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Dream Unlimited

TSX:DRM
Snowflake Description

Outstanding track record with excellent balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DRM
TSX
CA$876M
Market Cap
  1. Home
  2. CA
  3. Real Estate
Company description

Dream Unlimited Corp. formerly known as Dundee Realty Corporation is a real estate investment firm. The last earnings update was 38 days ago. More info.


Add to Portfolio Compare Print
  • Dream Unlimited is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
  • Dream Unlimited has significant price volatility in the past 3 months.
DRM Share Price and Events
7 Day Returns
-2.6%
TSX:DRM
-3.9%
CA Real Estate
-0.1%
CA Market
1 Year Returns
20.1%
TSX:DRM
-11.8%
CA Real Estate
-24.6%
CA Market
DRM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Dream Unlimited (DRM) -2.6% -32.4% -21.2% 20.1% 31.3% -0.5%
CA Real Estate -3.9% -26% -22.4% -11.8% 1.5% 4.7%
CA Market -0.1% -21.2% -24.7% -24.6% -22.1% -16.5%
1 Year Return vs Industry and Market
  • DRM outperformed the Real Estate industry which returned -11.8% over the past year.
  • DRM outperformed the Market in Canada which returned -24.6% over the past year.
Price Volatility
DRM
Industry
5yr Volatility vs Market

Value

 Is Dream Unlimited undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Dream Unlimited to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Dream Unlimited.

TSX:DRM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 8.9%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:DRM
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.4%
Equity Risk Premium S&P Global 5.4%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 0.97
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.974 (1 + (1- 26.5%) (81.69%))
1.374
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.37
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.44% + (1.374 * 5.44%)
8.92%

Discounted Cash Flow Calculation for TSX:DRM using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Dream Unlimited is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

TSX:DRM DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 8.92%)
2020 332.21 Est @ 31.63% 305.01
2021 407.20 Est @ 22.57% 343.26
2022 473.30 Est @ 16.23% 366.32
2023 529.13 Est @ 11.8% 376.01
2024 575.11 Est @ 8.69% 375.22
2025 612.57 Est @ 6.51% 366.95
2026 643.15 Est @ 4.99% 353.73
2027 668.40 Est @ 3.93% 337.52
2028 689.66 Est @ 3.18% 319.75
2029 707.99 Est @ 2.66% 301.38
Present value of next 10 years cash flows CA$3,445.00
TSX:DRM DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CA$707.99 × (1 + 1.44%) ÷ (8.92% – 1.44%)
CA$9,606.65
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$9,606.65 ÷ (1 + 8.92%)10
CA$4,089.38
TSX:DRM Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$3,445.00 + CA$4,089.38
CA$7,534.38
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$7,534.38 / 95.32
CA$79.04
TSX:DRM Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$79.04
Current discount Discount to share price of CA$9.19
= -1 x (CA$9.19 - CA$79.04) / CA$79.04
88.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Dream Unlimited is available for.
Intrinsic value
>50%
Share price is CA$9.19 vs Future cash flow value of CA$79.04
Current Discount Checks
For Dream Unlimited to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Dream Unlimited's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Dream Unlimited's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Dream Unlimited's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Dream Unlimited's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:DRM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CAD CA$3.13
TSX:DRM Share Price ** TSX (2020-04-02) in CAD CA$9.19
Canada Real Estate Industry PE Ratio Median Figure of 20 Publicly-Listed Real Estate Companies 10.47x
Canada Market PE Ratio Median Figure of 497 Publicly-Listed Companies 10.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Dream Unlimited.

TSX:DRM PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:DRM Share Price ÷ EPS (both in CAD)

= 9.19 ÷ 3.13

2.94x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dream Unlimited is good value based on earnings compared to the CA Real Estate industry average.
  • Dream Unlimited is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Dream Unlimited's expected growth come at a high price?
Raw Data
TSX:DRM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 2.94x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
North America Real Estate Industry PEG Ratio Median Figure of 14 Publicly-Listed Real Estate Companies 0.58x
Canada Market PEG Ratio Median Figure of 233 Publicly-Listed Companies 0.67x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Dream Unlimited, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Dream Unlimited's assets?
Raw Data
TSX:DRM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CAD CA$13.40
TSX:DRM Share Price * TSX (2020-04-02) in CAD CA$9.19
Canada Real Estate Industry PB Ratio Median Figure of 37 Publicly-Listed Real Estate Companies 0.62x
Canada Market PB Ratio Median Figure of 2,356 Publicly-Listed Companies 0.98x
TSX:DRM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:DRM Share Price ÷ Book Value per Share (both in CAD)

