QRC.TO (QRC) fair value: what the stock is really worth
As of Sep 28, 2026: fair value of QRC.TO C$27.54, price C$13.77, upside +100.0%, quality 57 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range C$5.24 – C$16.36 · fair‑value band C$18.46 – C$49.62 · the C$13.77 price screens below the C$27.54 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Queen's Road Capital Investment Ltd., a resource focused investment company, invests in privately held and publicly-traded resource companies. It acquires and holds securities of long-term capital appreciation with a focus on convertible debt securities and resource projects in advanced development or production located in safe jurisdictions.
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Queen's Road Capital Investment Ltd., a resource focused investment company, invests in privately held and publicly-traded resource companies. It acquires and holds securities of long-term capital appreciation with a focus on convertible debt securities and resource projects in advanced development or production located in safe jurisdictions. The company was formerly known as Lithion Energy Corp. and changed its name to Queen's Road Capital Investment Ltd. in January 2020. Queen's Road Capital Investment Ltd. was incorporated in 2011 and is based in Central, Hong Kong.
Stock analysis
QRC.TO (QRC) currently trades at C$13.77, while our model-based Fair Value estimate is C$27.54, implying the stock looks roughly 50.0% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of C$111.92 per share, and 7 of the 10 models we run sit above the C$13.77 price.
Bear case: the Growth DCF group reads lowest at C$5.97, and 3 of the 10 models stay below the price. Evidence for this calculation is high.
Scenario range: C$18.46 (bear) to C$49.62 (bull), the price of C$13.77 sits below 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 57/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
QRC.TO reported revenue of $120M in FY2025 versus $71.4M in FY2021, a compound +13.9%/yr. Reported net income was $115M in FY2025, compounding +14.5%/yr from FY2021.
Key figures
Market cap C$714M (≈ $503M) · P/E ratio 1.5 · P/S ratio 1.47 · EPS (TTM) C$8.97 · Dividend yield 1.9% · Net margin 95.8% · Return on equity 79.6% · Return on assets (EBIT) 16.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 68% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 100%, QRC screens cheaper than that median.
Fair Value models
Bear C$18.46Fair Value C$27.54Bull C$49.62
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (C$8.71 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.Evidence ⓘEvidence = 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.
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.67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+418.0%
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.
+141.7%
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.
+47.7%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
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.
≈ +15.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.6%
Dividend (yield on the price)1.9%
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.57% → 96%
⚠ Approximate: the rate leans on 2025, which sits 879% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less 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).
+40.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Canada: IMF forecast 2.1% a year to 2030, 2.6% from 2016 to 2025) that is about +37.1% 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.Asset Management · 661 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Below median
Fair Value upside+100.0% · Top 25%
Profitability
Return on equity (TTM)79.6% · Top 25%
Return on assets45.1% · Top 25%
Net margin (TTM)98.5% · Top 25%
Operating margin (TTM)99.3% · Top 25%
Growth and dividend
Revenue growth13.1% · Above median
Dividend yield (TTM)1.9% · Below median
Valuation Multiplesvs Asset Management 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). "QRC.TO Fair Value". https://www.fairvalue-calculator.com/stock/QRC
Frequently asked questions
Is QRC.TO (QRC) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of C$27.54 versus a price of C$13.77, about +100% upside (undervalued).
What is the fair value of QRC?
Our model-based fair value for QRC.TO is C$27.54 (as of Sep 27, 2026), built from audited fundamentals. The current price: C$13.77.
What is the quality score of QRC?
QRC.TO has a Quality Score of 57/100. 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 QRC.TO (QRC)?
Our model-based price target is the fair value of C$27.54 (as of Sep 27, 2026) from 10 valuation models. Cautious scenario C$18.46, optimistic scenario C$49.62. It is a calculation from audited fundamentals, not an analyst target.
What is the QRC.TO stock forecast for 2026?
Our models put fair value at C$27.54, about +100% upside versus a price of C$13.77 (undervalued). Cautious scenario C$18.46, optimistic scenario C$49.62. The calculation is refreshed regularly with new filings.
What is the revenue of QRC.TO (QRC)?
QRC.TO reported trailing-twelve-month revenue of about C$336M (latest available figure, as of Sep 27, 2026).
Does QRC.TO pay a dividend?
QRC.TO currently shows a dividend yield of about 1.88% relative to its recent price (as of Sep 27, 2026).
What growth is priced into QRC.TO (QRC)?
