DREAM OFFICE REAL ESTATE INV (D-UN.CA) Fundamental Analysis & Valuation
TSX:D-UN • CA26153P2035
17.33 CAD
+0.13 (+0.76%)
Last: Mar 4, 2026, 07:00 PM
This D-UN.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
We assign a fundamental rating of 3 out of 10 to D-UN. D-UN was compared to 35 industry peers in the Diversified REITs industry. D-UN has a bad profitability rating. Also its financial health evaluation is rather negative. D-UN is valued correctly, but it does not seem to be growing.
1. D-UN.CA Profitability Analysis
1.1 Basic Checks
- In the past year D-UN has reported negative net income.
- In the past year D-UN had a positive cash flow from operations.
- In multiple years D-UN reported negative net income over the last 5 years.
- D-UN had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
- Looking at the Return On Assets, with a value of -7.06%, D-UN is doing worse than 71.43% of the companies in the same industry.
- With a Return On Equity value of -17.79%, D-UN is not doing good in the industry: 71.43% of the companies in the same industry are doing better.
- D-UN has a Return On Invested Capital of 3.10%. This is in the lower half of the industry: D-UN underperforms 74.29% of its industry peers.
- The Average Return On Invested Capital over the past 3 years for D-UN is below the industry average of 5.26%.
- The last Return On Invested Capital (3.10%) for D-UN is above the 3 year average (2.67%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -7.06% | ||
| ROE | -17.79% | ||
| ROIC | 3.1% |
ROA(3y)-4.67%
ROA(5y)-1.38%
ROE(3y)-11.31%
ROE(5y)-3.96%
ROIC(3y)2.67%
ROIC(5y)2.59%
1.3 Margins
- D-UN has a Operating Margin of 48.16%. This is in the lower half of the industry: D-UN underperforms 60.00% of its industry peers.
- In the last couple of years the Operating Margin of D-UN has remained more or less at the same level.
- Looking at the Gross Margin, with a value of 54.86%, D-UN is doing worse than 62.86% of the companies in the same industry.
- In the last couple of years the Gross Margin of D-UN has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 48.16% | ||
| PM (TTM) | N/A | ||
| GM | 54.86% |
OM growth 3Y-0.42%
OM growth 5Y-0.4%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.48%
GM growth 5Y0.08%
2. D-UN.CA Health Analysis
2.1 Basic Checks
- D-UN has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
- Compared to 1 year ago, D-UN has more shares outstanding
- D-UN has less shares outstanding than it did 5 years ago.
- The debt/assets ratio for D-UN is higher compared to a year ago.
2.2 Solvency
- D-UN has an Altman-Z score of -0.33. This is a bad value and indicates that D-UN is not financially healthy and even has some risk of bankruptcy.
- With a Altman-Z score value of -0.33, D-UN is not doing good in the industry: 74.29% of the companies in the same industry are doing better.
- The Debt to FCF ratio of D-UN is 17.33, which is on the high side as it means it would take D-UN, 17.33 years of fcf income to pay off all of its debts.
- Looking at the Debt to FCF ratio, with a value of 17.33, D-UN is in line with its industry, outperforming 54.29% of the companies in the same industry.
- A Debt/Equity ratio of 1.25 is on the high side and indicates that D-UN has dependencies on debt financing.
- Looking at the Debt to Equity ratio, with a value of 1.25, D-UN is in line with its industry, outperforming 45.71% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.25 | ||
| Debt/FCF | 17.33 | ||
| Altman-Z | -0.33 |
ROIC/WACC0.54
WACC5.76%
2.3 Liquidity
- A Current Ratio of 0.13 indicates that D-UN may have some problems paying its short term obligations.
- With a Current ratio value of 0.13, D-UN is not doing good in the industry: 65.71% of the companies in the same industry are doing better.
- A Quick Ratio of 0.13 indicates that D-UN may have some problems paying its short term obligations.
- Looking at the Quick ratio, with a value of 0.13, D-UN is doing worse than 65.71% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.13 | ||
| Quick Ratio | 0.13 |
3. D-UN.CA Growth Analysis
3.1 Past
- The earnings per share for D-UN have decreased strongly by -54.46% in the last year.
- Looking at the last year, D-UN shows a decrease in Revenue. The Revenue has decreased by -6.49% in the last year.
- D-UN shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -2.36% yearly.
EPS 1Y (TTM)-54.46%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-27.4%
Revenue 1Y (TTM)-6.49%
Revenue growth 3Y-2.24%
Revenue growth 5Y-2.36%
Sales Q2Q%-10.25%
3.2 Future
- The Earnings Per Share is expected to grow by 49.47% on average over the next years. This is a very strong growth
- Based on estimates for the next years, D-UN will show a small growth in Revenue. The Revenue will grow by 3.17% on average per year.
EPS Next Y119.18%
EPS Next 2Y49.47%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year1.26%
Revenue Next 2Y3.17%
Revenue Next 3YN/A
Revenue Next 5YN/A
3.3 Evolution
- The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. D-UN.CA Valuation Analysis
4.1 Price/Earnings Ratio
- The Price/Earnings Ratio is negative for D-UN. In the last year negative earnings were reported.
- A Price/Forward Earnings ratio of 13.38 indicates a correct valuation of D-UN.
- Based on the Price/Forward Earnings ratio, D-UN is valued a bit cheaper than 68.57% of the companies in the same industry.
- The average S&P500 Price/Forward Earnings ratio is at 25.11. D-UN is valued slightly cheaper when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | 13.38 |
4.2 Price Multiples
- D-UN's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. D-UN is cheaper than 74.29% of the companies in the same industry.
