Qrf Comm. VA (QRF.BR)

Industry: REIT - Retail Sector: Real Estate Currency Used: BE Live Price: $10.85

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Stock Price	10.23	10.03	9.82	11.58	11.33	15.50	16.90	24.58	27.02	25.98	25.23	25.16
Market Capitalization	79.74M	77.28M	73.35M	84.15M	80.94M	109.08M	95.75M	129.19M	125.89M	89.91M	82.91M	82.36M
(-) Cash & Equivalents	0.48M	0.39M	1.22M	1.27M	2.20M	2.18M	1.82M	2.09M	6.11M	3.73M	6.26M	4.27M
(+) Total Debt	93.81M	130.03M	129.46M	117.92M	112.48M	129.94M	145.93M	150.17M	121.39M	87.84M	60.86M	35.52M
Enterprise Value	173.07M	206.93M	201.59M	200.80M	191.22M	236.84M	239.87M	277.27M	241.17M	174.02M	137.50M	113.61M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Revenue	33M	27M	14M	15M	13M	12M	14M	16M	17M	16M	14M	10M	9M	0M
Cost of Revenue	5M	3M	2M	1M	2M	1M	3M	3M	3M	2M	2M	2M	1M	0M
Gross Profit	28M	24M	12M	14M	12M	11M	10M	14M	14M	14M	13M	9M	8M	0M
Gross Profit Margin	86.2%	89.0%	85.4%	90.1%	87.2%	88.9%	75.8%	84.1%	84.9%	85.3%	87.0%	83.7%	90.8%	87.0%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	6M	2M	3M	1M	2M	2M	2M	2M	2M	2M	2M	1M	1M	0M
Operating Expenses	13M	11M	3M	11M	-4M	1M	2M	31M	13M	8M	4M	4M	4M	0M
Operating Income (EBIT)	15M	13M	9M	2M	16M	10M	9M	-17M	1M	6M	9M	5M	4M	0M
Operating Income Margin	45.2%	47.1%	62.4%	14.5%	117.5%	81.5%	62.1%	-104.0%	6.8%	35.2%	61.4%	45.9%	42.7%	43.9%
Interest Income	-2M	2M	0M	0M	0M	0M	0M	0M	0M	3M	3M	2M	2M	0M
Interest Expense	4M	4M	0M	5M	2M	2M	0M	2M	2M	2M	2M	1M	1M	0M
Net Interest Income	-5M	-3M	0M	-5M	-2M	-2M	0M	-2M	-2M	1M	1M	0M	0M	0M
Unusual Items	7M	-7M	2M	2M	-1M	-7M	-15M	-2M	2M	-1M	-1M	-1M	-1M	-2M
EBT Excluding Unusual Items	9M	10M	9M	-3M	14M	8M	9M	-19M	-1M	6M	10M	5M	4M	0M
Pre-Tax Income	16M	3M	11M	-1M	13M	2M	-6M	-21M	1M	5M	8M	5M	3M	-2M
Pre-Tax Margin	49.4%	12.4%	79.5%	-6.4%	94.2%	13.8%	-42.5%	-126.2%	4.7%	32.0%	56.4%	44.9%	33.6%	-601.8%
Income Tax Expense	2M	0M	0M	1M	0M	-1M	-1M	0M	0M	0M	0M	0M	0M	0M
Net Income	14M	21M	11M	-2M	13M	2M	-5M	-20M	1M	5M	8M	5M	3M	-2M
Net Income Margin	44.3%	75.7%	79.0%	-16.3%	94.0%	19.0%	-38.6%	-124.8%	3.7%	29.6%	53.7%	44.3%	33.8%	-601.8%
Depreciation & Amortization	0M	10M	0M	0M	0M	0M	0M	0M	0M	0M	0M	-7M	-6M	1M
EBITDA	15M	22M	9M	2M	16M	10M	9M	-17M	1M	6M	9M	-2M	-2M	1M
EBITDA Margin	45.6%	82.0%	62.7%	14.7%	117.8%	81.8%	62.1%	-103.9%	7.0%	35.4%	61.5%	-22.8%	-24.1%	420.4%
NOPAT	13M	13M	9M	2M	16M	14M	7M	-13M	1M	5M	8M	5M	4M	0M
NOPAT Margin	40.5%	46.5%	62.0%	11.5%	117.2%	111.6%	49.0%	-82.2%	5.6%	32.4%	58.3%	45.2%	42.8%	34.6%
Owner's Earnings	14M	30M	11M	-3M	13M	2M	-5M	-20M	1M	5M	8M	-3M	-3M	-1M