= 9.19 ÷ 13.40

0.69x

* Primary Listing of Dream Unlimited.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dream Unlimited is overvalued based on assets compared to the CA Real Estate industry average.
X
Value checks
We assess Dream Unlimited's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Real Estate industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Real Estate industry average (and greater than 0)? (1 check)
  5. Dream Unlimited has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Dream Unlimited expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-82.1%
Expected annual growth in earnings per share.
Earnings growth vs Low Risk Savings
Is Dream Unlimited expected to grow at an attractive rate?
  • Dream Unlimited's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.4%.
Growth vs Market Checks
  • Dream Unlimited's earnings are expected to decrease over the next 1-3 years, this is below the Canada market average.
  • Unable to compare Dream Unlimited's revenue growth to the Canada market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSX:DRM Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:DRM Future Earnings per Share Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 0 Analysts -82.1%
North America Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 21.8%
Canada Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 2.9%
Canada Market Earnings Growth Rate Market Cap Weighted Average 7%
Canada Market Revenue Growth Rate Market Cap Weighted Average 3.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:DRM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:DRM Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31
2020-12-31
2020-04-03
TSX:DRM Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-12-31 580 252 332
2019-09-30 351 -42 38
2019-06-30 351 -63 26
2019-03-31 337 -63 10
2018-12-31 340 -97 191
2018-09-30 331 -21 186
2018-06-30 381 15 190
2018-03-31 365 36 218
2017-12-31 357 115 80
2017-09-30 301 97 48
2017-06-30 240 89 41
2017-03-31 291 52 63

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Dream Unlimited's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Unable to determine if Dream Unlimited is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:DRM Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Dream Unlimited Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:DRM Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.57 0.57 0.57 1.00
2020-12-31 0.73 0.73 0.73 1.00
2020-04-03
TSX:DRM Past Financials Data
Date (Data in CAD Millions) EPS *
2019-12-31 3.13
2019-09-30 0.35
2019-06-30 0.24
2019-03-31 0.10
2018-12-31 1.76
2018-09-30 1.71
2018-06-30 1.74
2018-03-31 2.07
2017-12-31 0.81
2017-09-30 0.53
2017-06-30 0.49
2017-03-31 0.78

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Dream Unlimited will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Dream Unlimited's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the North America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Dream Unlimited has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Dream Unlimited performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Dream Unlimited's growth in the last year to its industry (Real Estate).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Dream Unlimited's year on year earnings growth rate has been positive over the past 5 years.
  • Dream Unlimited's 1-year earnings growth exceeds its 5-year average (74% vs 13.1%)
  • Dream Unlimited's earnings growth has exceeded the CA Real Estate industry average in the past year (74% vs -22.9%).
Earnings and Revenue History
Dream Unlimited's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Dream Unlimited Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:DRM Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 580.43 332.25 69.39
2019-09-30 351.03 37.88 66.44
2019-06-30 351.45 26.03 68.26
2019-03-31 337.01 10.30 68.54
2018-12-31 339.87 190.95 67.51
2018-09-30 330.50 185.88 68.22
2018-06-30 381.31 189.73 65.71
2018-03-31 365.14 218.37 62.60
2017-12-31 356.96 79.65 59.08
2017-09-30 301.01 48.30 61.04
2017-06-30 239.55 41.13 62.39
2017-03-31 290.52 62.53 64.35
2016-12-31 340.17 67.64 66.20
2016-09-30 340.87 60.19 60.80
2016-06-30 417.36 67.53 59.11
2016-03-31 386.51 132.77 57.23
2015-12-31 333.37 121.90 54.68
2015-09-30 371.21 136.96 52.82
2015-06-30 318.56 123.15 48.23
2015-03-31 352.64 47.09 43.11
2014-12-31 388.42 54.01 42.40
2014-09-30 409.75 49.51 41.49
2014-06-30 456.40 57.44 41.35
2014-03-31 476.50 76.51 41.62
2013-12-31 514.48 82.62 37.31
2013-09-30 533.31 65.36 27.27
2013-06-30 533.53 75.09 17.54

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Dream Unlimited has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Dream Unlimited used its assets more efficiently than the CA Real Estate industry average last year based on Return on Assets.
  • Dream Unlimited has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Dream Unlimited's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Real Estate industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Dream Unlimited has a total score of 6/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Dream Unlimited's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Dream Unlimited's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Dream Unlimited is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Dream Unlimited's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Dream Unlimited's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Dream Unlimited Company Filings, last reported 3 months ago.

