Qrf Comm. VA (QRF.BR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+55.9%

€15.98

vs €10.25 price

Levered DCF

€10.31

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.69

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	4.77×	7.39×	-31.87×	5.44×	34.38×	-15.34×	-5.58×	125.45×
P/B	0.54×	0.65×	0.66×	0.55×	0.69×	0.69×	0.89×	0.6×
P/S	6.01×	5.84×	5.22×	5.1×	6.51×	5.9×	6.96×	4.71×
EV / EBITDA	9.7×	20.05×	46.37×	13.08×	19.81×	22.77×	-13.71×	59.16×
Gross margin	84.3%	85.4%	90.1%	87.2%	88.9%	75.8%	84.1%	84.9%
Operating margin	71.6%	62.4%	14.5%	62.8%	19.1%	62.1%	-104.0%	71.8%
Net margin	126.2%	79.0%	-16.3%	94.0%	19.0%	-38.6%	-124.8%	3.7%
Current ratio	0.08×	0.07×	0.34×	0.04×	0.02×	0.11×	0.07×	0.14×
Debt / equity	0.77×	0.76×	1.08×	1.12×	1.03×	0.98×	0.95×	1.09×
Interest coverage	3.33×	2.02×	0.41×	4.38×	1.45×	0×	-8.99×	5.37×
Dividend yield	7.5%	7.7%	5.1%	5.1%	4.3%	7.0%	4.0%	8.9%
Payout ratio	35.9%	57.1%	-163.3%	27.8%	148.2%	-107.7%	-22.1%	1139.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.4%	8.8%	-2.1%	10.0%	2.0%	-4.5%	-16.0%	0.5%
Return on invested capital	3.6%	3.9%	0.9%	3.6%	1.1%	3.8%	-8.2%	3.6%
Return on assets	6.3%	4.9%	-1.0%	4.7%	1.0%	-2.2%	-8.0%	0.2%
Free cash flow yield	3.3%	21.6%	13.8%	12.5%	7.7%	8.2%	7.9%	9.5%
Earnings yield	21.0%	13.5%	-3.1%	18.4%	2.9%	-6.5%	-17.9%	0.8%
Enterprise value	€208.9M	€174M	€206.7M	€206.6M	€198.9M	€195M	€233.7M	€216.9M
Net debt / EBITDA	5.66×	10.75×	28.74×	8.75×	11.86×	13.29×	-7.01×	37.84×
Cash conversion cycle (days)	40	-468	-413	-200	17	-30	-76	-118