DREAM OFFICE REAL ESTATE INV (D-UN.CA) Stock Fundamental Analysis
Canada - Toronto Stock Exchange - TSX:D-UN - CA26153P2035 - REIT
18.2 CAD
+0.5 (+2.82%)
D-UN gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 38 industry peers in the Diversified REITs industry. Both the profitability and financial health of D-UN have multiple concerns. D-UN has a valuation in line with the averages, but on the other hand it scores bad on growth.
1. Profitability
1.1 Basic Checks
D-UN had negative earnings in the past year.
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.
Each year in the past 5 years D-UN had a positive operating cash flow.
1.2 Ratios
D-UN has a Return On Assets of -6.75%. This is in the lower half of the industry: D-UN underperforms 76.32% of its industry peers.
Looking at the Return On Equity, with a value of -16.66%, D-UN is doing worse than 76.32% of the companies in the same industry.
With a Return On Invested Capital value of 2.82%, D-UN is not doing good in the industry: 76.32% of the companies in the same industry are doing better.
D-UN had an Average Return On Invested Capital over the past 3 years of 2.50%. This is below the industry average of 5.49%.
The last Return On Invested Capital (2.82%) for D-UN is above the 3 year average (2.50%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -6.75% | ||
| ROE | -16.66% | ||
| ROIC | 2.82% |
ROA(3y)-1.63%
ROA(5y)1.26%
ROE(3y)-4%
ROE(5y)1.96%
ROIC(3y)2.5%
ROIC(5y)2.51%
1.3 Margins
The Operating Margin of D-UN (44.98%) is worse than 65.79% of its industry peers.
D-UN's Operating Margin has declined in the last couple of years.
D-UN has a Gross Margin of 53.94%. This is in the lower half of the industry: D-UN underperforms 60.53% of its industry peers.
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 | 44.98% | ||
| PM (TTM) | N/A | ||
| GM | 53.94% |
OM growth 3Y-11.8%
OM growth 5Y-7.65%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.34%
GM growth 5Y-0.58%
2. Health
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.
D-UN has about the same amout of shares outstanding than it did 1 year ago.
The number of shares outstanding for D-UN has been reduced compared to 5 years ago.
The debt/assets ratio for D-UN is higher compared to a year ago.
2.2 Solvency
Based on the Altman-Z score of -0.28, we must say that D-UN is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of -0.28, D-UN is doing worse than 81.58% of the companies in the same industry.
The Debt to FCF ratio of D-UN is 16.72, which is on the high side as it means it would take D-UN, 16.72 years of fcf income to pay off all of its debts.
D-UN has a Debt to FCF ratio of 16.72. This is comparable to the rest of the industry: D-UN outperforms 50.00% of its industry peers.
A Debt/Equity ratio of 1.30 is on the high side and indicates that D-UN has dependencies on debt financing.
With a Debt to Equity ratio value of 1.30, D-UN perfoms like the industry average, outperforming 44.74% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.3 | ||
| Debt/FCF | 16.72 | ||
| Altman-Z | -0.28 |
ROIC/WACC0.51
WACC5.52%
2.3 Liquidity
D-UN has a Current Ratio of 0.23. This is a bad value and indicates that D-UN is not financially healthy enough and could expect problems in meeting its short term obligations.
Looking at the Current ratio, with a value of 0.23, D-UN is in line with its industry, outperforming 55.26% of the companies in the same industry.
D-UN has a Quick Ratio of 0.23. This is a bad value and indicates that D-UN is not financially healthy enough and could expect problems in meeting its short term obligations.
D-UN has a Quick ratio (0.23) which is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.23 | ||
| Quick Ratio | 0.23 |
3. Growth
3.1 Past
The earnings per share for D-UN have decreased strongly by -19.91% in the last year.
The Revenue has decreased by -2.64% in the past year.
Measured over the past years, D-UN shows a decrease in Revenue. The Revenue has been decreasing by -3.05% on average per year.
EPS 1Y (TTM)-19.91%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%20.24%
Revenue 1Y (TTM)-2.64%
Revenue growth 3Y0.03%
Revenue growth 5Y-3.05%
Sales Q2Q%-5.84%
3.2 Future
D-UN is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 33.02% yearly.
Based on estimates for the next years, D-UN will show a decrease in Revenue. The Revenue will decrease by -0.10% on average per year.
EPS Next Y-51.14%
EPS Next 2Y51.33%
EPS Next 3Y33.02%
EPS Next 5YN/A
Revenue Next Year-5.03%
Revenue Next 2Y-1.28%
Revenue Next 3Y-0.1%
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. Valuation
4.1 Price/Earnings Ratio
D-UN reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
D-UN is valuated correctly with a Price/Forward Earnings ratio of 14.05.
Based on the Price/Forward Earnings ratio, D-UN is valued a bit cheaper than the industry average as 60.53% of the companies are valued more expensively.