Owner's Earnings Margin	43.5%	110.5%	76.4%	-17.6%	94.2%	18.6%	-38.7%	-124.7%	3.8%	29.4%	53.7%	-24.4%	-33.7%	-225.3%
EPS (Basic)	1.86	2.80	1.40	-0.32	1.68	0.32	-0.74	-2.91	0.11	0.91	1.67	1.33	0.89	-0.52
EPS (Diluted)	1.86	2.77	1.40	-0.32	1.68	0.32	-0.74	-2.91	0.11	0.91	1.67	1.33	0.89	-0.52
Shares (Basic)	8M	7M	8M	8M	7M	7M	7M	7M	6M	5M	5M	3M	3M	3M
Shares (Diluted)	8M	7M	8M	8M	7M	7M	7M	7M	6M	5M	5M	3M	3M	3M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Cash & Cash Equivalents	0.57M	0.44M	0.44M	0.47M	1.73M	0.88M	1.73M	2.48M	2.18M	2.58M	7.01M	3.60M	2.84M	8.50M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	0.57M	0.44M	0.44M	0.47M	1.73M	0.88M	1.73M	2.48M	2.18M	2.58M	7.01M	3.60M	2.84M	8.50M
Net Receivables	2.63M	1.75M	1.75M	1.92M	1.85M	3.81M	1.42M	0.00M	0.00M	0.63M	0.00M	0.58M	0.00M	0.03M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Assets	0.12M	0.33M	0.33M	6.33M	-1.85M	-3.81M	-1.42M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	4.37M
Total Current Assets	3.32M	2.52M	2.52M	8.72M	1.73M	0.88M	1.73M	2.48M	2.18M	3.21M	7.01M	4.18M	2.84M	12.91M
Property, Plant & Equipment	0.51M	0.43M	0.43M	0.02M	0.01M	0.01M	0.03M	0.02M	271.83M	287.45M	250.75M	218.88M	139.26M	114.20M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	0.01M	0.01M	0.01M	0.00M	0.04M	0.06M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	0.00M	0.00M	0.00M	25.34M	23.85M	25.55M	26.26M	0.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	212.02M	1.41M	1.31M	180.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	224.16M	220.95M	220.95M	6.59M	207.99M	181.20M	1.68M	205.40M	-271.83M	-287.45M	-250.75M	-218.88M	-139.27M	0.00M
Other Assets	0.00M	0.00M	223.91M	0.00M	33.97M	30.94M	29.35M	47.76M	1.69M	1.29M	0.94M	0.92M	1.85M	0.00M
Total Non-Current Assets	224.68M	221.39M	445.29M	243.97M	267.27M	239.08M	237.82M	253.87M	1.69M	1.29M	0.94M	0.92M	1.85M	114.21M
Total Assets	228.00M	223.91M	447.81M	252.69M	269.00M	239.96M	239.55M	256.36M	3.87M	4.50M	7.94M	5.10M	4.68M	127.11M
Accounts Payable	2.14M	2.85M	2.85M	1.87M	1.17M	0.36M	0.62M	0.54M	0.81M	1.65M	1.67M	0.57M	0.41M	2.68M
Short-Term Debt	40.09M	29.64M	29.64M	21.07M	38.36M	49.00M	10.55M	32.00M	12.00M	24.99M	0.00M	1.00M	0.00M	0.00M
Tax Payables	0.00M	0.00M	0.00M	0.19M	0.20M	0.09M	1.16M	0.18M	0.04M	0.39M	5.08M	0.77M	0.67M	0.15M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	1.79M	1.59M	1.64M	0.13M	0.07M	0.10M	0.09M	0.19M	0.00M	0.00M
Other Current Liabilities	2.87M	2.32M	2.32M	1.99M	0.35M	0.83M	1.25M	1.98M	-13.33M	-27.64M	-3.02M	1.87M	0.89M	-11.52M