TSX:DRM Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,432.61 701.13 388.52
2019-09-30 1,084.04 939.67 128.81
2019-06-30 1,061.40 913.87 128.64
2019-03-31 1,081.28 951.11 123.88
2018-12-31 1,119.81 924.57 122.42
2018-09-30 1,064.87 930.04 135.98
2018-06-30 1,054.41 969.84 165.41
2018-03-31 1,084.24 903.61 133.28
2017-12-31 957.48 621.22 83.83
2017-09-30 857.88 549.00 26.18
2017-06-30 826.18 558.06 24.07
2017-03-31 840.67 529.73 19.49
2016-12-31 831.51 512.33 23.76
2016-09-30 786.99 468.13 20.38
2016-06-30 779.23 518.95 23.27
2016-03-31 753.19 486.43 25.13
2015-12-31 717.85 493.23 29.98
2015-09-30 719.71 480.86 23.90
2015-06-30 716.77 448.49 17.91
2015-03-31 598.78 419.54 17.58
2014-12-31 591.83 394.31 30.69
2014-09-30 553.93 379.16 27.76
2014-06-30 547.78 368.69 41.78
2014-03-31 473.30 423.88 22.96
2013-12-31 455.60 354.73 29.00
2013-09-30 426.52 356.19 14.05
2013-06-30 410.30 351.44 26.25
  • Dream Unlimited's level of debt (48.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (66.7% vs 48.9% today).
  • Debt is well covered by operating cash flow (36%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 9.5x coverage).
X
Financial health checks
We assess Dream Unlimited's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Dream Unlimited has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Dream Unlimited's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.31%
Current annual income from Dream Unlimited dividends.
If you bought CA$2,000 of Dream Unlimited shares you are expected to receive CA$26 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Dream Unlimited's pays a lower dividend yield than the bottom 25% of dividend payers in Canada (2.7%).
  • Dream Unlimited's dividend is below the markets top 25% of dividend payers in Canada (8.68%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:DRM Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Canada Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 1.8%
Canada Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 4.7%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.4%
Canada Bottom 25% Dividend Yield 25th Percentile 2.7%
Canada Top 25% Dividend Yield 75th Percentile 8.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:DRM Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31
2020-12-31
2020-04-03
TSX:DRM Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2020-03-04 0.120 1.223
2019-11-22 0.100 0.843
2019-08-21 0.100 1.040
2019-05-17 0.100 1.282
2019-05-14 0.100 1.355
2019-02-26 0.100 1.302

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dream Unlimited is not paying a notable dividend for Canada, therefore no need to check if the payments are stable.
  • Dream Unlimited is not paying a notable dividend for Canada, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Dream Unlimited's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Dream Unlimited's dividends as it is not paying a notable one for Canada.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Dream Unlimited's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Dream Unlimited afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Dream Unlimited has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Dream Unlimited's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Michael Cooper
COMPENSATION CA$4,562,890
AGE 58
CEO Bio

