QUALITAS LIMITED (QAL)
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QAL - QUALITAS LIMITED

FNArena Sector : Wealth Management & Investments
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 7.42
Index: ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.65

20 Dec
2024

-0.030

OPEN

$2.68

-1.12%

HIGH

$2.68

140,499

LOW

$2.62

TARGET
$3.07 15.8% upside
Franking for last dividend paid out: 100%
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FNARENA'S MARKET CONSENSUS FORECASTS
QAL: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 9.0 12.2 xxx
DPS (cps) xxx 8.0 8.3 xxx
EPS Growth xxx 16.9% 35.6% xxx
DPS Growth xxx 6.7% 3.1% xxx
PE Ratio xxx N/A 21.7 xxx
Dividend Yield xxx N/A 3.1% xxx
Div Pay Ratio(%) xxx 88.9% 67.6% xxx

Dividend yield today if purchased 3 years ago: N/A

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.02

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 11/09 - ex-div 5.75c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 20202021202220232024
EPS Basic xxxxxxxxxxxx9.0
DPS All xxxxxxxxxxxx8.0
Sales/Revenue xxxxxxxxxxxx103.4 M
Book Value Per Share xxxxxxxxxxxx125.4
Net Operating Cash Flow xxxxxxxxxxxx72.4 M
Net Profit Margin xxxxxxxxxxxx25.32 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 20202021202220232024
Return on Capital Employed xxxxxxxxxxxx7.18 %
Return on Invested Capital xxxxxxxxxxxx4.54 %
Return on Assets xxxxxxxxxxxx3.61 %
Return on Equity xxxxxxxxxxxx7.18 %
Return on Total Capital xxxxxxxxxxxx5.52 %
Free Cash Flow ex dividends xxxxxxxxxxxx49.2 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 20202021202220232024
Short-Term Debt xxxxxxxxxxxx104 M
Long Term Debt xxxxxxxxxxxx191 M
Total Debt xxxxxxxxxxxx295 M
Goodwill - Gross xxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxx194 M
Price To Book Value xxxxxxxxxxxx1.88

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 20202021202220232024
Capex xxxxxxxxxxxx0.3 M
Capex % of Sales xxxxxxxxxxxx0.32 %
Cost of Goods Sold xxxxxxxxxxxx23 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxx43 M
Research & Development xxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxx383 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

2
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

22/08/2024

1

Outperform

$2.94

10.94%

FY24 EPS for Qualitas of 9.1cps was bang on Macquarie's forecast. The broker forecasts an EPS of 12.4cps in FY25, which is around the midpoint of management's 11.50-12.91cps guidance range.

Management is witnessing signs of the next residential development cycle, notes the broker, with off-the-plan realisation values for new projects rising and building costs moderating.

The target falls to $2.94 from $3.09. Outperform.

FORECAST
Macquarie forecasts a full year FY25 dividend of 8.20 cents and EPS of 12.40 cents.
Macquarie forecasts a full year FY26 dividend of 8.50 cents and EPS of 14.10 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

28/11/2024

1

Initiation of coverage with Buy

$3.75

41.51%

Jarden initiates coverage of Qualitas with a Buy rating and a $3.75 target price.

Qualitas is a private credit manager with approximately 80% of its funds under management invested in residential property.

Management has committed to doubling funds under management to $18bn by FY28. The broker forecasts $17.9bn, including $1.8bn in funds raised and annual fundraising of around $2.5bn over FY26-FY28.

FORECAST
Jarden forecasts a full year FY25 dividend of 8.60 cents and EPS of 11.60 cents.
Jarden forecasts a full year FY26 dividend of 10.40 cents and EPS of 14.10 cents.
Access Extra Coverage Research History >

QAL STOCK CHART

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