DREAM OFFICE REAL ESTATE INV (D-UN.CA) Stock Fundamental Analysis

Canada • Toronto Stock Exchange • TSX:D-UN • CA26153P2035

19.26 CAD
+0.56 (+2.99%)
Last: Feb 6, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

3

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. D-UN may be in some trouble as it scores bad on both profitability and health. D-UN is valued correctly, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

2

1. Profitability

1.1 Basic Checks

  • D-UN had negative earnings in the past year.
  • D-UN had a positive operating cash flow in the past year.
  • The reported net income has been mixed in the past 5 years: D-UN reported negative net income in multiple years.
  • Each year in the past 5 years D-UN had a positive operating cash flow.
D-UN.CA Yearly Net Income VS EBIT VS OCF VS FCFD-UN.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M -400M -600M -800M

1.2 Ratios

  • With a Return On Assets value of -6.75%, D-UN is not doing good in the industry: 76.32% of the companies in the same industry are doing better.
  • D-UN has a Return On Equity of -16.66%. This is in the lower half of the industry: D-UN underperforms 76.32% of its industry peers.
  • D-UN has a Return On Invested Capital of 2.82%. This is in the lower half of the industry: D-UN underperforms 76.32% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for D-UN is below the industry average of 5.49%.
  • 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 RankSector 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%
D-UN.CA Yearly ROA, ROE, ROICD-UN.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 -20 -30

1.3 Margins

  • D-UN's Operating Margin of 44.98% is on the low side compared to the rest of the industry. D-UN is outperformed by 65.79% of its industry peers.
  • In the last couple of years the Operating Margin of D-UN has declined.
  • D-UN's Gross Margin of 53.94% is on the low side compared to the rest of the industry. D-UN is outperformed by 60.53% of its industry peers.
  • D-UN's Gross Margin has been stable in the last couple of years.
Industry RankSector 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%
D-UN.CA Yearly Profit, Operating, Gross MarginsD-UN.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50 -100

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ROAROEROICOperating and Profit MarginShow most profitable peers

2

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), D-UN is destroying value.
  • D-UN has about the same amout of shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, D-UN has less shares outstanding
  • Compared to 1 year ago, D-UN has a worse debt to assets ratio.
D-UN.CA Yearly Shares OutstandingD-UN.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M
D-UN.CA Yearly Total Debt VS Total AssetsD-UN.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B 5B

2.2 Solvency

  • D-UN has an Altman-Z score of -0.27. This is a bad value and indicates that D-UN is not financially healthy and even has some risk of bankruptcy.
  • D-UN has a Altman-Z score of -0.27. This is amonst the worse of the industry: D-UN underperforms 81.58% of its industry peers.
  • 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.
  • Looking at the Debt to FCF ratio, with a value of 16.72, D-UN is in line with its industry, outperforming 50.00% of the companies in the same industry.
  • A Debt/Equity ratio of 1.30 is on the high side and indicates that D-UN has dependencies on debt financing.
  • D-UN has a Debt to Equity ratio of 1.30. This is comparable to the rest of the industry: D-UN outperforms 44.74% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.3
Debt/FCF 16.72
Altman-Z -0.27
ROIC/WACC0.5
WACC5.66%
D-UN.CA Yearly LT Debt VS Equity VS FCFD-UN.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B

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 of 0.23. This is comparable to the rest of the industry: D-UN outperforms 57.89% of its industry peers.
Industry RankSector Rank
Current Ratio 0.23
Quick Ratio 0.23
D-UN.CA Yearly Current Assets VS Current LiabilitesD-UN.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

2

3. Growth

3.1 Past

  • D-UN shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -19.91%.
  • Looking at the last year, D-UN shows a decrease in Revenue. The Revenue has decreased by -2.64% in the last year.
  • D-UN shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -3.05% yearly.
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.
  • The Revenue is expected to decrease by -0.10% on average over the next years.
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

  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
D-UN.CA Yearly Revenue VS EstimatesD-UN.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 200M 400M 600M 800M
D-UN.CA Yearly EPS VS EstimatesD-UN.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 5 -5 -10

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Find the best growth stocksShow best growing peers

4

4. Valuation

4.1 Price/Earnings Ratio

  • D-UN reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
  • A Price/Forward Earnings ratio of 14.87 indicates a correct valuation of D-UN.
  • D-UN's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. D-UN is cheaper than 60.53% of the companies in the same industry.
  • When comparing the Price/Forward Earnings ratio of D-UN to the average of the S&P500 Index (27.77), we can say D-UN is valued slightly cheaper.
Industry RankSector Rank
PE N/A
Fwd PE 14.87
D-UN.CA Price Earnings VS Forward Price EarningsD-UN.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 40 60 80 100

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of D-UN indicates a somewhat cheap valuation: D-UN is cheaper than 73.68% of the companies listed in the same industry.
  • 92.11% of the companies in the same industry are more expensive than D-UN, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 4.27
EV/EBITDA 18.05
D-UN.CA Per share dataD-UN.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40

4.3 Compensation for Growth

  • D-UN's earnings are expected to grow with 33.02% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y51.33%
EPS Next 3Y33.02%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. Dividend

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 7.11, D-UN has a dividend in line with its industry peers.
  • D-UN's Dividend Yield is rather good when compared to the S&P500 average which is at 1.81.
Industry RankSector 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 paid a dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)3.1%
Div Incr Years0
Div Non Decr Years0
D-UN.CA Yearly Dividends per shareD-UN.CA Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6

5.3 Sustainability

  • D-UN has negative earnings and hence a negative payout ratio. The dividend may be in danger.
  • The dividend of D-UN is growing, but earnings are growing more, so the dividend growth is sustainable.
DP-10.56%
EPS Next 2Y51.33%
EPS Next 3Y33.02%
D-UN.CA Yearly Income VS Free CF VS DividendD-UN.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -200M -400M -600M -800M

More info and screens

Find the best dividend stocksShow peers with best dividend

DREAM OFFICE REAL ESTATE INV

TSX:D-UN (2/6/2026, 7:00:00 PM)

19.26

+0.56 (+2.99%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)11-06
Earnings (Next)02-19
Inst Owners1.56%
Inst Owner ChangeN/A
Ins Owners23.03%
Ins Owner ChangeN/A
Market Cap315.29M
Revenue(TTM)188.52M
Net Income(TTM)-154.84M
Analysts69.33
Price Target19.07 (-0.99%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 6.98%
Yearly Dividend1.17
Dividend Growth(5Y)3.1%
DP-10.56%
Div Incr Years0
Div Non Decr Years0
Ex-Date01-30
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)-1.61%
PT rev (3m)-2.32%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-106.23%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.18%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 14.87
P/S 1.67
P/FCF 4.27
P/OCF 4.27
P/B 0.34
P/tB 0.34
EV/EBITDA 18.05
EPS(TTM)-7.99
EYN/A
EPS(NY)1.3
Fwd EY6.73%
FCF(TTM)4.51
FCFY23.42%
OCF(TTM)4.51
OCFY23.42%
SpS11.52
BVpS56.76
TBVpS56.76
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector 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 RankSector 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 -0.27
F-Score4
WACC5.66%
ROIC/WACC0.5
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 Year50.58%
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.


What is the valuation status for D-UN stock?

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.


How financially healthy is DREAM OFFICE REAL ESTATE INV?

The financial health rating of DREAM OFFICE REAL ESTATE INV (D-UN.CA) is 2 / 10.