Mr. Michael J. Cooper serves as Portfolio manager of Dream Hard Asset Alternatives Trust. Mr. Cooper has been Chief Executive Officer of Dream Office Real Estate Investment Trust since January 1, 2018 and previously served as its Chief Executive Officer until May 8, 2014 and also served as its President. Mr. Cooper also serves as the President, Director and Chief Executive Officer of DREAM Asset Management Corporation. He is the Managing Partner of Dundee Real Estate Asset Management. He serves as the Chief Responsible Officer and President of Dream Unlimited Corp. He served as the Chief Executive Officer and President of Zoolander Corp. and served as its Chief Financial Officer and Secretary since May 2008. He served as the Chief Executive Officer of Dundee Realty Management Corporation. Mr. Cooper served as the Chief Executive Officer, President, Chief Financial Officer and Secretary at Mezzotin Minerals Inc. He served as a Vice President of 1832 Asset Management L.P. He has worked in the real estate industry since 1986. He helped found Dundee Realty Corporation in 1996, the predecessor company of Dundee Real Estate Investment Trust and has held the position of President and Chief Executive Officer since inception. Prior to Dundee Realty Corporation, Mr. Cooper served as Vice President at Goodman & Company, responsible for investments in real estate and for establishing and co-managing the Dynamic Real Estate Funds. He served as a Vice President of GCIC Limited. He serves as the Chairman of Dream Office Real Estate Investment Trust since April 2, 2015. He serves as the Vice Chairman of Dundee Realty Management Corporation. He serves as Vice Chairman of Real Estate at Dundee Capital Markets Inc. He serves as the Director at Dream Global Real Estate Investment Trust. He serves as Vice Chairman of Dream Global REIT (formerly Dundee International REIT) and has been its Non-Independent Trustee since April 21, 2011. He serves as a Director of Alate Partners. Mr. Cooper served as a Vice Chairman of Dream Office Real Estate Investment Trust since February 2006 and has been its Non- Independent Trustee since June 30, 2003. He sits on the board of directors/trustees of Cancer Care Ontario, Dundee Corporation, Lakefield Foundation and the Power Plant Gallery. He has been a Director of Dream Unlimited Corp. since May 30, 2013. He has been a Non-Independent Trustee of Dream Industrial Real Estate Investment Trust since October 4, 2012. He has been a Director of E-L Financial Corporation Limited since May 2014. He served as a Director of Dundee Corporation from August 2009 to June 9, 2015. Mr. Cooper served as an Independent Director of Atrium Mortgage Investment Corporation from March 23, 2012 to October 23, 2014. He served as a Director/Trustee of Dundee Capital Markets Inc. since December 16, 2010, TransGlobe Apartment Real Estate Investment Trust since May 14, 2010, Bellair Ventures Inc. from August 22, 2008 to March 2012, CR Capital Corp (also known as Cogitore Resources, Inc.) from February 20, 2004 to June 2008, Pethealth Inc. since December 2000, Zoolander Corp. since October 2005 and Dundee Precious Metals Inc. from 2001 to July 31, 2007. He currently sits on the Board of Dream Alternatives Master GP. He has been an Independent Director of E-L Financial Corporation Limited since May 13, 2014. He served as a Director of United Corporations Limited from June 2008 to June 25, 2014. Mr. Cooper holds a Bachelor of Law Degree from the University of Western Ontario and received an MBA from York University in 1986.

CEO Compensation
  • Michael's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Michael's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the Dream Unlimited management team in years:

4.8
Average Tenure
53
Average Age
  • The tenure for the Dream Unlimited management team is about average.
Management Team

Michael Cooper

TITLE
President
COMPENSATION
CA$5M
AGE
58

Pauline Alimchandani

TITLE
Executive VP & CFO
COMPENSATION
CA$965K
AGE
36
TENURE
6.3 yrs

Lindsay Brand

TITLE
Chief Investment Officer
COMPENSATION
CA$553K
TENURE
2.3 yrs

Daniel Marinovic

TITLE
Chief Development Officer
COMPENSATION
CA$823K
AGE
42
TENURE
6.6 yrs

Kim Lefever

TITLE
Director of Investor Relations

Robert Hughes

TITLE
Legal Counsel & Senior VP

Jason Lester

TITLE
Vice Chair of Development
COMPENSATION
CA$3M
AGE
58
TENURE
3.3 yrs

Bruce Traversy

TITLE
Senior Vice President
AGE
53
Board of Directors Tenure

Average tenure and age of the Dream Unlimited board of directors in years:

5.9
Average Tenure
58
Average Age
  • The tenure for the Dream Unlimited board of directors is about average.
Board of Directors

Joanne Ferstman

TITLE
Independent Chairman of the Board
COMPENSATION
CA$237K
AGE
51
TENURE
2.9 yrs

Michael Cooper

TITLE
President
COMPENSATION
CA$5M
AGE
58
TENURE
6.9 yrs

Ned Goodman

TITLE
Co-Founder and Chairman Emeritus
COMPENSATION
CA$179K
AGE
81
TENURE
2.9 yrs