Total Current Liabilities	45.10M	34.80M	34.80M	25.12M	41.88M	51.87M	15.21M	34.83M	-0.40M	-0.51M	3.82M	4.39M	1.97M	-8.69M
Long-Term Debt	55.21M	58.96M	58.96M	102.19M	96.95M	70.93M	104.95M	89.95M	128.93M	124.43M	119.91M	104.85M	61.87M	39.83M
Capital Lease Obligations	5.82M	5.47M	5.47M	5.32M	4.66M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	0.76M	-3.65M	-2.97M	0.00M	0.18M	0.18M	0.27M	4.05M	6.00M	0.97M	0.27M
Other Non-Current Liabilities	1.30M	1.33M	1.33M	26.67M	0.12M	0.83M	1.77M	1.85M	1.39M	1.37M	-1.48M	-3.94M	0.63M	12.32M
Total Non-Current Liabilities	62.33M	65.76M	65.76M	134.94M	98.08M	68.79M	106.72M	91.97M	130.50M	126.07M	122.48M	106.92M	63.46M	52.42M
Total Liabilities	107.43M	100.56M	100.56M	160.05M	139.96M	120.66M	121.93M	126.81M	130.09M	125.57M	126.30M	111.31M	65.43M	43.73M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	8.39M	5.26M	6.52M	0.53M	3.38M	0.00M
Common Stock	7.34M	7.34M	7.34M	7.34M	7.14M	6.95M	6.82M	6.82M	131.72M	131.72M	119.26M	104.23M	76.09M	70.37M
Retained Earnings	3.53M	7.64M	7.64M	1.58M	16.93M	6.20M	-3.03M	-12.58M	4.60M	6.92M	8.70M	4.49M	2.99M	-1.72M
Accumulated OCI	-47.46M	-47.33M	-47.33M	-45.95M	-52.78M	-48.78M	-36.15M	-16.07M	-8.39M	-5.26M	-6.52M	-0.53M	-3.38M	0.00M
Minority Interest	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.29M	0.30M	0.27M	0.28M	0.29M	0.30M	0.31M
Total Shareholders’ Equity	-36.58M	-32.35M	-32.35M	-37.02M	-28.71M	-35.62M	-32.36M	-21.84M	136.33M	138.64M	127.97M	108.71M	79.08M	68.66M
Total Equity	-36.58M	-32.35M	-32.35M	-37.02M	-28.71M	-35.62M	-32.36M	-21.55M	136.63M	138.91M	128.24M	109.00M	79.38M	68.97M
Total Liabilities & Equity	70.85M	68.22M	68.22M	123.03M	111.25M	85.03M	89.57M	105.26M	266.72M	264.48M	254.54M	220.31M	144.81M	112.70M
Tangible Assets	227.99M	223.89M	447.80M	252.69M	268.97M	239.90M	239.54M	256.36M	3.87M	4.50M	7.94M	5.10M	4.68M	127.11M
Tangible Equity	-36.59M	-32.36M	-32.36M	-37.02M	-28.75M	-35.69M	-32.37M	-21.55M	136.63M	138.91M	128.24M	109.00M	79.37M	68.97M
Tangible Book Value	-36.59M	-32.36M	-32.36M	-37.02M	-28.75M	-35.69M	-32.37M	-21.55M	136.63M	138.91M	128.24M	109.00M	79.37M	68.97M
Total Investments	0.00M	0.00M	0.00M	25.34M	23.85M	25.55M	26.26M	0.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt	94.73M	88.16M	88.16M	122.78M	133.58M	119.05M	113.77M	119.46M	138.75M	146.85M	112.90M	102.25M	59.04M	31.33M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Working Capital	-41.8M	-32.4M	-32.4M	-16.8M	-40.2M	-51.0M	-13.5M	-33.2M	-13.2M	-27.3M	2.4M	2.9M	2.2M	0.6M
Total Capital	221.7M	217.3M	217.3M	247.5M	265.4M	236.3M	233.0M	250.0M	270.2M	284.1M	242.7M	210.4M	137.6M	114.2M
