DREAM OFFICE REAL ESTATE INV (D-UN.CA) Stock Fundamental Analysis
Canada - TSX:D-UN - CA26153P2035 - REIT
19.68 CAD
+0.58 (+3.04%)
We assign a fundamental rating of 3 out of 10 to D-UN. D-UN was compared to 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.
The reported net income has been mixed in the past 5 years: D-UN reported negative net income in multiple years.
In the past 5 years D-UN always reported a positive cash flow from operatings.
1.2 Ratios
Looking at the Return On Assets, with a value of -7.26%, D-UN is doing worse than 76.32% of the companies in the same industry.
D-UN's Return On Equity of -17.10% is on the low side compared to the rest of the industry. D-UN is outperformed by 76.32% of its industry peers.
The Return On Invested Capital of D-UN (1.99%) is worse than 84.21% of its industry peers.
The Average Return On Invested Capital over the past 3 years for D-UN is below the industry average of 5.45%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -7.26% | ||
| ROE | -17.1% | ||
| ROIC | 1.99% |
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
D-UN has a Operating Margin of 32.09%. This is in the lower half of the industry: D-UN underperforms 76.32% of its industry peers.
In the last couple of years the Operating Margin of D-UN has declined.
Looking at the Gross Margin, with a value of 53.92%, D-UN is doing worse than 60.53% of the companies in the same industry.
D-UN's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 32.09% | ||
| PM (TTM) | N/A | ||
| GM | 53.92% |
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
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), D-UN is destroying value.
The number of shares outstanding for D-UN remains at a similar level compared to 1 year ago.
Compared to 5 years ago, D-UN has less shares outstanding
D-UN has a worse debt/assets ratio than last year.
2.2 Solvency
Based on the Altman-Z score of -0.24, we must say that D-UN is in the distress zone and has some risk of bankruptcy.
D-UN's Altman-Z score of -0.24 is on the low side compared to the rest of the industry. D-UN is outperformed by 81.58% of its industry peers.
D-UN has a debt to FCF ratio of 17.12. This is a negative value and a sign of low solvency as D-UN would need 17.12 years to pay back of all of its debts.
D-UN has a Debt to FCF ratio (17.12) which is in line with its industry peers.
A Debt/Equity ratio of 1.21 is on the high side and indicates that D-UN has dependencies on debt financing.
D-UN has a Debt to Equity ratio of 1.21. This is comparable to the rest of the industry: D-UN outperforms 47.37% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.21 | ||
| Debt/FCF | 17.12 | ||
| Altman-Z | -0.24 |
ROIC/WACC0.35
WACC5.7%
2.3 Liquidity
D-UN has a Current Ratio of 0.26. 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 0.26, 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 0.26. 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 (0.26) which is in line with its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.26 | ||
| Quick Ratio | 0.26 |
3. Growth
3.1 Past
The earnings per share for D-UN have decreased strongly by -331.56% in the last year.
Looking at the last year, D-UN shows a decrease in Revenue. The Revenue has decreased by -0.53% in the last year.
The Revenue has been decreasing by -3.05% on average over the past years.
EPS 1Y (TTM)-331.56%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-89.39%
Revenue 1Y (TTM)-0.53%
Revenue growth 3Y0.03%
Revenue growth 5Y-3.05%
Sales Q2Q%-8.58%
3.2 Future
The Earnings Per Share is expected to grow by 32.85% on average over the next years. This is a very strong growth
Based on estimates for the next years, D-UN will show a decrease in Revenue. The Revenue will decrease by -0.03% on average per year.
EPS Next Y26.71%
EPS Next 2Y51.7%
EPS Next 3Y32.85%
EPS Next 5YN/A
Revenue Next Year-5.2%
Revenue Next 2Y-1.58%
Revenue Next 3Y-0.03%
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.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings Ratio is negative for D-UN. In the last year negative earnings were reported.
With a Price/Forward Earnings ratio of 14.62, D-UN is valued correctly.
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.
D-UN's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 22.85.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | 14.62 |
4.2 Price Multiples
65.79% of the companies in the same industry are more expensive than D-UN, based on the Enterprise Value to EBITDA ratio.
92.11% of the companies in the same industry are more expensive than D-UN, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 4.51 | ||
| EV/EBITDA | 24.88 |
4.3 Compensation for Growth
The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
D-UN's earnings are expected to grow with 32.85% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y51.7%
EPS Next 3Y32.85%
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 7.95.
D-UN's Dividend Yield is rather good when compared to the S&P500 average which is at 2.40.
| 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 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
5.3 Sustainability
The earnings of D-UN are negative and hence is the payout ratio. D-UN will probably not be able to sustain this dividend level.
D-UN's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP-9.62%
EPS Next 2Y51.7%
EPS Next 3Y32.85%
TSX:D-UN (10/15/2025, 7:00:00 PM)
19.68
+0.58 (+3.04%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners1.81%
Inst Owner ChangeN/A
Ins Owners23.07%
Ins Owner ChangeN/A
Market Cap322.16M
Analysts69.33
Price Target19.01 (-3.4%)
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-9.62%
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)7.88%
PT rev (3m)10%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-374.36%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.67%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | 14.62 | ||
| P/S | 1.68 | ||
| P/FCF | 4.51 | ||
| P/OCF | 4.51 | ||
| P/B | 0.32 | ||
| P/tB | 0.32 | ||
| EV/EBITDA | 24.88 |
EPS(TTM)-8.78
EYN/A
EPS(NY)1.35
Fwd EY6.84%
FCF(TTM)4.37
FCFY22.2%
OCF(TTM)4.37
OCFY22.2%
SpS11.69
BVpS60.66
TBVpS60.66
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -7.26% | ||
| ROE | -17.1% | ||
| ROCE | 2.76% | ||
| ROIC | 1.99% | ||
| ROICexc | 2.01% | ||
| ROICexgc | 2.01% | ||
| OM | 32.09% | ||
| PM (TTM) | N/A | ||
| GM | 53.92% | ||
| FCFM | 37.37% |
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%
ROICexcg growth 3Y-1.86%
ROICexcg 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-Score6
Asset Turnover0.08
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.21 | ||
| Debt/FCF | 17.12 | ||
| Debt/EBITDA | 19.59 | ||
| Cap/Depr | N/A | ||
| Cap/Sales | N/A | ||
| Interest Coverage | 0.96 | ||
| Cash Conversion | 116.45% | ||
| Profit Quality | N/A | ||
| Current Ratio | 0.26 | ||
| Quick Ratio | 0.26 | ||
| Altman-Z | -0.24 |
F-Score6
WACC5.7%
ROIC/WACC0.35
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)-331.56%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-89.39%
EPS Next Y26.71%
EPS Next 2Y51.7%
EPS Next 3Y32.85%
EPS Next 5YN/A
Revenue 1Y (TTM)-0.53%
Revenue growth 3Y0.03%
Revenue growth 5Y-3.05%
Sales Q2Q%-8.58%
Revenue Next Year-5.2%
Revenue Next 2Y-1.58%
Revenue Next 3Y-0.03%
Revenue Next 5YN/A
EBIT growth 1Y-34.04%
EBIT growth 3Y-11.78%
EBIT growth 5Y-10.47%
EBIT Next Year51.75%
EBIT Next 3Y12.98%
EBIT Next 5YN/A
FCF growth 1Y3.19%
FCF growth 3Y-8.92%
FCF growth 5Y-9.94%
OCF growth 1Y3.19%
OCF growth 3Y-8.92%
OCF growth 5Y-9.94%