QRF SCA (QRF) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of QRF SCA stock €4.11, price €10.80, that is 62.0% below the price, quality 48 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range €6.91 – €11.41 · fair‑value band €4.11 – €4.96 · the €10.80 price screens above the €4.11 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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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.
Stock analysis
QRF SCA (QRF) currently trades at €10.80, while our model-based Fair Value estimate is €4.11, 62% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of €11.49 per share, and 2 of the 14 models we run sit above the €10.80 price.
Bear case: the DCF Models group reads lowest at €2.07, and 12 of the 14 models stay below the price. Data coverage for this calculation is high.
Scenario range: €4.11 (bear) to €4.96 (bull), the price of €10.80 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 48/100 (below-average quality), in the Real Estate sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
QRF SCA reported revenue of €14.5M in FY2025 versus €12.3M in FY2021, a compound +4.2%/yr. Reported net income was €18.3M in FY2025, compounding +67.4%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap €140M Micro · P/E ratio 3.7 · P/S ratio 4.65 · EPS (TTM) €2.93 · Dividend yield 1.9% · Net margin 126% · Return on equity 19.5% · Return on assets (EBIT) 2.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 14% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −30% fair-value upside, at −62%, QRF screens richer than that median.
Fair Value models
Bear€4.11Fair Value €4.11Bull€4.96
Price €10.80 · Downside -62.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€2.33 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCFn/a€0.0100>€0.040077
Residual Income€10.45€11.49€13.3576
Growth DCFn/an/a€1.1475
All 16 models by family
DCF Models
FCF DCFn/a€0.0100>€0.040077
5Y Revenue Exitn/a€2.07€4.8769
5Y EBITDA Exit€2.01€5.72€10.0771
10Y Revenue Exitn/a€1.04€3.0364
10Y EBITDA Exit€0.6300€3.19€6.2263
Dividend Discount
Gordon GGM€3.70€4.83€5.8369
DDM Multi-Stage€3.70€4.81€5.9067
Multiples
P/S Multiple€5.43€7.24€9.0558
P/B Multiple€18.45€24.60€30.7555
EV/EBIT€3.78€8.17€12.5562
EV/EBITDA€0.8500€4.26€7.6760
EV/Revenuen/an/a€0.760050
Asset-Based
NCAV (Graham)€6.15€8.24€12.3054
Growth DCF
Growth DCFn/an/a€1.1475
Rev-Margin DCFn/a€2.12€4.5869
Economic Profit
Residual Income€10.45€11.49€13.3576
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
+4.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.0%
Start year 2020 (pandemic). Over 10 years: +3.4% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+38.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ +12.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +10.3%
Dividend (yield on the price)1.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 46.8% / 5.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.62% → 72%
⚠ Revenue per share shrinking 3.8%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.76 per share, median 2.18 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+39.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +36.9% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Retail · 86 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Bottom 25%
Fair Value upside−62.0% · Bottom 25%
Profitability
Return on equity (12 months)19.5% · Top 25%
Return on assets6.3% · Top 25%
Net margin (12 months)163.3% · Top 25%
Operating margin (12 months)64.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)39.2% · Top 25%
Dividend yield (12 months)1.9% · Bottom 25%
Balance sheet
Debt / equity0.37× · Lowest 25%
Valuation Multiplesvs REIT - Retail median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "QRF SCA Fair Value". https://www.fairvalue-calculator.com/stock/QRF
Frequently asked questions
Is QRF SCA (QRF) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of €4.11 versus a price of €10.80, about 62% lower (overvalued).
What is the fair value of QRF?
Our model-based fair value for QRF SCA is €4.11 (as of Nov 6, 2026), built from audited fundamentals. The current price: €10.80.
What is the quality score of QRF?
QRF SCA has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for QRF SCA (QRF)?
Our model-based price target is the fair value of €4.11 (as of Nov 6, 2026) from 16 valuation models. Cautious scenario €4.11, optimistic scenario €4.96. It is a calculation from audited fundamentals, not an analyst target.
What is the QRF SCA stock forecast for 2026?
Our models put fair value at €4.11, about 62% lower versus a price of €10.80 (overvalued). Cautious scenario €4.11, optimistic scenario €4.96. The calculation is refreshed regularly with new filings.
What is the revenue of QRF SCA (QRF)?
QRF SCA reported trailing-twelve-month revenue of about €17.1M (latest available figure, as of Nov 6, 2026).
Does QRF SCA pay a dividend?
QRF SCA currently shows a dividend yield of 1.94% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of QRF SCA (QRF) and when is the ex-dividend date?
