Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Qrf Comm. VA (QRF.BR)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$13.54 - $19.63$16.50
Multi-Stage$24.44 - $26.74$25.57
Blended Fair Value$21.03
Current Price$10.25
Upside105.19%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.60%0.00%0.800.510.450.440.730.580.890.770.590.55
YoY Growth--55.69%14.58%1.42%-39.73%26.25%-34.54%15.28%31.30%7.55%0.00%
Dividend Yield--7.73%5.04%4.91%4.02%6.47%3.58%6.43%3.16%2.18%2.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)14.47
(-) Cash Dividends Paid (M)12.79
(=) Cash Retained (M)1.68
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.891.811.09
Cash Retained (M)1.681.681.68
(-) Cash Required (M)-2.89-1.81-1.09
(=) Excess Retained (M)-1.22-0.130.59
(/) Shares Outstanding (M)7.807.807.80
(=) Excess Retained per Share-0.16-0.020.08
LTM Dividend per Share1.641.641.64
(+) Excess Retained per Share-0.16-0.020.08
(=) Adjusted Dividend1.481.621.72
WACC / Discount Rate8.74%8.74%8.74%
Growth Rate-2.00%-1.00%0.00%
Fair Value$13.54$16.50$19.63
Upside / Downside32.11%60.96%91.54%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)14.4714.3214.1814.0413.9013.7614.17
Payout Ratio88.42%88.74%89.05%89.37%89.68%90.00%92.50%
Projected Dividends (M)12.7912.7112.6312.5412.4612.3813.11

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.74%8.74%8.74%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)11.5711.6911.81
Year 2 PV (M)10.4610.6810.90
Year 3 PV (M)9.469.7610.06
Year 4 PV (M)8.568.919.28
Year 5 PV (M)7.748.148.56
PV of Terminal Value (M)142.77150.21157.95
Equity Value (M)190.57199.39208.55
Shares Outstanding (M)7.807.807.80
Fair Value$24.44$25.57$26.74
Upside / Downside138.40%149.43%160.89%

High-Yield Dividend Screener

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