Capital Employed	182.9M	189.0M	189.0M	227.2M	227.1M	188.1M	224.3M	220.7M	260.4M	261.4M	254.1M	222.7M	143.3M	114.8M
Invested Capital	221.1M	216.8M	216.8M	247.0M	263.6M	235.4M	231.3M	247.5M	268.0M	281.6M	235.7M	206.8M	134.7M	105.7M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Net Income	14.47M	14.99M	10.93M	-2.46M	12.60M	2.33M	-5.31M	-20.48M	0.61M	4.77M	7.78M	4.58M	2.90M	-1.66M
Depreciation & Amortization	-0.01M	0.09M	0.04M	0.03M	0.04M	0.04M	0.02M	0.02M	0.02M	0.02M	0.02M	0.02M	0.02M	0.00M
Deferred Income Tax	1.41M	-1.26M	0.00M	0.00M	-0.10M	-1.16M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.06M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	0.11M	2.35M	0.19M	-0.23M	1.30M	-0.57M	-0.92M	-0.78M	0.26M	0.03M	0.03M	0.43M	-0.42M	4.01M
Accounts Receivable	-0.11M	1.25M	-0.31M	0.10M	0.50M	0.27M	-1.27M	0.32M	0.26M	0.03M	0.03M	0.43M	-0.42M	0.01M
Inventory	0.00M	0.68M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.28M	8.28M	3.04M	1.85M	0.00M	0.00M
Accounts Payable	0.41M	-0.24M	0.39M	-0.05M	0.06M	-0.16M	-0.54M	0.36M	-0.94M	-8.28M	-2.53M	0.05M	0.00M	0.00M
Other Working Capital	-0.15M	0.65M	0.12M	-0.28M	0.74M	-0.68M	0.89M	-1.46M	-0.34M	8.28M	2.53M	-0.05M	0.59M	4.00M
Other Non-Cash Items	8.34M	-2.60M	-1.19M	13.69M	-3.35M	5.57M	12.90M	30.24M	6.56M	-3.71M	-2.64M	-2.45M	-4.50M	1.77M
Net Cash from Operating Activities	24.32M	15.67M	9.97M	11.03M	10.48M	6.20M	6.68M	9.00M	7.45M	1.12M	5.19M	2.53M	-2.00M	4.12M
Capital Expenditures (PPE)	-0.39M	-0.01M	-0.39M	0.00M	-0.01M	-0.08M	-0.01M	0.00M	-0.01M	-0.05M	-0.01M	0.00M	-0.06M	0.00M
Acquisitions (Net)	0.00M	0.75M	-7.22M	0.00M	1.33M	0.00M	20.67M	0.00M	-7.62M	28.94M	-6.49M	0.00M	-4.62M	0.00M
Purchases of Investments	-3.82M	-35.66M	0.00M	0.00M	-24.35M	-9.51M	-21.94M	-0.77M	-0.08M	-34.55M	-0.45M	-30.91M	-4.62M	-41.82M
Sales / Maturities of Investments	-6.64M	14.45M	30.97M	0.00M	3.99M	1.45M	27.65M	15.78M	7.70M	5.62M	6.94M	0.00M	0.00M	0.00M
Other Investing Activities	30.64M	-13.42M	10.73M	7.00M	-0.09M	-0.41M	-21.63M	0.00M	7.62M	-28.94M	4.08M	0.00M	-12.95M	1.40M
Net Cash from Investing Activities	19.78M	-20.31M	34.08M	7.00M	-19.12M	-8.56M	4.74M	15.01M	7.61M	-28.98M	6.48M	-30.90M	-17.63M	-40.42M
Net Debt Issuance	-31.03M	-9.75M	-35.00M	-11.77M	15.00M	4.50M	-6.45M	-19.00M	-8.50M	29.50M	-3.66M	33.45M	13.94M	-25.98M
Long-Term Debt Issuance	-27.76M	-9.75M	-35.00M	-11.77M	15.00M	4.50M	-6.45M	-19.00M	-8.50M	29.50M	-3.66M	33.45M	13.94M	-25.98M
