Qrf Comm. VA (QRF.BR)

Industry: REIT - Retail Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
LPF.BK	74	Lotus's Retail Gro	75	12.25	12.53	12.97	6.43	12.72	15.66
RVI	75	Retail Value Inc.	64	-	-	-	-	3.26	0.44
PINE	76	Alpine Income Prop	57	-	-	14.69	11.41	58.35	47.98
2971.T	77	Escon Japan REIT I	57	11.60	11.60	13.46	13.46	10.80	16.15
SITC-PA	78	SITE Centers Corp.	52	12.56	13.84	5.86	7.30	-	-
VASTB.BR	79	Vastned Belgium	50	18.43	18.43	266.26	266.26	10.79	19.14
4345.SR	80	Alinma Retail REIT	43	48.38	48.38	9.98	9.98	10.24	26.95
QRF.BR	81	Qrf Comm. VA	38	5.56	4.42	11.73	11.73	8.44	9.27
AQR.AX	82	APN Convenience Re	22	-	-	3.57	3.57	6.59	6.59
CDR	83	Cedar Realty Trust	22	-	-	32.43	32.43	-	103.68
SRG	84	Seritage Growth Pr	18	-	-	-	-	-	-
MJLF.BK	85	Major Cineplex Lif	11	2.95	2.64	2.60	2.00	4.77	4.83
AIMCG.BK	86	AIM Commercial Gro	8	-	-	-	-	-	-
BPO-PT.TO	87	Brookfield Office	2	3.89	3.89	4.18	4.18	4.43	4.23
HMG	88	HMG/Courtland Prop	0	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.60	11.60	9.98	7.30	6.59	15.66
Full Range Median Multiple	12.25	12.53	11.47	8.64	10.24	15.90
Industry Multiple	15.72	15.90	36.60	35.70	13.55	24.57
Market Implied Multiple	5.88	4.68	12.03	12.03	8.66	9.51
Company (QRF.BR) Multiple	5.56	4.42	11.73	11.73	8.44	9.27
(*) Net Income / EBITDA / Revenue	17	21	18	18	25	23
Winsorized Enterprise Value	N/A	N/A	181	132	166	359
Full Range Median Enterprise Value	N/A	N/A	208	157	258	365
(-) Net Debt	118	118	118	118	118	118
Winsorized Equity Value	197	248	63	14	48	241
Full Range Median Equity Value	208	268	90	38	140	247
(/) Shares Outstanding	9	9	9	9	9	9
Winsorized Fair Value	$21.38	$26.89	$6.81	$1.55	$5.20	$26.14
Full Range Median Fair Value	$22.59	$29.07	$9.75	$4.18	$15.16	$26.76
Current Price	$10.85	$10.85	$10.85	$10.85	$10.85	$10.85
Upside / Downside	97.08%	147.87%	-37.24%	-85.75%	-52.10%	140.94%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$14.97	$18.83	$4.77	$1.08	$3.64	$18.30
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	BUY