Quercus TFI Valuation

Is QRS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of QRS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: QRS (PLN7.78) is trading above our estimate of fair value (PLN6.95)

Significantly Below Fair Value: QRS is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for QRS?

Key metric: As QRS is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for QRS. This is calculated by dividing QRS's market cap by their current earnings.
What is QRS's PE Ratio?
PE Ratio	10x
Earnings	zł42.80m
Market Cap	zł446.80m

QRS key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.7x
Enterprise Value/EBITDA	8.5x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does QRS's PE Ratio compare to its peers?

The above table shows the PE ratio for QRS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	31.3x
ALI Altus	8.2x	n/a	zł92.5m
MCI MCI Capital Alternatywna Spólka Inwestycyjna	50x	n/a	zł1.3b
SKH Skarbiec Holding	28.8x	n/a	zł156.8m
06N Magna Polonia	38.4x	n/a	zł39.1m
QRS Quercus TFI	10x	n/a	zł446.8m

Price-To-Earnings vs Peers: QRS is good value based on its Price-To-Earnings Ratio (10x) compared to the peer average (31.3x).

Price to Earnings Ratio vs Industry

How does QRS's PE Ratio compare vs other companies in the PL Capital Markets Industry?

4 Companies	Price / Earnings	Estimated Growth	Market Cap
BBD BBI Development	1.1x	n/a	US$9.05m
SKL Skyline Investment	2.3x	n/a	US$8.81m
FMG Wise Energy	2.4x	n/a	US$5.14m
NTC New Tech Capital	0.8x	n/a	US$2.40m

No more companies available in this PE range

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: QRS is good value based on its Price-To-Earnings Ratio (10x) compared to the Polish Capital Markets industry average (12x).

Price to Earnings Ratio vs Fair Ratio

What is QRS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

QRS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	10x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate QRS's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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