DREAM Unlimited Corp
TSX:DRM
Intrinsic Value
DREAM Unlimited Corp. engages in the acquisition, management and development of commercial and residential real estate. [ Read More ]
The intrinsic value of one DRM stock under the Base Case scenario is 40.08 CAD. Compared to the current market price of 19.41 CAD, DREAM Unlimited Corp is Undervalued by 52%.
Valuation Backtest
DREAM Unlimited Corp
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Fundamental Analysis
Amidst 2023 Challenges, 2024 Looks Promising
2023-Q4 Earnings Call
Following a year with heightened interest rates impacting long-term rates and office buildings, the company appears to have navigated these challenges, with the expectation of a stronger year ahead. They are set to enhance liquidity by around CAD 150 million post-tax, thanks to an anticipated sale, and are looking for additional liquidity opportunities. Western Canada has exceeded expectations with a $40 million increase in presales at Alpine Park. The company's asset management business has also grown, up 40% in assets and 50% in revenue. The company plans to begin new construction projects, notably between 1,200 and 1,400 units in 2024, with Dream Unlimited's share exceeding $300 million in new apartments. While no new developments are slated for Toronto this year, preparations for a 2025 start are in progress. Despite the adjustments required in 2023, the company demonstrates strong fundamentals, with over 80% of its value derived from growing income properties, recurring income from asset management, and developments in land and housing.
Balance Sheet Decomposition
DREAM Unlimited Corp
Current Assets | 354.5m |
Cash & Short-Term Investments | 60.2m |
Receivables | 274m |
Other Current Assets | 20.3m |
Non-Current Assets | 3.5B |
Long-Term Investments | 2.4B |
PP&E | 83.7m |
Intangibles | 13.6m |
Other Non-Current Assets | 986.7m |
Current Liabilities | 304.1m |
Accounts Payable | 73.3m |
Accrued Liabilities | 70.5m |
Other Current Liabilities | 160.4m |
Non-Current Liabilities | 2.2B |
Long-Term Debt | 1.8B |
Other Non-Current Liabilities | 348.2m |
Earnings Waterfall
DREAM Unlimited Corp
Revenue
|
386.9m
CAD
|
Cost of Revenue
|
-261.8m
CAD
|
Gross Profit
|
125.2m
CAD
|
Operating Expenses
|
-65m
CAD
|
Operating Income
|
60.2m
CAD
|
Other Expenses
|
-177.3m
CAD
|
Net Income
|
-117.1m
CAD
|
Free Cash Flow Analysis
DREAM Unlimited Corp
What is Free Cash Flow?
DRM Profitability Score
Profitability Due Diligence
DREAM Unlimited Corp's profitability score is 41/100. The higher the profitability score, the more profitable the company is.
Score
DREAM Unlimited Corp's profitability score is 41/100. The higher the profitability score, the more profitable the company is.
DRM Solvency Score
Solvency Due Diligence
DREAM Unlimited Corp's solvency score is 38/100. The higher the solvency score, the more solvent the company is.
Score
DREAM Unlimited Corp's solvency score is 38/100. The higher the solvency score, the more solvent the company is.
Wall St
Price Targets
DRM Price Targets Summary
DREAM Unlimited Corp
According to Wall Street analysts, the average 1-year price target for DRM is 34.17 CAD with a low forecast of 27.27 CAD and a high forecast of 42 CAD.
Shareholder Return
DRM Price
DREAM Unlimited Corp
Average Annual Return | 24.2% |
Standard Deviation of Annual Returns | 54.73% |
Max Drawdown | -66% |
Market Capitalization | 819.9m CAD |
Shares Outstanding | 42 240 010 |
Percentage of Shares Shorted | 0.54% |
Company Profile
Country
Industry
Market Cap
Dividend Yield
Description
DREAM Unlimited Corp. engages in the acquisition, management and development of commercial and residential real estate. The company is headquartered in Toronto, Ontario. The company went IPO on 2013-05-27. The firm operates through two segments: Recurring income and Development. Its Recurring income segment is comprised of its asset management and development management agreements with Dream Industrial REIT, Dream Office REIT and various development partners. Its Development segment is comprised of mixed-use developments in the Greater Toronto Area (GTA) and Ottawa/Gatineau, land, housing, multi-family and retail/commercial development in Saskatchewan and Alberta, and Dream Impact Trust's investment in the Virgin Hotels Las Vegas. The Company’s business includes asset management business, across three Toronto Stock Exchange (TSX) listed trusts and various partnerships. Its development assets, comprised of residential, commercial and retail buildings, and raw land, are located across Toronto, Ottawa and Western Canada.
Contact
IPO
Employees
Officers
The intrinsic value of one DRM stock under the Base Case scenario is 40.08 CAD.
Compared to the current market price of 19.41 CAD, DREAM Unlimited Corp is Undervalued by 52%.