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: 9.94
Index: ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.32

25 Sep
2023

-0.010

OPEN

$2.33

-0.43%

HIGH

$2.33

6,110

LOW

$2.31

TARGET
$3.125 34.7% upside
Franking for last dividend paid out: 100%
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FNARENA'S MARKET CONSENSUS FORECASTS
QAL: 1
Title FY22
Actual		 FY23
Actual		 FY24
Forecast		 FY25
Forecast
EPS (cps) xxx 7.7 9.6 xxx
DPS (cps) xxx 7.5 9.3 xxx
EPS Growth xxx 100.0% 24.7% xxx
DPS Growth xxx 87.5% 23.3% xxx
PE Ratio xxx N/A 24.2 xxx
Dividend Yield xxx N/A 4.0% xxx
Div Pay Ratio(%) xxx 97.4% 96.4% xxx

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

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.22

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 5.5c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2023 FactSet UK Limited. All rights reserved
Title 202020212023
EPS Basic xxxxxx7.7
DPS All xxxxxx7.5
Sales/Revenue xxxxxx94.1 M
Book Value Per Share xxxxxx123.7
Net Operating Cash Flow xxxxxx-22.9 M
Net Profit Margin xxxxxx23.94 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212023
Return on Capital Employed xxxxxx-
Return on Invested Capital xxxxxx-
Return on Assets xxxxxx-
Return on Equity xxxxxx-
Return on Total Capital xxxxxx-
Free Cash Flow ex dividends xxxxxx-41.0 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 202020212023
Short-Term Debt xxxxxx108 M
Long Term Debt xxxxxx232 M
Total Debt xxxxxx341 M
Goodwill - Gross xxxxxx-
Cash & Equivalents - Generic xxxxxx192 M
Price To Book Value xxxxxx2.18

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212023
Capex xxxxxx0.5 M
Capex % of Sales xxxxxx0.50 %
Cost of Goods Sold xxxxxx23 M
Selling, General & Admin. Exp & Other xxxxxx39 M
Research & Development xxxxxx-
Investments - Total xxxxxx356 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

24/08/2023

1

Outperform

$3.05

31.47%

Qualitas's FY23 results met guidance but disappointed Macquarie due to higher net interest expense. FY24 guidance sharply disappointed the broker's and consensus' forecasts. FY24 EPS forecasts fall -16% to reflect lower than forecast performance fees.

Macquarie retains the faith citing favourable conditions and plenty of dry powder to deploy to a large pool of opportunity, believing guidance is conservative.

Funds under management rose roughly 41% to $6.1bn, thanks to strong institutional investments which the broker says provides strong line of EPS sight into FY24 and beyond.

The broker expects an improvement in the residential market in FY24 and notes private real estate credit is delivering margins in the region of 10%.

Outperform rating retained. Target price eases to $3.05 from $3.18.

FORECAST
Macquarie forecasts a full year FY24 dividend of 10.50 cents and EPS of 9.50 cents.
Macquarie forecasts a full year FY25 dividend of 10.80 cents and EPS of 13.00 cents.
Access Stockbroker Research History >

QAL STOCK CHART

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