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: €85.482m
  • 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 Analysis2020/07/13 21:48
End of Day Share Price2020/07/13 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.