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DREAM Unlimited Corp
TSX:DRM

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DREAM Unlimited Corp Logo
DREAM Unlimited Corp
TSX:DRM
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Price: 19.41 CAD 1.09% Market Closed
Updated: Mar 28, 2024

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%.

Key Points:
DRM Intrinsic Value
Base Case
40.08 CAD
Undervaluation 52%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

Valuation Backtest
DREAM Unlimited Corp

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Fundamental Analysis

Amidst 2023 Challenges, 2024 Looks Promising
2023-Q4 Earnings Call

Amidst 2023 Challenges, 2024 Looks Promising

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.

Financials

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
Efficiency

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

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3-Years Average
FCF Margin
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Fundamental Scores

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.

Positive Gross Profit
Negative Net Income
Positive 1-Year Revenue Growth
Positive 3-Years Revenue Growth
41/100
Profitability
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.

Long-Term Solvency
Short-Term Solvency
Average D/E
Low Altman Z-Score
38/100
Solvency
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

Wall Street analysts forecast DRM stock price to rise over the next 12 months.

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.

Lowest
Price Target
27.27 CAD
40% Upside
Average
Price Target
34.17 CAD
76% Upside
Highest
Price Target
42 CAD
116% Upside
View Analyst Estimates
View Analyst Estimates

Competitive Landscape

Shareholder Return

DRM Price
DREAM Unlimited Corp

1M 1M
-6%
6M 6M
+5%
1Y 1Y
-17%
3Y 3Y
-12%
5Y 5Y
+33%
10Y 10Y
-31%
Annual Price Range
19.41
52w Low
16.75
52w High
24.72
Price Metrics
Average Annual Return 24.2%
Standard Deviation of Annual Returns 54.73%
Max Drawdown -66%
Shares Statistics
Market Capitalization 819.9m CAD
Shares Outstanding 42 240 010
Percentage of Shares Shorted 0.54%

DRM Return Decomposition
Main factors of price return

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Company Profile

DREAM Unlimited Corp Logo
DREAM Unlimited Corp

Country

Canada

Industry

Real Estate

Market Cap

819.9m CAD

Dividend Yield

3.13%

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

ONTARIO
TORONTO
State Street Financial Centre, Suite 301, 30 Adelaide Street East
+14163653535.0
http://www.dream.ca/

IPO

2013-05-27

Employees

210

Officers

President, Chief Responsible Officer & Non Independent Director
Mr. Michael J. Cooper
Chief Financial Officer
Ms. Deborah Joanne Starkman
President of Asset Management & Non-Independent Director
Ms. P. Jane Gavan
Director of Investor Relations
Ms. Kim Lefever
General Counsel & Corporate Secretary
Mr. Robert Michael-Lockwood Hughes
Executive Vice President of Corporate Development & Strategy
Mr. Jay Jiang C.A.
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Vice Chair of Development
Mr. Jason Lester
Executive Vice President of Industrial
Mr. Brian D. Pauls
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See Also

Discover More
What is the Intrinsic Value of one DRM stock?

The intrinsic value of one DRM stock under the Base Case scenario is 40.08 CAD.

Is DRM stock undervalued or overvalued?

Compared to the current market price of 19.41 CAD, DREAM Unlimited Corp is Undervalued by 52%.