Vincenza Sera

TITLE
Independent Director
COMPENSATION
CA$128K
AGE
62
TENURE
6.9 yrs

P. Gavan

TITLE
President of Asset Management & Director
COMPENSATION
CA$1M
AGE
59
TENURE
5.9 yrs

Richard Gateman

TITLE
Independent Director
COMPENSATION
CA$117K
AGE
59
TENURE
6.9 yrs

Jennifer Koss

TITLE
Independent Director
COMPENSATION
CA$117K
AGE
41
TENURE
5.9 yrs

Duncan Newton Jackman

TITLE
Independent Director
COMPENSATION
CA$100K
AGE
52
TENURE
2.9 yrs

James Eaton

TITLE
Independent Director
COMPENSATION
CA$81K
AGE
42
TENURE
1.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
20. Mar 20 Buy Sweet Dream Corporation Company 18. Mar 20 18. Mar 20 50,000 CA$7.86 CA$393,085
10. Dec 19 Buy Jason Lester Individual 31. May 19 25. Jun 19 1,700 CA$7.03 CA$11,940
01. Oct 19 Buy Duncan Newton Jackman Individual 30. Sep 19 30. Sep 19 4,800 CA$9.63 CA$46,224
30. Sep 19 Buy Duncan Newton Jackman Individual 27. Sep 19 27. Sep 19 2,400 CA$9.63 CA$23,108
19. Jul 19 Buy Sweet Dream Corporation Company 17. Jul 19 17. Jul 19 550,000 CA$7.85 CA$4,317,500
28. Jun 19 Buy Jason Lester Individual 27. Jun 19 27. Jun 19 100 CA$7.07 CA$707
27. Jun 19 Buy Jason Lester Individual 25. Jun 19 25. Jun 19 10,000 CA$7.07 CA$70,700
20. Jun 19 Buy Jason Lester Individual 19. Jun 19 19. Jun 19 21,400 CA$7.21 CA$154,277
19. Jun 19 Buy Jason Lester Individual 18. Jun 19 18. Jun 19 10,000 CA$7.21 CA$72,100
06. Jun 19 Buy Jason Lester Individual 05. Jun 19 05. Jun 19 700 CA$7.15 CA$5,005
04. Jun 19 Buy Jason Lester Individual 31. May 19 31. May 19 16,200 CA$7.27 CA$117,066
17. May 19 Buy Sweet Dream Corporation Company 17. May 19 17. May 19 537,600 CA$7.45 CA$4,005,120
X
Management checks
We assess Dream Unlimited's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Dream Unlimited has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Can Dream Unlimited Corp (TSE:DRM) Continue To Outperform Its Industry?

Dream Unlimited Corp (TSE:DRM) delivered an ROE of 20.15% over the past 12 months, which is an impressive feat relative to its industry average of 11.73% during the same period. … If DRM borrows debt to invest in its business, its profits will be higher. … But ROE does not capture any debt, so we only see high profits and low equity, which is great on the surface.

Simply Wall St -

Is Dream Unlimited Corp's (TSE:DRM) PE Ratio A Signal To Buy For Investors?

This article is intended for those of you who are at the beginning of your investing journey. … and want to better understand how you can grow your money by investing in Dream Unlimited Corp (TSE:DRM). … Dream Unlimited Corp (TSE:DRM) trades with a trailing P/E of 4.7x, which is lower than the industry average of 10.2x.

Simply Wall St -

What Does Dream Unlimited Corp's (TSE:DRM) Share Price Indicate?

Dream Unlimited Corp (TSE:DRM), a real estate company based in Canada,. … Let’s take a look at Dream Unlimited’s outlook and value based on the most recent financial data to see if the opportunity still exists? … What does the future of Dream Unlimited look like

Simply Wall St -

Can Dream Unlimited Corp's (TSE:DRM) ROE Continue To Surpass The Industry Average?

Check out our latest analysis for Dream Unlimited Breaking down ROE — the mother of all ratios Return on Equity (ROE) is a measure of Dream Unlimited’s profit relative to its shareholders’ equity. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity TSX:DRM Last Perf May 25th 18 Essentially, profit margin shows how much money the company makes after paying for all its expenses. … Dream Unlimited’s above-industry ROE is encouraging, and is also in excess of its cost of equity.

Simply Wall St -

Should You Be Tempted To Sell Dream Unlimited Corp (TSE:DRM) Because Of Its PE Ratio?