QRF SCA pays a dividend of €0.21 per share a year, a dividend yield of 1.9%. The last ex-dividend date was May 22, 2026. A dividend has been paid every year since 2018. The payout ratio is 7.2% of earnings. Free cash flow covers the dividend 1.05 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into QRF SCA (QRF)?
For today's price to be fair in a discounted-cash-flow model, QRF SCA would have to grow free cash flow by +39.9 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.0 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of QRF use?
Our models discount QRF SCA at 11.8 %: a base by market capitalisation (micro), damped by beta 0.43, country premium for Belgium. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For QRF SCA that is +39.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has QRF SCA (QRF) delivered so far?
Over the past 5 years revenue at QRF SCA grew +1.0 % a year. The price currently implies free-cash-flow growth of +39.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of QRF SCA (QRF) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into QRF SCA (+39.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of QRF SCA (QRF)?
The free-cash-flow yield on the price is 2.55 %: that much free cash flow QRF SCA produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of QRF SCA (QRF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For QRF SCA it is €4.11 per share (as of Nov 6, 2026), against a price of €10.80. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is QRF SCA stock overvalued or undervalued in 2026?
As of Nov 6, 2026, QRF trades above its calculated fair value: price €10.80, fair value €4.11, a gap of about −62% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of QRF?
No. The price is what the market pays today (€10.80); the fair value is what the company's own numbers justify (€4.11). For QRF SCA the two are €6.69 per share apart. That gap is exactly why we show both numbers side by side.
How much is QRF SCA worth?
The market values QRF SCA at about €140M (market capitalisation, as of Nov 6, 2026). Per share that is €10.80; our models calculate a fair value of €4.11 per share.
What do the bullish and bearish scenarios say about QRF?
Our models span a range for QRF SCA: cautious scenario €4.11, base €4.11, optimistic €4.96 per share (as of Nov 6, 2026, price €10.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of QRF?
QRF SCA trades at a price-to-earnings ratio of 3.7 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €4.11 is built from several models across several years. Other multiples: P/B 0.9, P/S 8.2, EV/EBITDA 16.6.
How solid is the balance sheet of QRF SCA (QRF)?
Balance-sheet figures for QRF SCA (as of Nov 6, 2026): return on equity 19.5%, debt of 0.37 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is QRF from its 52-week high?
QRF SCA trades at €10.80, about 5% below its 52-week high of €11.41 and 14% above the low of €9.44 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of €4.11 is for.
Which stocks are comparable to QRF SCA?
From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Kimco Realty Corporation, Unibail-Rodamco-Westfield SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is QRF SCA stock attractive at the current price?
The data as of Nov 6, 2026: price €10.80, calculated fair value €4.11 (−62%), Quality Score 48/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of QRF calculated?
We run QRF SCA through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of €4.11 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. QRF SCA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of QRF SCA (QRF)?
The closing price on Nov 9, 2026 was €10.80. Our model-based fair value is €4.11, about 62% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with QRF SCA right now?
The price sits above even our optimistic bull case (€4.96). The favourable scenario is already priced in. Weak quality (48/100) and above fair value at the same time, the margin of safety is missing on both counts. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of QRF SCA (QRF) come from?
Earnings per share at QRF SCA grew +3.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share −5.3 %, EBIT margin −0.4 %, tax rate +0.2 %, residual (interest, one-offs) +9.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of QRF SCA
How large is the market capitalisation of QRF SCA (QRF)?
The market capitalisation of QRF SCA is €140M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of QRF SCA (QRF)?
The price-to-sales ratio of QRF SCA is 4.65 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of QRF SCA (QRF)?
Earnings per share at QRF SCA are €2.93 (price ÷ EPS = P/E 3.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of QRF SCA (QRF)?
The dividend yield of QRF SCA is 1.9% (payout 7.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of QRF SCA (QRF)?
The net margin of QRF SCA is 126% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of QRF SCA (QRF)?
The return on equity (ROE) of QRF SCA is 19.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of QRF SCA (QRF)?
On an EBIT basis the return on assets of QRF SCA is 2.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of QRF SCA (QRF)?
The operating margin of QRF SCA is 64.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at QRF SCA (QRF)?
Revenue at QRF SCA is growing +39.2% versus a year earlier (3y avg +2.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at QRF SCA (QRF)?
Earnings per share at QRF SCA are growing +184% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does QRF SCA (QRF) carry?
The net debt of QRF SCA is €122M (fiscal year 2025, ≈ 42.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 6, 2026