For today's price to be fair in a discounted-cash-flow model, QRC.TO would have to grow free cash flow by +40.0 % per year for five years (discount rate 10.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +47.7 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of QRC use?
Our models discount QRC.TO at 10.0 %: a base by market capitalisation (small), damped by beta 0.65, country premium for Canada. 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 QRC.TO that is +40.0 % per year a year over ten years, using the same discount rate (10.0 %) and the same formula as our fair value.
How much growth has QRC.TO (QRC) delivered so far?
Over the past 5 years revenue at QRC.TO grew +47.7 % a year. The price currently implies +40.0 % per year free-cash-flow growth a 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 QRC.TO (QRC) growing?
The median revenue growth in the sector is +9.1 % a year. That is the yardstick for the growth priced into QRC.TO (+40.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of QRC.TO (QRC)?
The free-cash-flow yield on the price is 1.15 %: that much free cash flow QRC.TO produces per unit of market value. When it exceeds the discount rate of our models (10.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of QRC.TO (QRC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For QRC.TO it is C$27.54 per share (as of Sep 27, 2026), against a price of C$13.77. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is QRC.TO stock overvalued or undervalued in 2026?
As of Sep 27, 2026, QRC trades below its calculated fair value: price C$13.77, fair value C$27.54, a gap of about +100% (undervalued). 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 QRC?
No. The price is what the market pays today (C$13.77); the fair value is what the company's own numbers justify (C$27.54). For QRC.TO the two are C$13.77 per share apart. That gap is exactly why we show both numbers side by side.
How much is QRC.TO worth?
The market values QRC.TO at about C$714M (market capitalisation, as of Sep 27, 2026). Per share that is C$13.77; our models calculate a fair value of C$27.54 per share.
What do the bullish and bearish scenarios say about QRC?
Our models span a range for QRC.TO: cautious scenario C$18.46, base C$27.54, optimistic C$49.62 per share (as of Sep 27, 2026, price C$13.77). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of QRC?
QRC.TO trades at a price-to-earnings ratio of 1.5 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$27.54 is built from several models across several years. Other multiples: P/B 1.3, P/S 1.5, EV/EBITDA 1.5.
How solid is the balance sheet of QRC.TO (QRC)?
Balance-sheet figures for QRC.TO (as of Sep 27, 2026): return on equity 79.6%. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is QRC from its 52-week high?
QRC.TO trades at C$13.77, about 16% below its 52-week high of C$16.36 and 68% above the low of C$8.22 (as of Sep 28, 2026). Distance from the high says nothing about value: that is what the fair value of C$27.54 is for.
Which stocks are comparable to QRC.TO?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, Inc, 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 QRC.TO stock attractive at the current price?
The data as of Sep 27, 2026: price C$13.77, calculated fair value C$27.54 (+100%), Quality Score 57/100, from 10 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 QRC calculated?
We run QRC.TO through 10 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of C$27.54, 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 15.9 % above its aggregate fair value. QRC.TO currently trades 50 % below its own fair value, and the market average says nothing about that. 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 QRC.TO (QRC)?
The closing price on Sep 28, 2026 was C$13.77. Our model-based fair value is C$27.54, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with QRC.TO right now?
The price is below even our cautious bear case (C$18.46). The market is more pessimistic than our downside scenario. The model range is unusually wide (C$18.46 to C$49.62). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of QRC.TO
How large is the market capitalisation of QRC.TO (QRC)?
The market capitalisation of QRC.TO is C$714M (≈ $503M). 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 QRC.TO (QRC)?
The price-to-sales ratio of QRC.TO is 1.47 (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 QRC.TO (QRC)?
Earnings per share at QRC.TO are C$8.97 (price ÷ EPS = P/E 1.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of QRC.TO (QRC)?
The dividend yield of QRC.TO is 1.9% (payout 2.9%). 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 QRC.TO (QRC)?
The net margin of QRC.TO is 95.8% (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 QRC.TO (QRC)?
The return on equity (ROE) of QRC.TO is 79.6% (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 QRC.TO (QRC)?
On an EBIT basis the return on assets of QRC.TO is 16.2% (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 QRC.TO (QRC)?
The operating margin of QRC.TO is 99.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at QRC.TO (QRC)?
Revenue at QRC.TO is growing +13.1% versus a year earlier (3y avg +142%). 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 QRC.TO (QRC)?
Earnings per share at QRC.TO are growing +10.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does QRC.TO (QRC) carry?
The net debt of QRC.TO is C$26.5M (fiscal year 2025, ≈ 3.2 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
Sep 27, 2026