Short-Term Debt Issuance	-3.27M	0.00M	-35.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	0.00M	0.00M	-0.02M	-0.05M	-0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	76.58M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	19.18M	0.00M	0.00M	0.00M	0.00M	0.00M	76.58M
Common Stock Repurchased	0.00M	-0.06M	0.00M	-0.02M	-0.05M	-0.06M	0.00M	-0.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-12.79M	-7.51M	-6.24M	-4.01M	-3.50M	-3.45M	-5.72M	-4.53M	-6.93M	-6.01M	-4.58M	-4.25M	0.00M	0.00M
Common Dividends Paid	-12.79M	-7.51M	-6.24M	-4.01M	-3.50M	-3.45M	-5.72M	-4.53M	-6.93M	-6.01M	-4.58M	-4.25M	0.00M	0.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	0.00M	18.34M	-2.83M	-3.49M	-0.02M	0.00M	0.00M	-0.18M	-0.03M	-0.05M	-0.03M	-0.05M	0.02M	-5.80M
Net Cash from Financing Activities	-43.82M	2.76M	-44.07M	-19.28M	11.44M	0.99M	-12.18M	-23.71M	-15.46M	23.44M	-8.27M	29.14M	13.96M	44.80M
Effect of FX on Cash	0.00M	0.53M	0.00M	0.00M	0.00M	0.53M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	0.00M	0.00M
Net Change in Cash	0.27M	-1.35M	-0.03M	-1.26M	0.85M	-0.84M	-0.76M	0.30M	-0.40M	-4.43M	3.41M	0.77M	-5.66M	8.50M
Cash at Beginning of Period	1.72M	4.98M	0.47M	1.73M	0.88M	1.73M	2.48M	2.18M	2.58M	7.01M	3.60M	2.84M	8.50M	0.00M
Cash at End of Period	1.99M	3.63M	0.44M	0.47M	1.73M	0.88M	1.73M	2.48M	2.18M	2.58M	7.01M	3.60M	2.84M	8.50M
Operating Cash Flow	27.30M	15.67M	17.86M	11.03M	8.53M	6.20M	6.68M	9.00M	7.45M	1.12M	5.19M	2.53M	-2.00M	4.12M
Capital Expenditure	-0.39M	-0.01M	-0.39M	-0.22M	-0.01M	-0.08M	-0.01M	0.00M	-0.01M	-0.05M	-0.01M	0.00M	-0.06M	0.00M
Free Cash Flow	26.90M	15.65M	17.46M	10.81M	8.52M	6.12M	6.67M	9.00M	7.44M	1.07M	5.18M	2.53M	-2.06M	4.12M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
EBITDA	22.03M	31.83M	8.68M	12.83M	9.77M	9.18M	8.92M	11.87M	11.94M	11.75M	10.54M	0.05M	0.74M	1.20M
(-) Tax Adjustment	2.31M	0.39M	0.06M	0.00M	0.03M	0.00M	0.81M	0.12M	2.20M	0.94M	0.52M	0.00M	0.00M	0.00M
(-) Change In Working Capital	0.11M	2.35M	0.19M	-0.23M	1.30M	-0.57M	-0.92M	-0.78M	0.26M	0.03M	0.03M	0.43M	-0.42M	4.01M
(-) Capital Expenditure	-0.39M	-0.01M	-0.39M	-0.22M	-0.01M	-0.08M	-0.01M	0.00M	-0.01M	-0.05M	-0.01M	0.00M	-0.06M	0.00M
Unlevered Free Cash Flow	19.22M	29.08M	8.03M	12.85M	8.43M	9.67M	9.02M	12.53M	9.48M	10.73M	9.97M	-0.38M	1.10M	-2.81M
(-) Net Interest Income After Taxes	-4.85M	-2.66M	0.08M	-5.49M	-1.91M	-1.56M	0.36M	-1.88M	-1.81M	0.74M	0.68M	0.45M	0.47M	0.00M
Net Debt Issuance	-31.03M	-9.75M	-35.00M	-11.77M	15.00M	4.50M	-6.45M	-19.00M	-8.50M	29.50M	-3.66M	33.45M	13.94M	-25.98M
Levered Free Cash Flow	-6.96M	21.99M	-27.05M	6.57M	25.34M	15.73M	2.21M	-4.60M	2.79M	39.49M	5.63M	32.62M	14.57M	-28.79M