It compares a stock’s price per share to the stock’s earnings per share. … Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for DRM Price per share = CA$9.35 Earnings per share = CA$0.809 ∴ Price-Earnings Ratio = CA$9.35 ÷ CA$0.809 = 11.6x The P/E ratio itself doesn’t tell you a lot; however, it becomes very insightful when you compare it with other similar companies. … DRM’s P/E of 11.6x is higher than its industry peers (10.9x), which implies that each dollar of DRM’s earnings is being overvalued by investors.

Simply Wall St -

Is It Time To Buy Dream Unlimited Corp (TSE:DRM)?

Today I will analyse the most recent data on Dream Unlimited’s outlook and valuation to see if the opportunity still exists. … The stock’s ratio of 11.32x is currently trading slightly above its industry peers’ ratio of 11.12x, which means if you buy Dream Unlimited today, you’d be paying a relatively reasonable price for it. … And if you believe that Dream Unlimited should be trading at this level in the long run, there’s only an insignificant downside when the price falls to its real value.

Simply Wall St -

Is Dream Unlimited Corp (TSE:DRM) A Financially Sound Company?

With this rise in debt, DRM currently has CA$25.41M remaining in cash and short-term investments , ready to deploy into the business. … On top of this, DRM has generated cash from operations of CA$114.57M during the same period of time, leading to an operating cash to total debt ratio of 18.57%, indicating that DRM’s current level of operating cash is not high enough to cover debt. … Next Steps: DRM’s cash flow coverage indicates it could improve its operating efficiency in order to meet demand for debt repayments should unforeseen events arise.

Simply Wall St -

February Top Growth Stocks To Invest In

Profit growth, coupled with top-line expansion, is a positive indication. … VPY’s projected future profit growth is a robust 40.51%, with an underlying triple-digit growth from its revenues expected over the upcoming years. … TSXV:VPY Future Profit Feb 15th 18 For more financially robust companies with high growth potential to enhance your portfolio, use our free platform to explore our interactive list of these stocks.

Simply Wall St -

Why Dream Unlimited Corp (TSE:DRM) Delivered An Inferior ROE Compared To The Industry

View our latest analysis for Dream Unlimited What you must know about ROE Return on Equity (ROE) weighs Dream Unlimited’s profit against the level of its shareholders’ equity. … Since Dream Unlimited’s return does not cover its cost, with a difference of -1.22%, this means its current use of equity is not efficient and not sustainable. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity TSX:DRM Last Perf Feb 8th 18 Basically, profit margin measures how much of revenue trickles down into earnings which illustrates how efficient the business is with its cost management.

Simply Wall St -

Should You Buy Dream Unlimited Corp (TSX:DRM)?

Dream Unlimited Corp (TSX:DRM), a real estate management and development company based in Canada, saw a double-digit share price rise of over 10% in the past couple of months on the TSX. … Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at DRM future expectations. … DRM’s optimistic future growth appears to have been factored into the current share price, with shares trading above its fair value.

Simply Wall St -

Company Info

Description

Dream Unlimited Corp. formerly known as Dundee Realty Corporation is a real estate investment firm. The firm provides real estate asset management and advisory services including sourcing, acquiring, managing, and developing commercial and residential real estate primarily in Western Canada. It invests in the real estate markets across the globe. The firm also seeks to invest in renewable energy infrastructure and power projects with a focus on wind, hydro, and solar in North American. Dream Unlimited Corp. was founded in 1996 and is based in Toronto, Canada.

Details
Name: Dream Unlimited Corp.
DRM
Exchange: TSX
Founded: 1996
CA$875,977,024
95,318,501
Website: http://www.dream.ca
Address: Dream Unlimited Corp.
State Street Financial Centre,
Suite 301,
Toronto,
Ontario, M5C 3H1,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX DRM Class A Subordinate Voting Shares The Toronto Stock Exchange CA CAD 28. May 2013
OTCPK DRUN.F Class A Subordinate Voting Shares Pink Sheets LLC US USD 28. May 2013
Number of employees
Current staff
Staff numbers
500
Dream Unlimited employees.
Industry
Real Estate Development
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 05:36
End of day share price update: 2020/04/02 00:00
Last estimates confirmation: 2020/04/01
Last earnings filing: 2020/02/25
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.