Compared to an average S&P500 Price/Forward Earnings ratio of 24.04, D-UN is valued a bit cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | 14.05 |
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 65.79% of the companies in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of D-UN indicates a rather cheap valuation: D-UN is cheaper than 92.11% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 4.03 | ||
| EV/EBITDA | 17.84 |
4.3 Compensation for Growth
A more expensive valuation may be justified as D-UN's earnings are expected to grow with 33.02% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y51.33%
EPS Next 3Y33.02%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 6.98%, D-UN is a good candidate for dividend investing.
D-UN's Dividend Yield is comparable with the industry average which is at 7.11.
Compared to an average S&P500 Dividend Yield of 1.88, D-UN pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.98% |
5.2 History
The dividend of D-UN has a limited annual growth rate of 3.10%.
D-UN has been paying a dividend for at least 10 years, so it has a reliable track record.
Dividend Growth(5Y)3.1%
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.
D-UN's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP-10.56%
EPS Next 2Y51.33%
EPS Next 3Y33.02%
TSX:D-UN (12/24/2025, 7:00:00 PM)
18.2
+0.5 (+2.82%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners1.59%
Inst Owner ChangeN/A
Ins Owners23.06%
Ins Owner ChangeN/A
Market Cap297.93M
Revenue(TTM)188.52M
Net Income(TTM)-154.84M
Analysts69.33
Price Target19.66 (8.02%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.98% |
Yearly Dividend1.17
Dividend Growth(5Y)3.1%
DP-10.56%
Div Incr Years0
Div Non Decr Years0
Ex-Date
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)0.73%
PT rev (3m)8.95%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-106.23%
EPS NY rev (3m)-106.23%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.18%
Revenue NY rev (3m)0.18%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | 14.05 | ||
| P/S | 1.58 | ||
| P/FCF | 4.03 | ||
| P/OCF | 4.03 | ||
| P/B | 0.32 | ||
| P/tB | 0.32 | ||
| EV/EBITDA | 17.84 |
EPS(TTM)-7.99
EYN/A
EPS(NY)1.3
Fwd EY7.12%
FCF(TTM)4.51
FCFY24.79%
OCF(TTM)4.51
OCFY24.79%
SpS11.52
BVpS56.76
TBVpS56.76
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -6.75% | ||
| ROE | -16.66% | ||
| ROCE | 3.92% | ||
| ROIC | 2.82% | ||
| ROICexc | 2.85% | ||
| ROICexgc | 2.85% | ||
| OM | 44.98% | ||
| PM (TTM) | N/A | ||
| GM | 53.94% | ||
| FCFM | 39.18% |
ROA(3y)-1.63%
ROA(5y)1.26%
ROE(3y)-4%
ROE(5y)1.96%
ROIC(3y)2.5%
ROIC(5y)2.51%
ROICexc(3y)2.51%
ROICexc(5y)2.53%
ROICexgc(3y)2.51%
ROICexgc(5y)2.53%
ROCE(3y)3.47%
ROCE(5y)3.49%
ROICexgc growth 3Y-1.86%
ROICexgc growth 5Y-7.02%
ROICexc growth 3Y-1.86%
ROICexc growth 5Y-7.01%
OM growth 3Y-11.8%
OM growth 5Y-7.65%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.34%
GM growth 5Y-0.58%
F-Score4
Asset Turnover0.08
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.3 | ||
| Debt/FCF | 16.72 | ||
| Debt/EBITDA | 14.21 | ||
| Cap/Depr | N/A | ||
| Cap/Sales | N/A | ||
| Interest Coverage | 1.3 | ||
| Cash Conversion | 87.09% | ||
| Profit Quality | N/A | ||
| Current Ratio | 0.23 | ||
| Quick Ratio | 0.23 | ||
| Altman-Z | -0.28 |
F-Score4
WACC5.52%
ROIC/WACC0.51
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)-19.91%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%20.24%
EPS Next Y-51.14%
EPS Next 2Y51.33%
EPS Next 3Y33.02%
EPS Next 5YN/A
Revenue 1Y (TTM)-2.64%
Revenue growth 3Y0.03%
Revenue growth 5Y-3.05%
Sales Q2Q%-5.84%
Revenue Next Year-5.03%
Revenue Next 2Y-1.28%
Revenue Next 3Y-0.1%
Revenue Next 5YN/A
EBIT growth 1Y22.43%
EBIT growth 3Y-11.78%
EBIT growth 5Y-10.47%
EBIT Next Year51.19%
EBIT Next 3Y13.43%
EBIT Next 5YN/A
FCF growth 1Y18.37%
FCF growth 3Y-8.92%
FCF growth 5Y-9.94%
OCF growth 1Y18.37%
OCF growth 3Y-8.92%
OCF growth 5Y-9.94%
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.
Can you provide the valuation status for DREAM OFFICE REAL ESTATE INV?
ChartMill assigns a valuation rating of 4 / 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.
Can you provide the expected EPS growth for D-UN stock?
The Earnings per Share (EPS) of DREAM OFFICE REAL ESTATE INV (D-UN.CA) is expected to decline by -51.14% in the next year.