- Based on the Price/Free Cash Flow ratio, D-UN is valued cheaper than 91.43% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 4.6 | ||
| EV/EBITDA | 17.52 |
4.3 Compensation for Growth
- D-UN's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
- A more expensive valuation may be justified as D-UN's earnings are expected to grow with 49.47% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y49.47%
EPS Next 3YN/A
5. D-UN.CA Dividend Analysis
5.1 Amount
- With a Yearly Dividend Yield of 6.98%, D-UN is a good candidate for dividend investing.
- Compared to an average industry Dividend Yield of 7.24, D-UN has a dividend in line with its industry peers.
- Compared to an average S&P500 Dividend Yield of 1.82, D-UN pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.98% |
5.2 History
- The dividend of D-UN decreases each year by -0.18%.
- D-UN has been paying a dividend for at least 10 years, so it has a reliable track record.
Dividend Growth(5Y)-0.18%
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
- D-UN has negative earnings and hence a negative payout ratio. The dividend may be in danger.
DP-10.22%
EPS Next 2Y49.47%
EPS Next 3YN/A
D-UN.CA Fundamentals: All Metrics, Ratios and Statistics
TSX:D-UN (3/4/2026, 7:00:00 PM)
17.33
+0.13 (+0.76%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-19 2026-02-19
Earnings (Next)05-06 2026-05-06
Inst Owners1.56%
Inst Owner ChangeN/A
Ins Owners23.03%
Ins Owner ChangeN/A
Market Cap329.10M
Revenue(TTM)183.38M
Net Income(TTM)-160.11M
Analysts69.33
Price Target19 (9.64%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.98% |
Yearly Dividend1.01
Dividend Growth(5Y)-0.18%
DP-10.22%
Div Incr Years0
Div Non Decr Years0
Ex-Date02-27 2026-02-27 (0.08333)
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)-1.97%
PT rev (3m)-3.66%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-3.79%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-1.97%
Revenue NY rev (3m)-1.38%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | 13.38 | ||
| P/S | 1.79 | ||
| P/FCF | 4.6 | ||
| P/OCF | 4.6 | ||
| P/B | 0.37 | ||
| P/tB | 0.37 | ||
| EV/EBITDA | 17.52 |
EPS(TTM)-8.4
EYN/A
EPS(NY)1.3
Fwd EY7.47%
FCF(TTM)3.77
FCFY21.73%
OCF(TTM)3.77
OCFY21.73%
SpS9.66
BVpS47.39
TBVpS47.39
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -7.06% | ||
| ROE | -17.79% | ||
| ROCE | 4.3% | ||
| ROIC | 3.1% | ||
| ROICexc | 3.12% | ||
| ROICexgc | 3.12% | ||
| OM | 48.16% | ||
| PM (TTM) | N/A | ||
| GM | 54.86% | ||
| FCFM | 39% |
ROA(3y)-4.67%
ROA(5y)-1.38%
ROE(3y)-11.31%
ROE(5y)-3.96%
ROIC(3y)2.67%
ROIC(5y)2.59%
ROICexc(3y)2.68%
ROICexc(5y)2.61%
ROICexgc(3y)2.68%
ROICexgc(5y)2.61%
ROCE(3y)3.7%
ROCE(5y)3.6%
ROICexgc growth 3Y6.25%
ROICexgc growth 5Y2.85%
ROICexc growth 3Y6.25%
ROICexc growth 5Y2.85%
OM growth 3Y-0.42%
OM growth 5Y-0.4%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.48%
GM growth 5Y0.08%
F-Score5
Asset Turnover0.08
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.25 | ||
| Debt/FCF | 17.33 | ||
| Debt/EBITDA | 12.78 | ||
| Cap/Depr | N/A | ||
| Cap/Sales | N/A | ||
| Interest Coverage | 1.37 | ||
| Cash Conversion | 80.97% | ||
| Profit Quality | N/A | ||
| Current Ratio | 0.13 | ||
| Quick Ratio | 0.13 | ||
| Altman-Z | -0.33 |
F-Score5
WACC5.76%
ROIC/WACC0.54
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-54.46%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-27.4%
EPS Next Y119.18%
EPS Next 2Y49.47%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-6.49%
Revenue growth 3Y-2.24%
Revenue growth 5Y-2.36%
Sales Q2Q%-10.25%
Revenue Next Year1.26%
Revenue Next 2Y3.17%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y33.28%
EBIT growth 3Y-2.65%
EBIT growth 5Y-2.74%
EBIT Next Year7.94%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-1.21%
FCF growth 3Y-2.29%
FCF growth 5Y-5.38%
OCF growth 1Y-1.21%
OCF growth 3Y-2.29%
OCF growth 5Y-5.38%
DREAM OFFICE REAL ESTATE INV / D-UN.CA FAQ
Can you provide the ChartMill fundamental rating for DREAM OFFICE REAL ESTATE INV?
ChartMill assigns a fundamental rating of 3 / 10 to D-UN.CA.
What is the valuation status for D-UN stock?
ChartMill assigns a valuation rating of 5 / 10 to DREAM OFFICE REAL ESTATE INV (D-UN.CA). This can be considered as Fairly Valued.
Can you provide the profitability details for DREAM OFFICE REAL ESTATE INV?
DREAM OFFICE REAL ESTATE INV (D-UN.CA) has a profitability rating of 2 / 10.
How financially healthy is DREAM OFFICE REAL ESTATE INV?
The financial health rating of DREAM OFFICE REAL ESTATE INV (D-UN.CA) is 1 / 10.